Most if not all probate properties are listed on mls.
The attorney handling the estate wants to make sure the property is sold for the highest possible price.
The heirs of course want the property sold for the highest price.
The best marketing tool is ALWAYS MLS.

In terms of commission, there is a probate scale of 6% of the first $200,0000 and 5% of the balance.

Typically the commission can will be split between seller agent and buyer agent. Though sometimes the agent representing the buyer who brought the original bid into court will receive some commission even if his buyer is over bid and property sold to another buyer.

I have been in business since 1978.

Arn

Court may change the price but they allow some amount and it doesn't impact you one way or the other, so you are better off with someone representing you in the transaction whose looking out for your best interests. If you want to email me directly I can locate some probate sales and find out dates and times for you.

Glen
Broker
glenmitchell@remax.net

Thanks much, guys, for providing the information.

I have two follow-up questions:

1. How do I find out the date / time of probate "court" sales, so that I can attend a couple of them to get a feel for the process?

2. When I make an offer, do I (or should I) work with a buyer agent? I understand the court has to approve broker commissions. Is there a standard % similar to normal sales? What happens if the court does not approve the commission - buyer agent gets nothing !! It does not sound right, does it?

Good Morning,

I do have had probate listing last year and we do not have a problems
on closing. The one that I have a probate but it doesnt need a court confirmation
the heirs have an Administrator to handle of the requirement to close the
transaction.

Good Morning,

I do have had probate listing last year and we do not have a problems
on closing. The one that I have a probate but it doesnt need a court confirmation
the heirs have an Administrator to handle of the requirement to close the
transaction.

They are kind of fun and like your name suggests can be great bargains. There are different ways to go about them, but if you are the first bidder one way is to bid low enough to make it a good deal but high enough that no one will want to pay the minimum overbid. My current home was bought at probate, and actually picked it up at the court date at overbid price. Had a well thought out plan, bid amount etc and turns out I was the only one who showed up and needed no plan just my cashiers checks.

Glen

Bargain Hunter:

I have completed one sale with court confirmation for a buyer client of mine this year.

You generally see less sales requiring court confirmation these days but they do happen. The heirs can elect to go with "independent administration of estate" and bypass the court confirmation but all heirs must be in agreement with this process.

Typically, property is placed on the market. Offers are accepted and often contingencies are allowed. The deposit on the bid must be 10% of the purchase price.Once the accepted offer is firmed up - all contingencies removed - a date is then set to "confirm" the bid in court. Once at court, the attorney handling the estate asks for additional bids. The minimum bid will be $500 plus 5% over the accepted offer.

So if the offer is $100,000, the opening big must be $105,500.

So if you have the accepted offer going into court, you have a better chance to get property than if you do not.

Any bidder in court must have a cashier's check for 10% of their bid price too.

Let me know if you have further questions.

Arn

Probate sale with court confirmation are very interesting ones.

I have been involved in several one of them. Some we won some we did not. The winners were clients that were prepared for the process.

Some of the basic highlights are submitting the offer get it on the court calendar and of course hope that your offer is good enough to prevent someone from over bidding you. The first overbid must be 10% of the 1st $10K, plus 5% of the balance; Subsequent overbids are allowed and determined by the judge as to the dollar increments. There is of course much more than this. I suggest reading the procedures and even visiting probate court to see how the process goes.

Good luck on your bid.


Jorge E. Gosálvez
Broker Associate, GRI, SRES | DRE: 00811940
Serving Clients Since 1981
INTERO Real Estate Services
10275 N. De Anza Blvd. | Cupertino, CA 95014
(408) 249-3718 Direct | (408) 904-5465 Fax
Jorge@BrokersForLife.com | http://www.BrokersForLife.com