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Sandra Rinder, Home Buyer in

I am looking at a home that is a trust sale with court confirmation. I'm not sure what that means? Is the?

Asked by Sandra Rinder, Fri Mar 14, 2008

price negotiable and with who would you negotiate with. Also when you put in an offer, how is the court involved and I heart that there is a bidding process? Thanks for your help.

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4
Monique & Joe Carrabba’s answer
Hello Sandra,

Trust sales with court confirmation that the estate is being probated. Sure the price is negotiable. You would put in an offer. If the estate accepts it you would open escrow just like a normal purchase. It's best to have an agent on your side to negotiate this for you. You usually need 10% deposit (earnest money) to put an offer in on a property that has court confirmation. I have seen this waived though. It depends on the attorney and if the trust agrees to it. During the escrow period you do your inspections like normal. At the hearing there is a chance that other people might bid on the home. The minimum over bid amount is usually 5% over the accepted asking price. The people (if any) that overbid on the house must bring cashiers checks or cash of 10% of their overbid amount. If they win it in court via bidding you are no longer in escrow and would lose any money you paid for inspections or appraisels.

Best,

Monique Carrabba
1 vote Thank Flag Link Mon Mar 17, 2008
http://www.realtorharb.com/probate.htm

This is a long answer ;-)
0 votes Thank Flag Link Fri Apr 18, 2008
Sandra, probate sales are trust sales that usually require court confirmation. You usually have to overbid the amount they say is acceptable. It usually requires 10% deposit money payable by cashiers check or money order and can be held until the court date. You need a realtor to help you with this.
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Sun Mar 16, 2008
trust sale and trustee sale are different.
google them
live and learn.
0 votes Thank Flag Link Fri Mar 14, 2008
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