All Forum Posts by: Account Closed

I'm not sure where you heard that, but it's not true. It takes time to write up an offer and time is the one thing we can not get back. Some buyers will go after 10-20 properties will low offer that won't be accepted. Would you want to waste your time writing up all those offer knowing that there's a very very slim chance any offer will be accepted? It's not about the money, it's about the time. Money can be replaced, time can not.

Brian, I think you're dreaming too much. You need to find out if there is any motivation for them to accept a low offer? If so, you may have a chance. If they don't need to sell it right now and can wait for higher offers, then they probably will. When you write a low offer you also have to offer them something. Give them a fast escrow of 10 days. If they are living there, let them know you will let them stay for another month and even give them an additional $2,000 for moving expenses, after the close of escrow. Tell them you'll take it in its "as is" condition. They don't even have to clean up, you will do it. I think you get my idea. If your planning to write a low ball offer, give them something to consider accepting your offer. 

Yes, you will need the PPA-CA, the Probate Purchase Agreement, California. Do you need to see what it looks like? If so, I can email you a copy of a PPA that I'm using on a deal, for you to view.

Your agent is probably doing his due diligence. He's probably out there getting more information on the property and talking to the listing agent. If the listing agent says they already have an offer at $300k, then what's the use of writing up an offer. Not saying they already have an offer, but they may already have a lowball offer, not as low as your offer. Also, your agent is probably trying to find out about the probate situation. Does the arministrator have full authority, or limited authority? These are a few of the questions a competent Realtor likes to ask, prior to writing up an offer. Give him a day or two then call him, if he hasn't called you. You might be surprised to see that he was just doing his due diligence. 

Hi Nate,

You never mentioned it was a probate sale. You said it was an estate sale, which could mean anything. If it is a probate the listing agent would have to post the accepted bid and what the next highest bid would have to be. Usually 10% of the original offer and $500. That is, if the PR (personal representative) has limited authority. If the PR has full authority that would mean they do not need to go to court for approval. Here in California us agents can tell prospective buyer what the amount of the offers are, but we don't. It's not illegal nor is it unethical to share that information. Agents don;t for the fact they can probably get higher offers if they do not disclose that information.

Hi Jorge,

You should ask the seller if he has a form from the court called the Letter of Testamentary. I'm from CA, but I'm sure it's pretty much the same there. In the middle of the page there are 2 boxes and 1 will be checked. It will either be Full Authority or Limited Authority. If the Full Authority box is checked, that means the Administrator has the right to sell the home, without needing to go back to the probate court for approval, for the price you agree upon. If Limited Authority is checked, you WILL need to go to court for approval. There's a person in the court called the Probate Referee. This person will have an appraisal done on the subject property and then your offer will have to be within 10% of what he appraises it at. I hope this answered your question.

Wayne Brooks is right. For all your probate questions all you need to do is contact Rick Harmon. In fact, he should be the only person to answer probate question on this site. All future probate questions should just go directly to him and no one else.

Me, I prefer the DD's

Look at the Letters of Testamentary from the court. There will be 2 boxes in the center of the page. One of the boxes will be checked. It will either be Full Authority, or Limited Authority. I hope that helps. 

Is that a question, or demand?