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8 Tips for Court Sale Hearings


It is incumbent on brokers to manage the sale confirmation and bidding process, thereby easing some of the burden on the courts.  Here are some key tips and reminders: 

  1. Use the Probate Purchase Agreement and Joint Escrow Instructions (C.A.R. Form PPA) & pay particular attention to paragraphs 3, 4 & 5.
  2. Verify that the buyer’s name and vesting are correct on the probate form.
  3. Give all parties copies of the C.A.R Probate Advisory form.
  4. Continue to solicit potential over-bidders up until the court hearing to get a higher price for the estate.
  5. Inform all potential bidders that the sale is “as is” and have them remove contingencies, in writing.
  6. Advise the parties that the minimum overbid is 10% of the first $10,000 plus 5% of the balance of the initial offer.
  7. Request copies of potential over-bidder cashier’s check deposits, and verify that they are at least 10% of the minimum overbid amount.
  8. Have all bidders bring a cashier’s check deposit to the sale confirmation hearing equal to 10% of the maximum amount they are willing to bid. The court expects the deposit to be for 10% of the winning bid.   The bidder submitting the initial offer should bring another cashier’s check equal to 10% of any additional amount they are willing to pay if bidding does occur.  This would be added to their initial deposit if they win a bidding war.

Drew de la Houssaye is an associate with THE BROKERAGE Real Estate Group Beverly Hills. Drew specializes in westside luxury real estate, renovations and probate sales. He blogs on Westside real estate, entertainment and local events. If you would like to contact him, he can be reached via twitter, facebook, LinkedIn or email.

This entry was posted on Wednesday, April 21st, 2010 at 4:45 pm and is filed under features, probate. You can follow any responses to this entry through the RSS 2.0 feed.

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