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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Foreclosure sales are much more buyer beware.. Posted by Ward-CA- on May 07, 2002 at 7:40 PM In Reply to: Foreclosure vs. Probate Sale posted by Mary-CA on May 07, 2002 at 7:19 PM : Dear Ward (or any Probate expert), : I saw a real estate listing advertised as "Probate Sale" whereby the auction is held on site and there is no asking price or minimum bid. In addition, there will be an open house so prospective buyers can see the property. : 1. Could you please explain the difference between a Foreclosure and a Probate Sale? : 2. Is there a catch to these types of sales? : 3. Should I do my research differently than I would for a foreclosure property? : 4. How can there be no minimum bid? : 5. What does this mean: "Sales will be subject to the rights of tenants in possession, if any"? : 6. Are Probate sales as straight-forward as foreclosure auctions? : Thanks in advance for your help. =•=•=•=•=•=•=•=•=•=•= Mary, 1. A foreclosure is a forced sale whereas a probate sale is voluntary. And though there might not be an opening bid at the probate sale it will probably have a reserve price level that they must reach before they will sell. 2. The real catch is the number of bidders present. Lots of bidders will cause hyper bidding action and high prices. A few bidders will cause less fervent bidding and hence lower prices. 3. The foreclosure sale requires you to be extra careful what liens are against the property since there’s no disclosure in that area at all. However, a probate sale will allow you to make your bid final subject to the title report showing it is free and clear. 4. It’s easy to have no minimum. You just cry out, “What am I offered for this property?” 5. On this issue the result is about the same for either sale. If the probate property is rented on a month-to-month basis then they will require a 30 day notice to quit. In a foreclosure situation the successful bidder has to give a tenant a 30 day notice to quit due to foreclosure. 6. No, probate sales are much more like a regular house sale after the initial auction. A probate sale is then completed using a lender, escrow and title insurance services, the use of a buyer’s broker and the requirement for all the usual seller disclosure requirements . None of these items are countenanced at a trustee’s sale. Hope this helps. Follow Ups: Re: probate sale.. Marquerite Valencia 1:15 PM, 09/12/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Dear Ward (or any Probate expert), : : I saw a real estate listing advertised as "Probate Sale" whereby the auction is held on site and there is no asking price or minimum bid. In addition, there will be an open house so prospective buyers can see the property. : : 1. Could you please explain the difference between a Foreclosure and a Probate Sale? : : 2. Is there a catch to these types of sales? : : 3. Should I do my research differently than I would for a foreclosure property? : : 4. How can there be no minimum bid? : : 5. What does this mean: "Sales will be subject to the rights of tenants in possession, if any"? : : 6. Are Probate sales as straight-forward as foreclosure auctions? : : Thanks in advance for your help. : =•=•=•=•=•=•=•=•=•=•= : Mary, : 1. A foreclosure is a forced sale whereas a probate sale is voluntary. And though there might not be an opening bid at the probate sale it will probably have a reserve price level that they must reach before they will sell. : 2. The real catch is the number of bidders present. Lots of bidders will cause hyper bidding action and high prices. A few bidders will cause less fervent bidding and hence lower prices. : 3. The foreclosure sale requires you to be extra careful what liens are against the property since there’s no disclosure in that area at all. However, a probate sale will allow you to make your bid final subject to the title report showing it is free and clear. : 4. It’s easy to have no minimum. You just cry out, “What am I offered for this property?” : 5. On this issue the result is about the same for either sale. If the probate property is rented on a month-to-month basis then they will require a 30 day notice to quit. In a foreclosure situation the successful bidder has to give a tenant a 30 day notice to quit due to foreclosure. : 6. No, probate sales are much more like a regular house sale after the initial auction. A probate sale is then completed using a lender, escrow and title insurance services, the use of a buyer’s broker and the requirement for all the usual seller disclosure requirements . None of these items are countenanced at a trustee’s sale. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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