Articles Tagged with overbid process

Probate sales are a unique real estate opportunity for buyers to purchase real property from the court after its owner died. Probate sales involve court confirmation hearings, during which an auction can result in an original purchase offer to be overbid by a new, higher, one. This auction is called the Probate Overbid Process. Probate sales and the Probate Overbid Process are often time-consuming, complex, and competitive, but offer buyers an opportunity to purchase property below market value. This article explores the probate sale and overbid process to help navigate the complex legal issues that might arise throughout each process. 

What is a Probate Sale?

A Probate Sale is the legal process in which a deceased person’s property is sold to pay taxes and outstanding debts before distributing the deceased person’s remaining property to their heirs. A probate sale of real property occurs in various ways and are often facilitated by the court and a personal representative. A personal representative is the individual appointed to manage the deceased person’s estate throughout the probate process. (Prob. Code, § 58.)