21 Probate Listings in the East Bay

5/25/2014

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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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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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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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

10% down (unless otherwise stated)
Offer must be 90% of the appraised value
No contingencies. As-Is.
No backing out.
More complicated. More players, that is, lawyers and a court.
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.

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First Probate Appraisal Is Done At The Time Of The Death

2/5/2011

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Probate house is coming on the market in Oakland, CA. The owner died five years ago. I was informed that the house has to first be appraised with values at the time of the owner's death! Really? Yes, that's per probate law.

Of course, the house has to be sold at current prices so there will be two appraisals, one using comps of five years back and one using current prices.

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21 Probate Listings in the East Bay

21 Probate Listings in the East Bay

1748 9th St. Oakland 94607 Gets Confirmed

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

Probate Sale - What's the main difference from other sales?

First Probate Appraisal Is Done At The Time Of The Death

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