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Probate Sale - What's the main difference from other sales?

5/22/2011

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A buyer asked me what was the main difference about a probate sale (with court confirmation) than other sales.

These are the main differences
  1. 10% down (unless otherwise stated)
  2. Offer must be 90% of the appraised value
  3. No contingencies. As-Is.
  4. No backing out.
  5. More complicated. More players, that is, lawyers and a court.
  6. 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.

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May Probate Status Report for the East Bay CA

5/3/2011

1 Comment

 
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This month, in looking at the probates sales in the entire east bay, there were 47 active residential sales (detached homes, condos, etc.). For residential income, there were four (4) active properties on the market (duplex, triplex, etc.). These probates sales include court confirmation and no-court confirmation types.

An example of a probate residential income sale for investors: 685 33rd St. Oakland, CA for $199,000. This is classic 1910 Victorian fourplex. The property has two units downstairs and two units upstairs. All units are one bedroom, one bath. There is a 5th bonus, unfinished unit in the back. Total living space 2,205 sq. ft., and 3,600 sq. ft. Note: renovations and additions may be unwarranted. Fourplex will be delivered vacant. As-Is. Pest report available. No death on the property. Fourplex has tremendous potential and can generate positive cash flow.

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    Author

    Ernest is an experienced agent with Better Homes & Gardens in Oakland CA. This is his specialized website for probates.

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