Yesterday I went to court with a client who was interested in a property in Arcata. This property was being sold through a conservatorship, and the sale had to be approved through the Probate Court. The property being sold had an accepted offer on it, but as a matter of course, the sale was subject to an overbid process. The opening bid had to be $5,500 above the accepted offer of $100,000, so $105,500.
In this particular deal the condition of the property was poor, so the bidders had to pay cash. The bids stopped at $141,000 and my client won, but it was a good experience to see how it operated.
These types of sales are conducted when an offer isn't atleast 90% of the appraised value determined by a probate referee (appraiser) OR the administrator of the estate doesn't have full authority to sell the property. Notification of the sale is published in a local paper including the date, time and location of the sale.
On the day of the sale the process is pretty simple: the judge announces the case and then the attorney for the petitioner conducts an overbid, should there be anyone there to bid.
At the end of the overbid/auction, the winning buyer would have to bring to the Attorney for the Petitioner the predetermined deposit and escrow would begin.
If you have a probate property in Humboldt County and you need assistance selling it, give me a call, I'd be happy to help you.
Friday, February 10, 2012
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