Looking for a Los Angeles Real Estate Bargain? Buy a Probate

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Publisher: Robert Boog
Gadget Name: LA County Probate List
About This Gadget:

Want to keep informed about probate properties that are either coming up for sale or are going to be confirmed in the Los Angeles County Courthouse? Good, then you've arrived at the right place. This elert will give you a list of upcoming properties for sale that are probates -- along with the court confirmation dates for these properties.

What is a probate sale? A probate sale happens when a person dies but fails to leave a valid will. So the government sells the property on the open market on three conditions.

Condition #1: The final sale is subject to court approval.

Condition#2: The purchaser must post a 10% deposit. So if a property is selling for $200,000 the deposit will be $20,000.

Condition#3: The property is sold 'as-is' without any disclosures. The proceeds are split amongst any living heirs, if any and everyone lives happily ever after.

Here are some frequently asked questions.

Q. What types of properties are sold at a probate sale?

A. All kinds of property -- vacant land, mobile homes, houses, condominiums, townhouses and even commercial buildings. These properties will all be located in Los Angeles County, California and you may need to attend a court confirmation hearing at the Los Angeles County Courthouse located in downtown Los Angeles.

Q: Do I have to pay ALL CASH at the probate sale?
A: No. The properties may be financed with a normal down payment - even a 5% down payment is possible and buyer obtaining a conventional loan. The purchaser will pay his normal closing costs as the seller will not.

Q. Are there any other unusual QUIRKS to these sales?
A. Yes. All properties are sold in 'as-is' condition with no warranties or termite clearances. If there is a tenant living there, the purchaser must kick him out. Also, a purchaser is required to post a 10% deposit. He or she will need to bring a $5,000 cashiers check to the courthouse as well as a personal checkbook. The cashiers check may need to be made out to oneself, or to the court-appointed trustee.

Q. What does the $5,000 go towards?
A. The $5,000 goes towards the buyers total 10% deposit.

Q. Why should a bidder bring his personal checkbook to court?
A. Because the $5,000 cashiers check is usually not sufficient to cover the required 10% deposit.

Q. What if I cannot qualify for my loan, will I stand to lose my deposit?
A. Yes, it is a definite possibility, so please get preapproved for financing beforehand.

Q. Can I use VA or FHA financing?
A. Because probate properties are sold 'as-is' it is NOT advised to go VA or FHA as the seller will not make any necessary repairs, and the buyer is not allowed to do repairs on a property that does not belong to him.

Ready to see a list of probate properties?

Archive

LOOKING FOR A LOS ANGELES REAL ESTATE BARGAIN? BUY A PROBATE	Published: 15/06/09
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Here is a list of upcoming probate properties. Please feel free to visit our website at www.sellinghomes1-2-3.com or www.short-sales1-2-3.com

PROBATE PROPERTY ADDRESS
PROBATE ESTATE NAME
CURRENT HIGH BID
COURT DATE
FIRST MINIMUM OVERBID <= (THIS IS THE MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY)

1124 North La Cienaga Boulevard, # 308, West Hollywood, CA 90069
Estate of Michael Kinnear
$325,000
7/10/2009   Dept. 9
$341,750 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
------------------------------
730 East Avenue 43
Los Angeles, CA 90031
Estate of Carl Byer
$89,000
7/17/2009 Dept. 9
$93,950 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
------------------------------
3432 Amethyst Street
Los Angeles, CA, 90032
Estate of Alcie Kammerer
$130,000
7/10/2009 Dept. 9
$137,000 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
--------------------------
609 South Lorena Street
Los Angeles, CA 90023
Estate of Soledad Escobedo
$101,000
7/10/2009 Dept. 11
$106,550 <=MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
--------------------------
5959 Ludell Street
Bell Gardens, CA 90201
Estate of Paul Snickles
$101,000
7/10/2009   Dept. 9
$106,550 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
--------------------------
1412 West Stockwell Street
Compton, CA 90222
Estate of Lillie Jones Trust
$94,000
7/10/2009   Dept. 9
$99,200 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
---------------------------
513 East Avenue P-14
Palmdale, CA 93550
Estate of Aaron Spears
$71,000
7/10/2009   Dept. 9
$75,050 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
---------------------------
4241 Warner Boulevard
Burbank, CA 91505
The Federwicz Family Trust
$600,000
7/10/2009   Dept. 9
$630,500 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
---------------------------
3218 West Verdugo Avenue
Burbank, CA 91505
Estate of Natalie Dedeluk
$405,000
7/10/2009   Dept. 9
$425,750 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
---------------------------
1207 North Cordova Street
Burbank, CA 91505
The Federwicz Family Trust
$2,600,000
7/10/2009   Dept. 9
$2,730,500 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
---------------------------
1211 North Cordova Street
Burbank, CA 91505
The Federwicz Family Trust
$375,000
7/10/2009 Dept. 9
$394,250 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
----------------------------
112 North Del Mar Avenue
San Gabriel, CA 91775
Estate of Corrine Achilles
$425,000
7/17/2009 Dept. 9
$446,750 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
-----------------------------
828 North Sunset Avenue
La Puente, CA 91744
Estate of David Elizalde
$160,000
7/17/2009
Dept. 9
$168,500 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
-----------------------------
10828 Kibbee Avenue
Whittier, CA 90604
Estate of Verla King
$135,000
7/10/2009   Dept. 11
$142,250 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
-----------------------------

12803 McKinley Avenue
Los Angeles, CA 90058
Estate of Maurice Goodwin
$119,000
8/21/2009   Dept. 9
$125,450 <= MIN AMOUNT YOU WOULD NEED TO BID TO BUY THIS PROPERTY
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