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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: conservatorship sale - help! Posted by Rick Harmon on October 29, 2003 at 9:46 AM In Reply to: conservatorship sale - help! posted by Sara on October 29, 2003 at 9:27 AM : I have so many questions. My husband and I are first time home buyers. We saw a house we absolutely love that is a probate/conservatorship sale. What's the difference betweenthe two. Do we have to wait until court opens or can we make offers before? If so, how? How do we find out if there are any liens on the property? How do we know if it's valued correctly? How do we know how much to offer? Do we need a probate attorney or can we handle with our realtor & mortgage broker? The offer says no contingencies - can we require an inspection or are we supposed to do this before we make an offer? How does bid process work - do we really need cashiers check? What if we get overbid right away, when do we get chance to counter and do we have to get new cashiers check? Am confused on how this works. Any other input that would help us get an edge up? We're looking to buy the property as primary residence and not to develop and turn over - will that appeal to the conservatorship and how can we communicate this? Do they always just go with highest bid? Any probate attorney in SF you can recommend? Sara- Ok, OK, I saw "Probate" so I took the bait... In California (now pronounced "Call-eeh-FOR-nee-ya) all conservatorship matters are within the jurisdication of the local Superior court's Probate division. All conservatorship sales require court confirmation; there's no shortcut or ability for a conservator to sell the property without a court order. This doesn't stop you from making an offer, just like it was any other property. However, this forum is about buying foreclosure property for profit and you might easily become disappointed when you learn that: 1) Oodles of people will typically try to outbid your offer at the sale confirmation hearing 2) There's lots of people out there with mucho dinero overpaying for these types of properties 3) Court will require that you pay something like 90% of the court referee's appraised value or you'd better have a really compelling reason why your price is lower. Also, the conservator is going to have to take you side and defend the price, as well. 4) Lastly, there are attorneys. Attorneys for the Conservator, PVP attroney's for the Conservatee (little 'ol lady), court attorney, etc. You get the picture so be prepared to support you offer and stand your ground. Good luck Rick Harmon Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have so many questions. My husband and I are first time home buyers. We saw a house we absolutely love that is a probate/conservatorship sale. What's the difference betweenthe two. Do we have to wait until court opens or can we make offers before? If so, how? How do we find out if there are any liens on the property? How do we know if it's valued correctly? How do we know how much to offer? Do we need a probate attorney or can we handle with our realtor & mortgage broker? The offer says no contingencies - can we require an inspection or are we supposed to do this before we make an offer? How does bid process work - do we really need cashiers check? What if we get overbid right away, when do we get chance to counter and do we have to get new cashiers check? Am confused on how this works. Any other input that would help us get an edge up? We're looking to buy the property as primary residence and not to develop and turn over - will that appeal to the conservatorship and how can we communicate this? Do they always just go with highest bid? Any probate attorney in SF you can recommend? : Sara- : Ok, OK, I saw "Probate" so I took the bait... : In California (now pronounced "Call-eeh-FOR-nee-ya) all conservatorship matters are within the jurisdication of the local Superior court's Probate division. All conservatorship sales require court confirmation; there's no shortcut or ability for a conservator to sell the property without a court order. This doesn't stop you from making an offer, just like it was any other property. However, this forum is about buying foreclosure property for profit and you might easily become disappointed when you learn that: : 1) Oodles of people will typically try to outbid your offer at the sale confirmation hearing : 2) There's lots of people out there with mucho dinero overpaying for these types of properties : 3) Court will require that you pay something like 90% of the court referee's appraised value or you'd better have a really compelling reason why your price is lower. Also, the conservator is going to have to take you side and defend the price, as well. : 4) Lastly, there are attorneys. Attorneys for the Conservator, PVP attroney's for the Conservatee (little 'ol lady), court attorney, etc. : You get the picture so be prepared to support you offer and stand your ground. : Good luck : Rick Harmon 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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