Can OL assist with probate sales?
In a nutshell:
Yes, we can assist buyers with probate sales.
When can Open Listings help?
If the sale requires court confirmation:
In California, offers are sometimes subject to overbid, which means that other buyers can show up at the court date and outbid the current offer. You don't need a buying agent to go with you to the court overbid date, but you can still use Open Listings to represent you if you have the winning bid. If your bid is accepted, you would then start the offer process on our site and an Open Listings agent will guide you through escrow.
If you plan to attend the court overbid date, please note the following:
- You'll need to bring a cashier's check for the 10% earnest money deposit (EMD). If your offer is accepted, you're allowed to leave and get a new cashier's check for a higher amount as long as you have it that same day.
- Your offer can't have any contingencies, so if you plan on financing the purchase you should check with your lender beforehand to make sure they'll finance a purchase without an inspection contingency or appraisal contingency.
- List Price is minimum probate court confirmation bid price.
If the sale doesn't require court confirmation:
We can help from start to finish with probate sales that don't require court confirmation. The timing of probate sale without court confirmation typically takes 30-45 days. Once the seller accepts your offer, no approval from the court is necessary, so you can open up escrow immediately. Also, probate sales with no court confirmation typically don't require a 10% EMD. In most cases, a standard 3% EMD is acceptable.
You can learn more about probate sales by clicking here.