In a probate real estate transaction, court confirmation is required to allow for interested buyers to come to court and overbid the initial offer. The judge will call for the sale, and buyers will stand up to overbid. The judge will state what the opening bid is and set the increments for increasing bids.
Here are some tips to increase your chances of being the buyer:
1. Be prepared. Review the sale comparables with your agent in advance so you now you are purchasing the property for what you believe it is worth.
2. Be understand the terms of the same in advance. These terms are non-negotiable.
3. Bring your poker face. Do not let opposing bidders know you are willing to pay.
4. Know that you can offer a greater amount than what the judge says the next bid increment is. If you jump the bid higher than the judge dictates, the other bidder may back off.
5. Know the highest you are willing to pay before you will walk away from the property. Do not get caught up in the bidding and pay more than you can afford.
6. Be sure you have a cashier’s check payable to the correct party for at least 10% of the minimum overbid. If you do not have this, you will not be able to bid.