Home Buying in Kensington>Question Details

Jenny, Home Buyer in San Francisco, CA

We are considering buying a probate home in California. What do we need to know?

Asked by Jenny, San Francisco, CA Tue Jul 8, 2008

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3
Dot Chance’s answer
If the sale requires court confirmation you will need to have a cashiers check for the amount of 10% of your offer that will be held until the court decides who gets the house. There is usually a first bid on the property then the subsequent bids are usually overbids. You will most likely need to show up in court on the date and appointed time. These sales can be a lengthy process and most of them are AS IS.

Good luck!
Web Reference: http://www.DotChance.com
1 vote Thank Flag Link Tue Jul 8, 2008
You need to:
1: be prepared to thoroughly research the property condition, as there will be very few disclosures
2. ask even more questions than normal of the neighbors, government representatives, and inspectors, to make sure you uncover any issues associated with the property, fences, disputes, noise, crime, local area, etc.
3. have a clear strategy going in to the offer
4. be prepared to be patient if renegotiations are needed...sometimes heirs disagree, and these disagreements can trigger legal scenarios that take more time.

Since you don't appear to live in the area you are purchasing, you want to double down on your due diligence, and make sure you hire an agent who is very thorough, knowledgable, and who will explain strategy options before you write your offer. Good luck!
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0 votes Thank Flag Link Tue Sep 13, 2011
While some probate sales do require court confimation, many do not. In many case there is a trustee (s) that can make decisions for an estate. The trustees are often children or relatives of the deceased owner but not always. These probate sales are called "independent administration" and most often don't require court confimation and are treated more like a traditional sale (inspection, loan and appraisal contingencies etc. The main difference is that the Trustees have very limited disclosure responsibilities and the buyer and buyer's agent is advised to have even more thorough inspections of the property since Trustee often has little or no knowledge about the condition of the property.
0 votes Thank Flag Link Fri Aug 5, 2011
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