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Ryan Zimmerm…, Real Estate Pro in Claremont, CA

I have a probate listing right now. I have heard that an offer needs to have a 10% deposit. Is that always true?

Asked by Ryan Zimmerman, Claremont, CA Wed Mar 16, 2011

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Hi Ryan:

Is this a probate listing that needs court confirmation? If you don't know, you can check with the probate attorney. If it is and you have never done that type of listing, I would suggest that you speak to your broker and see he has. If not then I would partner up with someone who has because they can be tricky and they need to done properly.

Good Luck
Diana Margala 909-560-0145
Web Reference: http://www.dianam.com
1 vote Thank Flag Link Thu Mar 17, 2011
Hope this helps:

CALIFORNIA CODES
PROBATE CODE
SECTION 10300-10316

10311. (a) Subject to subdivisions (b), (c), (d), and (e), and
except as provided in Section 10207, if a written offer to purchase
the real property is made to the court at the hearing on the petition
for confirmation of the sale, the court shall accept the offer and
confirm the sale to the offeror if all of the following conditions
are satisfied:
(1) The offer is for an amount at least 10 percent more on the
first ten thousand dollars ($10,000) of the original bid and 5
percent more on the amount of the original bid in excess of ten
thousand dollars ($10,000).
(2) The offer is made by a responsible person.
(3) The offer complies with all provisions of law.
(b) Subject to subdivisions (c), (d), and (e), if there is more
than one offer that satisfies the requirements of subdivision (a),
the court shall accept the highest such offer and confirm the sale to
the person making that offer.
(c) The court may, in its discretion, decline to accept the offer
that satisfies the requirements of subdivisions (a) and (b); and, in
such case, the court shall order a new sale.
(d) If the sale returned for confirmation is on credit and the
higher offer is for cash or on credit, whether on the same or
different credit terms, or the sale returned for confirmation is for
cash and the higher offer is on credit, the court may not consider
the higher offer unless the personal representative informs the court
in person or by counsel prior to confirmation of sale that the
higher offer is acceptable.
(e) For the purpose of this section, the amount of the original
bid and any higher offer shall be determined by the court without
regard to any of the following:
(1) Any commission on the amount of the bid to which an agent or
broker may be entitled under a contract with the personal
representative.
(2) Any condition of the bid that a certain amount of the bid be
paid to an agent or broker by the personal representative.
0 votes Thank Flag Link Thu Mar 17, 2011
What state is the propetry located in? If it's California contact us and we can walk you through the entire process.
0 votes Thank Flag Link Wed Mar 16, 2011
Hi. It will depend on what state you are in. Where is the property located, what county and state?

...Craig
0 votes Thank Flag Link Wed Mar 16, 2011
yes with probate in california you need 10% down. Likewise if you go to court for the overbid process and make an offer they will verify you have cash or certified funds for the 10%.

Glen
0 votes Thank Flag Link Wed Mar 16, 2011
Check with your broker. The percentage varies depending on location.

However: 10%? Highly unlikely. Often, more like 2%-3%. Technically, it can be less than that. I know plenty of investors who put up $100 or less. I wouldn't advise that for you--and the more that's put up, the more solid the offer will appear--but 10%? I doubt it.
0 votes Thank Flag Link Wed Mar 16, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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