Profile picture for sillysi

Probate property sale

my offer was accepted on a probate property and currently pending by the court. I just received a court day and is that true some one can outbid me on the court day? so even though my offered was accepted and 10% deposit was paid and it doesn't mean anything? What is the chances I will get outbid. How do the outsiders know my court day? any website?

Thanks much
  • October 06 2011 - Oakland
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Answers (2)

Yes, it is true that someone can outbid you but the chances of that are slim.  I personally purchased a probate property when the market was "hopping". I was certain we would be outbid but that was not the case.  In this slower paced market, you should be fine.  However, just be prepared if it does happen.
  • October 06 2011
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Profile picture for Bill Fletcher
Yes indeed you can be outbid.  It does happen. Usually the court requires that the minimum overbid equals 5% of the purchase price plus $500.   After this the court will set minimums for bidding usually 3k-5k.  Court date and your offer are public record.  Anyone else following the property will have the information and the right to show up iin court. There are different strategies for acquiring court approved probate properties. sometimes it makes sense to get the offer approved,  Other times it makes sense to wait and let someone else get approved an bid it up. It all depends on the circumstances. You will probably be fine as the market is in favor of buyers and there are a lot of undervalued properties on the market. But if you are gettiing a super bargain be prepared for competition.
Good luck
Bill
  • October 06 2011
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