Monday, March 15, 2010

Over Bid in Probate Court

You Need a Cashier's Check to Over Bid in Probate Court
Things are beginning to heat up in Probate Court. Today we had a sale of a Conservatee's residence and we had over bidding. The sad thing was that there were actually two potential over bids for the Conservatee's home, but only one of the Bidders was qualified to bid in the Probate Court Sale.
The Sanborn Team provides written instructions for all potential over bidders for our Probate Real Estate sales. The problem is if an agent does not call and let us know that they intend to come to court there is no way that we can be certain that they know what is required to purchase a piece of real estate in Probate Court.
Today the buyer who wished to overbid and the agent came to court without a cashier's check for the amount that was required. The court will not accept an personal check.
The court hearing for the sale of the probate real estate sale began at 8:30 in the morning so the buyer did not have sufficient time to get a cashier's check. Unfortunately they were denied an opportunity to bid on the property.
The good news was that we still have one other interested over bidder and the property did sell for an additional 10%.
The Sanborn Team is here to help both buyers and sellers. We have instructions in our office for all interested parties, so if you want to come to court and over bid on one of our listings we strongly encourage you to call us at 310-277-2858 and we will send you the pertinent instructions.
We are excited that we had an over bid today and we were sad that we had to turn away a buyer.
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