Good News: Overbid Activity Raises Sale Price
We are very excited to report that we had some heated overbidding for real estate in court today. As a result of our marketing plan for all of our probate real estate properties we were able to secure for the estate that we represented an additional $37,000, which represented a 30% increase for the heirs of the estate.
This property was listed for sale in November 2008 for $150,000 and there were not any showings or calls. The estate reduced the price of the property to just below $100,000 and there was an increase in activity and finally a bid for $90,000 was accepted.
Once we received the court date information, we updated the multiple listing service with the overbid price. In the last 30 days we received numerous inquiries from real estate agents and from potential buyers for this property. We sent out instructions for how overbid in court and today we actually had 2 interested parties who wanted to bid on the property (there were actually 3 interested parties, but one of the overbidders arrived late :-( in spite of our clear instructions that the probate court in downtown Los Angeles starts promptly at 8:30 a.m).
The over bidding for the property was quite active and interesting and in the end the judge had the bids go up in increments of $1,000. At the end of the day the buyer for the property bid $127,000.