Tuesday, September 04, 2007

How is the over bid amount established?

When a property is sold at a court hearing there is open competitive bidding.
It is important to understand that in order for there to be a court hearing an initial bid has to be accepted and the attorney for the estate must petition to have a hearing date.
The minimum first overbid price is set by a statute in the Probate Code. That amount is 5% of the accepted initial bid plus $500.
Further incremental bidding is established by the presiding judicial officer at the hearing.

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