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1748 9th St. Oakland 94607 Gets Confirmed

5/16/2013

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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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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May Probate Status Report for the East Bay CA

5/3/2011

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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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1748 9th St. Oakland 94607 Gets Confirmed

16189 Yale Ave. San Lorenzo CA 94580 is Confirmed

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

May Probate Status Report for the East Bay CA

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