Probate Auction Podcast – Why you need a Will
Last Saturday I attended a Probate auction with a client. This is what happens when you die without will. A bunch of Strangers show up in the parking lot of your Condo complex and offer low bids on your home. If you have left family members behind all they can do is watch as the probate court liquidates your assets.
While I was there I took advantage to observe who was there and what kind of competition my buyers might have. The actual auction is quick and will be over before any late comers can park their cars. The audio file below is the auction as it happened.
Wow Ted. Very Cool experience. I have attended other RE auctions but not a probate. Must buyers have all certified funds presented prior to bidding at a probate sale like a TTS?
Cashier’s check for the first $5k then a personal for the balance of the deposit. then it goes to court for approval. 60 days after that to close. No loan contingency. If the buyer chooses to get financing they have o close no matter what or lose the deposit.