Tuesday, February 15, 2011

How is the overbid 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.

The Sanborn Team is here to help you with all of your real estate needs. We specialize in Probate and Trust sales, many of which require court confirmation. For more information about us and our Probate listings, please visit our website at: www.sanborn.com