East Bay Probates Real Estate Sales
  • Home
  • Probate
  • Contact Us
  • Probate Blog
  • Probate Videos
  • Conservatorship
  • Trust

Bring a Cashier's Check

5/16/2014

0 Comments

 
Picture
My friend, a realtor, told me that he and his client showed up to court on the sale date to overbid. He had called the listing agent and he was told that a personal check would do.

In my experience, you always take a cashier's check for 10% of the first overbid amount. I'm sure there are exceptions, but with a cashier's check there are no exceptions.

The original bidder did not show up. The judge said OK Mr. New Bidder, we'll take your offer but we need a cashier's check. Go to the nearest bank to get one. Up jumped the listing agent. Your honor, while he is getting the check, can we call the original buyer to see if he wants to bid up? Judge said OK. (Huh? Really?) 

The new bidder went to a bank and was delayed a little in getting the check. Finally he got the cashier's check. What happened next? He went back to court only to hear that they were trying to get a hold of the original buyer. (Huh? What?) Lo and behold, the original buyer does show up! (What?) Now there was competition and the original buyer beats him.

What's the lesson here? Take a cashier's check...always. Don't take it easy. Don't listen to the listing agent in this regard. What's he going to say when he screws up? "Sorry." And you and your client lose.

0 Comments



Leave a Reply.

    Author

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

    Archives

    May 2017
    February 2016
    January 2016
    October 2015
    September 2015
    May 2015
    December 2014
    July 2014
    May 2014
    October 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    August 2012
    June 2012
    November 2011
    July 2011
    May 2011
    March 2011
    February 2011

    Categories

    All
    Court Confirmation
    Court Confirmation Sale
    Court Process
    Earnest Money Deposit
    East Bay Probates
    Estate Planning
    Foreclosure
    Home Equity Loan
    Investment
    Investors
    Living Trust
    Living Trusts
    Oakland Ca
    Oakland Realtor Probate
    Oakley Probate
    Probate
    Probate Appraisal
    Probate Conservatorship
    Probate Listings
    Probate Referee
    Probate Sale
    Probate Sales
    Probate Sales Berkeley Oakland San Leandro
    Real Estate
    Residential Income
    Short Sale
    Walnut Creek Probate

    RSS Feed

Powered by Create your own unique website with customizable templates.