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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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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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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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    Author

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

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