Advice - Overbidding on a Probate property in Los Angeles

[Linda Cheng]

Hello, BP Community, 

I've been watching a probate property in LA that requires court confirmation and has finally been assigned a court date. I'm considering attending the hearing and submitting an overbid in court, and was wondering if anyone has journeyed through this process and if they have any thoughts, or advice. From what I understand, I need to bring a check that equates to 10% of the overbid amount, plus additional cashier checks in varying increments to cover the 10% EMD if further overbidding continues above the first overbid amount. I'm also assuming I'll need to provide POF or Letter from Lender as well as completed Paperwork. I'd also love to find out (if anyone knows) how often overbidding takes place on a property that's listed on the MLS.

Thanks in advance for any info!

@Shannon Shue

[Karen Foster]

Hello Linda! 

The general rule for probate properties listed in the MLS in the LA county are as follows. You would need to make an offer on the probate listing through an agent. If your offer is the first offer accepted then all overbids are 10% above list price or the first accepted offer. Please be aware that there can be a bidding war. The listing agent will update the MLS once a hearing has been set. There is usually one future court date that all interested parties must attend. The court will announce the offer in first position and then ask for any overbids. Yes, your understanding of the overbid process is correct. Be sure to have your agent accompany you to the hearing. Best wishes.