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