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Probate Sales in the Bay Area, May 29, 2017

5/30/2017

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2254 21st Ave. Oakland CA 94601

15 Probate with Court Confirmation Sales in the San Francisco Bay Area

The above photo is of 2254 21st Ave. Oakland CA 94601. 2 bed, 2 bath, 1,300 sf, 4,242 sf lot. It was listed at $539,000. At this time there was no information about the court date and the first overbid amount.
  1. 30699 Chimney Ln, Union City CA 94587. No court date and no first overbid amount given.
  2. 36 Maximo Ct., Danville CA 94506. Court date 6/13/17 9am in the Martinez court. No first overbid amount given.
  3. 15385 Inverness St., San Leandro CA 94579. No court date and no first overbid amount given.
  4. There are 11 other properties for sale
It's amazing that the listing agents are not providing the court date and first overbid amount. The court wants the most money for the estate and to do that the listing agent is required to keep marketing the property.
If you are interested in probate properties, call me. There are probate sales that do not require court confirmation. They're faster and more secure.
To buy these properties you would have to show up at court to bid with ready money.
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30699 Chimney Ln. Union City CA 94587

Probate Sales in the Bay Area

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Probate, Estate Planning and the Hispanic Community (Any Community)

7/23/2014

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Alberto Rosas, a lawyer, gave us a presentation at the National Association of Hispanic Real Estate Professionals of Alameda County, NAHREPAC, some time ago. I thought it was darn good so I asked him for his presentation slides. See below.

One note, the presentation is entitled "and the Hispanic Community" but it really applies to all communities. By the way, Uno is One, Dos is Two, and Tres is Three, for those of you who are Spanish challenged.


I was surprised to learn that Probate cases make up about 1 out of 5 general civil cases, and that 55% of USAers (Americans) do not have a will or other estate plan! Higher for Hispanics!!

It forced me look at my personal matters with my family and I told my parents, brothers, and sisters about the importance of a will, living trust, and estate planning. I know nobody wants to hear about these things but suddenly decades go by and there you go...and the heirs fight over the inheritance.

I hope you like the probate presentation slides. If you have any real estate questions call me.


If you want to contact Alberto Rosas, you can do so at 510.237.3700. He is now with Watson, Hoffe, and Hass Attorneys at Law.



Hispanic Community

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21 Probate Listings in the East Bay

5/25/2014

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21 Probate Listings in the East Bay

At the moment there are 21 probate with court confirmation listings in the East Bay. Here is one. See photos and description:

22069 Cameron St. Castro Valley CA 94546 $349,000 2 bed/1 bath, 976 sq. ft., 5,600 sq. ft.
Newer roof. Long time owner maintained home well, but needs updating. Nice floor plan, on a large lot. It has future expansion possibilities! Home features 2 large bedrooms, living room with fireplace. This is your next home! Excellent Castro Valley location. Convenient to BART, freeways, and shopping.

Probate with court confirmation. Buyer must remove all contingencies before being accepted by the court. Property is being sold strictly As-Is.

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I Own It Outright. Probate

5/25/2014

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People sometimes don't know what's going on with their properties.

I had asked the seller if there were any outstanding debts against the properties. She said no. "I own it outright."

We list the house and accept an offer.

We got the preliminary title report* as usual. In a couple of days I get a call from the escrow agent. "What about the $45,000 personal loan on the prelim?" I react, "huh?"  the escrow agent said, "We need a payoff demand. It looks like it's a personal loan. Can you get the contact information from the seller."

So I called the seller.
Me: "Do you know anything about this loan? It looks like it's 30 years old. It's owed to a man."
Seller: "That was a long time ago. Just tell them that debt no longer matters. Please."
Me: (Really?!) "That's not the way it works. The loan has to be paid off or the title company won't insure the property. The buying bank won't make the loan because banks don't lend on clouded titles. Do you know where the person is?
Seller: "No. He passed away a long time ago."
Me: "He's dead? Oh, no."

So I called the escrow agent.
Me: "Jamie, the person who made that loan has passed away."
Jamie: "You're gonna have to do a probate."
Me: " I knew you're were gonna say that."
Jamie: "I know a good probate lawyer."
Me: "Yeah, me too."

