These are the main differences
- 10% down (unless otherwise stated)
- Offer must be 90% of the appraised value
- No contingencies. As-Is.
- No backing out.
- More complicated. More players, that is, lawyers and a court.
- Can be out bid in court
For these reasons I don't recommend probate sales with court confirmation to first time home buyers. There's a chance that the bank denies the loan late in the deal and their earnest money deposit may be lost, or someone out bids them in court.
I explained that this sale is better for savvy buyers with cash.
I did a Sunday Open House at 2501 E 28th St. in Oakland, CA 94601. It was a nice house. A 970 sq. ft., starter home, which would be perfect for a couple and child. It was a 3 bed, 1 bath, with a fireplace, front yard, and detached garage. See attached photo. Listed at $199,500.
There are deals in probate sales. Want to invest in this type of property? Let me know. Have a house to sell? I can help too.