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HOW TO AVOID 10% DEPOSITS WITH CALIFORNIA PROBATE REAL ESTATE
I have been receiving messages from agents and investors in regard to the 10% deposit required when you make an offer on a probate property.   I have covered this a few times in the past but it's a good topic and really worth taking the time to understand.  This will help you do more deals and not tie up money with large deposits so check it out.
In California, the old probate law requires a buyer to place a 10% (of offer price) deposit up when they submit their offer.   So if we are making a $250K offer on a probate property along with our offer, and pre-approval bank letter if financed, you will need a check for $25K (10% of offer) before your offer will be looked at.   Well not a big deal right since you are offering "All Cash" and have the money.  But what about the non investor who wants to buy the home to move into or an RE Agent representing a FHA or VA or low down Conventional move in buyer?  What do these buyers do who are buying the home with low down payment programs and asking for closing costs.  What happens ... more

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