And that's how we ended up in a probate sale situation. Guess what? It''ll be a few months to resolve it. So the sale is cancelled. Oh, my.

Me: "What's this about defaulted property taxes? It says $10,114!"
Seller: "Really? I don't know anything about that."


* Preliminary Title Report: A report done by a title company before issuing title insurance coverage. The report shows the ownership of a specific property along with the liens and encumbrances that will be paid off and covered.

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1748 9th St. Oakland 94607 Gets Confirmed

5/16/2013

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1748 9th St. Oakland was a very big home is West Oakland. Built in 1905, this was a Victorian with plenty of original exterior and interior detail. The tax records indicated a duplex with 5 bed, 1 bath, 2652 sf, on a 3250 sf lot.
It was beautiful inside. It had big rooms and high ceilings. What a gorgeous property.
However, the property needed everything. Doors, windows, walls, etc. Basically, it was a cash purchase.
The first overbid fore it was set at $289,250. So the winning bid was $275,000. The investor who I knew that was interested in the property couldn't go that high.
Court confirmation took place on May 15, 2013 at 9 am at the Berkeley courthouse. There were no over bidders and the court confirmed the sale.
I'd love to see this home restored and at what the list price will be.

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16189 Yale Ave. San Lorenzo CA 94580 is Confirmed

4/17/2013

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There were no over bidders for Yale. I met with the listing and buying agent in court just to say hello. They asked me if I was bidding or if I was bringing someone to overbid. I told them neither.

The first over bid was $300,800 so I estimated the winning bid must have been around $286,000 [($286,000 + 5%) + $500].

The house went pending Jan 25, 2013 and went to court on April 11. 2013. That's not too bad. But, oh, I heard that this was the second time for them being there because there was some problem the first time.

The confirmation was nice and boring. No one bid up and no one opposed the sale. The buyer looked happy and relieved.

As usual, the court confirmation was in Berkeley at 2120 Martin Luther King Jr. Way, Dept 201.

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Last Day of 2012 in Probate Court, Berkeley CA

12/31/2012

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I decided to go to probate court because it was last day of the year. Another reason was that I knew the buying agent.

First things first, the judge was an hour late. Jeez! I thought she might have forgotten that it was a working day. The Honorable Cecilia Castellanos is well known for being late. Sorry judge.

The sale being confirmed was for 607 Jean St. Oakland CA 94610. It was listed at $585,000 and it came up for confirmation at $650,000. There had been multiple offers on it. Nobody else showed up to overbid, despite many people calling. Usually when the amounts are large, nobody shows up.

It was nice to bump into Ruben Sundeen, who was representing the seller. We have done a deal before.

Next court date for me will be on January 11 to see the first confirmations which will be 3925 Edenvale Place, Oakland CA, listed at $99,000, first overbid at $165,875. Also, 25843 Bel Aire Dr. Hayward CA. listed at $225,000, first overbid at $242,000.

And so we go into 2013.


Probate Court

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Asset Erosion Due to Probate

6/3/2012

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PictureEast Bay Probate Sales
A probate sale erodes the family assets in two ways:
  1. Less buyers. Buyers usually don't understand the probate process so they get scared. They are afraid of losing their earnest money deposit if they back out. A buyer usually has to put 10% earnest money up front. (Some people are afraid to go to court.)
  2. Legal fees. The lawyer handling the estate has to be paid. The courts have to be paid. The probate appraiser has to be paid too.
These two losses can potentially cost the estate 20% of the the asset.

Something else:
  1. Loss of time. A probate sale takes longer to sell than a regular sale, specially if the offer is financed as the buyer has to remove all contingencies before the seller can request a court date.
  2. Break Up Loss. Sometimes the best thing to do is to keep the assets whole as they are worth more together than separately.
For these reasons, I'm suggesting to homeowners to prepare a will and a living trust if possible.


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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.

This is your new blog post. Click here and start typing, or drag in elements from the top bar.
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Sale Confirmations Are Boring Sometimes

2/28/2011

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

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