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Home Selling in 91711 : Real Estate Advice

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Activity 1
Thu Mar 17, 2011
John Arendsen answered:
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.
... more
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