Sale Confirmations Are Boring Sometimes

2/28/2011

Finally the court date came up. I had told the buying agent there had been no phone calls or emails regarding bidding. Everything was quiet and it should be a non-eventful, boring sale. But have your guys there just in case someone shows up unannounced. It happens. I reassured her that any new bidder had to bring cash and bid 5% more...not likely.

The judge asked if there was anyone interested in bidding on the house. Nobody. Sale approved. Next case. That took maybe three minutes. The buyers were surprised with the speed of things.

We waited almost three months for three minutes of the court's time.

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How Long Does It Take To Go To Court?

2/12/2011

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Probate conservatorship

I've had this probate conservatorhip sale in Berkeley CA going for the past six months. Finally, there was an acceptable offer and then it was time to petition the court for a confirmation date.

The buying agent and well, me, wanted to know how long it would take to line up the judge. It took three weeks to hear the news, and the news was that it would be another two months to go to court. Ouch! That's a long time to wait.

If you get into a probate sale with court confirmation, be ready to wait for a while. But the good new is that when the offer is confirmed, the buyer can close right away, specially if it's an all-cash offer.

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First Probate Appraisal Is Done At The Time Of The Death

2/5/2011

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Probate house is coming on the market in Oakland, CA. The owner died five years ago. I was informed that the house has to first be appraised with values at the time of the owner's death! Really? Yes, that's per probate law.

Of course, the house has to be sold at current prices so there will be two appraisals, one using comps of five years back and one using current prices.

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Knowing the Probate Appraisal Value Can Save You Money

2/4/2011

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If a probate sale is listed on the market, always ask the seller if there is an appraisal. If the probate referee has appraised it, then the listing agent knows the price, and he most likely will share the info if asked. Sometimes the listing may state the appraised value. The important thing for a buyer is that the court will accept 90% of the appraisal. Knowing the appraisal value is one way a buyer can save money.

Of course, if there are many bidders, then it's highest and best.

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Active Probate Listings in the East Bay

2/3/2011

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Checking the probate listings today for the east bay, there were 45 properties for sale.

The cheapest at $99,700 was 5406 Elm Lane in Oakley, a single family residence, 2 bed, 1 bath, a fixer on a 22,437 sq. ft. lot. Actually, this sale didn't call for court confirmation. Great.

The most expensive, $1,099,000, 730 Walnut Ave. in Walnut Creek, was a another house, 3 bed, 1 bath. Value is in the land, 42,080 sq. ft. Lot can be subdivided. Keep one wall of existing home to remodel and save on costs with the City.

Most of the sales were in Oakland with 12 listings.

Fifteen were pending.

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First Post!

2/3/2011

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Start blogging by creating a new post. You can edit or delete me by clicking under the comments. You can also customize your sidebar by dragging in elements from the top bar.

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Sale Confirmations Are Boring Sometimes

How Long Does It Take To Go To Court?

First Probate Appraisal Is Done At The Time Of The Death

Knowing the Probate Appraisal Value Can Save You Money

Active Probate Listings in the East Bay

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