Probate Auctions in San Fernando Valley
Probate property is an asset such as an estate where the original homeowner has died and left it to his chosen beneficiaries according to a valid Will. These properties are sold in probate auctions.
An auction sale is a public sale of any goods or properties sold to the highest bidder, in the case of probate auctions, the “overbidder.”
How to purchase a property in probate auction?
When you decide to buy a property in a probate auction house, you must make an offer suitable for you and the other party. If this offer is accepted, you must have at least a 10% deposit of the property’s price and, of course, a downpayment.
To put it simply, auctions of probate estates are all about bidding and negotiating. You must be financially ready if you wish to compete in a public sale.
How long do I have to wait before I claim my new property?
Claiming your newly purchased property will not be as easy and fast as you think it may be. Since we are talking about a probate property here, you need to expect 30 days or even longer before it can finally fall into your possession. This is because the court will still need to process the sale of the property.
What if someone shows up and tries to outbid me?
When it comes to probate auctions and biddings, you cannot relax until the whole process is complete. Not until all necessary documents are signed and reviewed, payments are paid, and the court approves the property will still be listed for sale, and there is still a chance that someone might show up and try to outbid your offer. Purchasing a probate property is lengthy and complicated in nature, so you need to expect delays and sudden changes in events.
If you are interested to understand further what is a probate auction, please feel free to contact us anytime.
South California Map
South California Probate Courts Map
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