You know that old carpenter’s proverb, “Measure twice, cut once”? Today, we experienced the real estate version…
With the Probate Court date set for a residential income property in Silver Lake / Echo Park, we were contacted by a real estate agent who had a potential buyer who planned to overbid in court.
As always, we e-mailed the instructions on what the client needed to do. (Probate Court is very specific about procedures, without much wiggle room.) The potential bidder must bring a 10% deposit in the form of a cashier’s check made payable to the specified estate.
When we showed up in court, the overbidder was there with his cashier’s checks. To cover all his bases, he had two. The problem was that they were for 1%, not 10%. Fortunately for the overbidder, the attorney and the administrator agreed to have the matter put over for a second call. The buyer ran to the bank, got a new cashier’s check, made it back in time to overbid and was ultimately the successful purchaser.
It was a win-win: the estate got additional monies and the buyer got the building that he wanted to purchase. He was lucky: everyone was willing to delay the procedure. But, had there been a second or third overbidder, he probably would have lost his opportunity…and his hoped-for property.
The lesson learned: read the instructions, then read them again.
Successful sales depend on accurate information. We are happy to explain procedures and answer questions for sellers, potential buyers, their agents and anyone else involved with the probate or trust transaction.
Looking for information on selling or buying real property through probate, trust or conservatorship? This is the place. Look around our website and call us today: 310-777-2858.