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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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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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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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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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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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Active Probate Listings in the East Bay

2/3/2011

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Checking the probate listings today for the east bay, there were 45 properties for sale.

The cheapest at $99,700 was 5406 Elm Lane in Oakley, a single family residence, 2 bed, 1 bath, a fixer on a 22,437 sq. ft. lot. Actually, this sale didn't call for court confirmation. Great.

The most expensive, $1,099,000, 730 Walnut Ave. in Walnut Creek, was a another house, 3 bed, 1 bath. Value is in the land, 42,080 sq. ft. Lot can be subdivided. Keep one wall of existing home to remodel and save on costs with the City.

Most of the sales were in Oakland with 12 listings.

Fifteen were pending.

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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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