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Bring a Cashier's Check

5/16/2014

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My friend, a realtor, told me that he and his client showed up to court on the sale date to overbid. He had called the listing agent and he was told that a personal check would do.

In my experience, you always take a cashier's check for 10% of the first overbid amount. I'm sure there are exceptions, but with a cashier's check there are no exceptions.

The original bidder did not show up. The judge said OK Mr. New Bidder, we'll take your offer but we need a cashier's check. Go to the nearest bank to get one. Up jumped the listing agent. Your honor, while he is getting the check, can we call the original buyer to see if he wants to bid up? Judge said OK. (Huh? Really?) 

The new bidder went to a bank and was delayed a little in getting the check. Finally he got the cashier's check. What happened next? He went back to court only to hear that they were trying to get a hold of the original buyer. (Huh? What?) Lo and behold, the original buyer does show up! (What?) Now there was competition and the original buyer beats him.

What's the lesson here? Take a cashier's check...always. Don't take it easy. Don't listen to the listing agent in this regard. What's he going to say when he screws up? "Sorry." And you and your client lose.

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28 Listings Pending Court Confirmation in the East Bay

10/8/2013

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For buyers interested in probate listings, below is a list of Pending Probate Listings which are going to court for confirmation. If you need help with any of them call me. These usually take place in Berkeley or the Martinez court house.

Buyers must bring cashier's check to bid.
Picture15385 Inverness St. San Leandro CA Probate Sale
15385 Inverness St. San Leandro CA $339,000.  Single level 3 bedroom 1 bathroom ranch style home featuring eat in kitchen, attached garage, fireplace and nice size back yard. Interior needs updating.

Multiple offers were received. No more offers. Probate Sale with Court Confirmation. Required 10% min. down payment. Pre-escrow opened with Placer Title Alameda. Call for confirmation date and time at 510.418.9443.

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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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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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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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Condo in Adams Point For Sale - 193 Montecito Ave. #103

2/24/2013

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This sale is not a probate sale but rather a short sale.
Condo For Sale in Adams Point Oakland CA


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$169,000
Condominium
Main Features
1 Bedroom
1 Bathroom
103 Units
Interior: 1,009 sqft
Location
193 Montecito Ave. #103
Oakland, CA 94610
USA

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Ernest Villafranca, Realtor Oakland CA

Ernest Villafranca, Realtor Oakland CA

Better Homes and Gardens Real Estate
(510) 834-2010
Ernest@GoErnest.com
http://www.bhghome.com/ernest.villafranca



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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:
  1. 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.
  2. 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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Last Day of 2012 in Probate Court, Berkeley CA

12/31/2012

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I decided to go to probate court because it was last day of the year. Another reason was that I knew the buying agent.

First things first, the judge was an hour late. Jeez! I thought she might have forgotten that it was a working day. The Honorable Cecilia Castellanos is well known for being late. Sorry judge.

The sale being confirmed was for 607 Jean St. Oakland CA 94610. It was listed at $585,000 and it came up for confirmation at $650,000. There had been multiple offers on it. Nobody else showed up to overbid, despite many people calling. Usually when the amounts are large, nobody shows up.

It was nice to bump into Ruben Sundeen, who was representing the seller. We have done a deal before.

Next court date for me will be on January 11 to see the first confirmations which will be 3925 Edenvale Place, Oakland CA, listed at $99,000, first overbid at $165,875. Also, 25843 Bel Aire Dr. Hayward CA. listed at $225,000, first overbid at $242,000.

And so we go into 2013.


Probate Court

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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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