Wednesday, August 20, 2008

Purchasing Probate Real Estate

Purchasing Probate Real Estate that Requires Court Confirmation

The vast majority of real estate transactions are not probate sales, thus many buyers and real estate agents do not know how to purchase probate real estate. In a probate sale the estate accepts a bid and that accepted bid/offer requires court confirmation. This can be very confusing, especially to buyers and their agents. We at the Sanborn Team take the time to explain the process clearly and precisely on how these specializes probate sales work.

In a probate sale, an offer is accepted and then a court date is set. The court date cannot be set prior to acceptance of an offer. The attorney of the estate petitions the court after the offer has been accepted and then an actual hearing date is set. Once the hearing date is set, The Sanborn Team lets everyone and all agents about the court hearing – on all the real estate websites and print advertising.

The opening bid in court is determined by the Probate Code, and the sub sequential bids are set by the judge on the bench. Any buyer who wants to purchase the real estate will be purchasing the property under the same terms and conditions as the original buyer. If a buyer does come to court to overbid, then the real estate is sold in an auction, and all interested parties can bid on the property, including the original buyer. When the final bid is reached, the judge announces that the property has been sold. From that day on escrow is opened and closed within 30 days.

If you have any additional question about purchasing Probate Real Estate, please call The Sanborn Team at 310-777-2858 or visit our website which is full of good information.

We are here to take the challenge and confusion our of purchasing real estate through court confirmation.