When real property is offered for sale through a probate court hearing, there is open competitive bidding. Here’s how it works:
Working with their Realtor, the sellers first establish a selling price. Potential buyers then make initial offers (bids) on the property and before the court hearing date is set, an initial bid has to be accepted. The attorney for the estate then petitions the court to set a hearing date.
Overbidders are invited to compete for the property at that hearing by offering additional sums in increments specified by the court. The minimum first overbid price is set by a statute in the California Probate Code: the accepted offer plus 10% of the first $10,000 plus 5% of the balance. Further incremental bidding is established by the presiding judicial officer at the hearing.
Depending on the property and the price, there may be no overbidders, or there may be one or several competing with each other. For more information on overbidding, see this page.
The Sanborn Team takes the mystery out of court-confirmed sales. Call us for more information at 310-777-2858.
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for real estate sales for BK, is the overbid process same amount as probates 10% of first $10k plus 5% of the remainder price?
I’m sorry. I really don’t know how BK court works.
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