We recently talked about overbidding in California probate court. As an overbidder in court, you should know that traditional real estate negotiation methods do not apply. Actually, you will have to purchase the property under the exact same terms as the person who made the original offer. You can’t hope to sway the seller by offering sweeter terms. That’s not how it works in California probate court.
Here’s how it will actually go down.
There will be an established selling price. Potential buyers make their initial offers. An offer is accepted. That becomes the initial bid when it goes to court. The estate’s attorney will then petition the court to set a hearing date. The hearing date will get set by the court. Overbidders are invited to compete for the property with the same terms, just higher bids. The minimum overbid increase is set by California Probate Code.
According to the probate statute, any overbidder must next bid the accepted offer plus 10 percent of the first $10,000 plus five percent of the balance. Further incremental bidding is established by the officer presiding over the hearing. Now, depending on the property and the price, it’s possible that no one will overbid. Then again, there could be several people competing. Each higher bid is raised by the same amount as specified by the California Probate Code.
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