Question about Probate Sale?? - Posted by Claude (Sacramento)

import · December 13, 1999, 2:13pm

Posted by Todd on December 13, 1999 at 19:53:25:

It sounds to me like the buyers are offering just enough to take care of closing costs, so that after the fees are paid, the buyers will get their $32k.

import · December 13, 1999, 2:13pm

Posted by Claude (Sacramento) on December 13, 1999 at 15:13:31:

I found a property with an after repair value of $65 - 70k based on comps of the area. I was prepared to make an offer on the house based on the listing price of $32k. When I contacted the listing agent she informed that the house was going to be sold at a probate sale and that the minimu bid is $35,150.

My question is twofold:

Can anyone explain why the minimum bid would be greater than the listed price?
Are there any hidden pitfalls to look out for when crunching the numbers to determine my maximum offer?

Any advise is appreciated!

Thanks.

Claude
Sacramento, CA