Making an offer on a probate deal

[Shawn M.]

I am putting in an offer tomorrow on a multi family property that just came on the market and is an Estate sale. It is at a great price and I will be offering a little above asking since the asking price is way low. My question is since it is an estate sale and has to go before probate review is it still acceptable to put an offer in that is only good for 48 hrs? I want the conservator to act on my offer quickly before every other investor submits offers later this week.

Or since it is probate, do all offers have to go to the judge and the judge decides who gets the property, and I shouldn't be in such a rush.

[Rick H.]

@shawn Mohovic - I'm not sure what your reasoning is for putting out an offer with such a short fuse.

Is this because you, as prospective buyer, aren't confident in your ability to complete the deal? Or, you're trying to send a signal that you are impatient? Or is it because you just don't want someone else to out-bid your offer?

My thoughts are that, unless there is a compelling reason (trigger) that requires the PR to act so quickly, such as a pending foreclosure sale, the attorney will at minimum advise the client to sit on their hands as for your offer, whether court approval is required or not.

Here's a way to have some fun: ask the probate judge to hurry. Probate...rush...hurry...? I've seen impatient probate judges, but never because they were in any rush to rule on a case. Usually a bladder thing.

Most probates are not panic sales. If you want to incentivise for a quicker deal, structure your offer so that the seller gets a better price or terms with a shorter acceptance time or closing period. It's interesting to watch sellers rush around trying to make a few extra bucks on a deal only to loose the savings because of slow court clerks.