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Updated almost 10 years ago on . Most recent reply
California Probate Process - Misleading court appraisal
Does anyone have a suggestion for how to approach a potential probate deal where the court appraiser has appraised the house very high, and an accepted offer amount needs to be at least 90% of the appraised value in order to receive court approval for the sale? We are in touch with the administrator who is ready to sell, but the amount we can offer is significantly lower than the appraised value. The house is a fixer and, even if they list the property with an agent, they are still likely to only get offers very similar to ours. The administrator however, at this point, believes the appraised value is accurate. How can we show the administrator and the court that the appraisal is misleading and position ourselves to purchase this house for a fair price? Is there any recourse within the probate process aside from listing on the open market and waiting for the offers received to prove the true market value?
Most Popular Reply
Make your offer subject to financing, Then if YOUR appraisal comes comes out low they can agree to that value or you can walk. Don't be surprised if the second appraisal is close to the original.