Thursday, January 27, 2011

Cashier's Check Requirements for Overbidding on a piece of Real Estate in a Probate sale

Although it may come as a surprise to most of you, there are some people out there that do not understand what a cashiers check is. Yes, some people refer to them as Bank Checks, however we came across an amusing situation worth sharing.

At a court hearing to confirm the sale of a piece of Real Estate, an interested buyer tugged the back of my sweater. She needed to speak to me so I followed her outside. I proceeded to ask her to show me the check that was required for her to make a bid on the piece of real estate that was being sold. She handed me a bank statement and a personal check. I explained to her that the check had to be a cashiers check in order for her to be able to bid on the real estate. Afther a series of exchanges, she explained to me that this check was a cashiers check. The check was made payable to cash - thus a cashiers check!

The overbidding party must appear at the hearing with thier agent and a cashier's check in an amount totaling at least 10% of the minimum overbid price in order to successfully overbid.

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