16189 Yale Ave. San Lorenzo CA 94580 is Confirmed

4/17/2013

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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1525 Blake St. Berkeley 94703 Was Confirmed

3/28/2013

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1525 Blake St. Berkeley CA 94703 was confirmed (auctioned) in court. The original bidder was not present only his agent, who also happened to be the listing agent. A new bidder showed up with his agent.

The original list price was $399,000. The house was a 3 bed, 2 bath home with 1,356 sq. ft. of living space, and a lot of 4,950 sq. ft. The house needed work but the location made it a nice buy. Fixed up, the house may go as high as $650,000.

The house was listed January 25, 2013, went pending February 5, 2013, and went to court March 26, 2013. That was fairly fast. Many people dislike probate sales because they think the process may be lengthy...and sometimes it can be.

Back to court. The first court overbid was set at $515,000. Yikes! The winning bid must have been around $490,000. Jeeesus. Almost $100,000 over or 20%. The new bidder made his offer at $515,000 and that was it. The buyer's agent did not try to bid. So the winner was the new bidder.

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Posponed - First Court Confirmation Probate Sale of 2013

2/4/2013

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Well, the first probate sales I wanted to see in January did not take place. Both sale confirmations were postponed! The buyer for 3925 Edenvale Place, Oakland CA backed out the night before! Wow. Again. 25843 Bel Aire Dr. in Hayward CA got postponed to March 12, 2013. Not sure why. This place has been scheduled and unscheduled for sale for over a year!

The listing agent for Edenvale told me about their postponement and asked me to send her an offer. A potential buyer told me about Bel Aire. "The listing agent told me they're probably not confirming the sale again."

Good thing I found out. It saved me a trip for nothing.

Court delays are yet more reasons for you to avoid probate. Sometimes this process can be worse, and longer than a short sale.

I have somebody for Edenvale Place but we're having to negotiate the purchase price.

First Court Confirmation Probate Sale

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What Happens To Our Deposit If We Can't Get The Loan?

1/8/2013

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Worried about a probate purchase.

I got a call from a buyer who was in a probate sale with court confirmation. She was very worried about the deposit.

Her: What happens if someone outbids us in court?
Me: You get your deposit back.

Her: What if we can't get the loan?
Me: Did you remove your contingencies?

Her: There were no contingencies.
Me: Well then your deposit is at risk.

Her: We own another house.
Me: OK.

Her: Well we might not qualify for the loan.
Me: That should have been determined by your lender when you were pre-approved.

Two things that should be pointed out here:

You can make an offer on a probate sale with court confirmation WITH contingencies. However, the contingencies must be removed before petitioning the court for confirmation. Removing the contingencies locks your deposit money in the transaction, like in a regular sale where you have removed your contingencies. It might be possible to back out if you've lost your job, or your getting divorced. Reasons like that might work.
The court confirmation means that you've gotten the house and it further obligates you to purchase the house. Getting out at this point is very difficult because now a court is involved and that means it's more complicated.

It's OK to bid on probate sales as long as your tolerance for risk is moderate to high. It should be OK if the situation is assessed properly and entered into with caution. Cash purchases are best as they don't require bank loan approvals.

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Advertising Issues Stop Confirmation

8/21/2012

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We were waiting for court confirmation. The judge said to our lawyer, "I'm having a little problem with the advertisement. There was no property address in it." I said to myself, “Uh, oh.”
I don't know the rules exactly, but the probate sale must be advertised three times (once a week) in the local newspapers. The ads inform the public of the sale and offer price to encourage bidding in court to gain the best price for the estate.
The judge said, "I don't see any other bidders in court. Could it be that the public was not aware of the sale because there was no address?”
Our lawyer explained and argued, but the judge kept coming back to, "Without the address what good is the ad?"
No confirmation.
OK, so we show up the following month. Guess what? No confirmation again. Lawyer failed to advertise the sale in the local newspaper. Advertising in the nearby newspapers was not good enough.
Aaugh! It’s a do-over…again!
These are the little things that make probate a more difficult sale.

Advertising Issues Stop Confirmation

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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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16189 Yale Ave. San Lorenzo CA 94580 is Confirmed

1525 Blake St. Berkeley 94703 Was Confirmed

Posponed - First Court Confirmation Probate Sale of 2013

First Court Confirmation Probate Sale

What Happens To Our Deposit If We Can't Get The Loan?

Advertising Issues Stop Confirmation

Advertising Issues Stop Confirmation

How Long Does It Take To Go To Court?

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