A probate property that requires court confirmation allows for interested buyers to come to court and overbid the initial offer.
When the judge calls the sale and you stand up to overbid, the judge will state what the opening bid is and set the increments for increases.
Here are some tips to increase your chances of being the successful purchaser:
- Be prepared. Make sure your agent has reviewed the sale comparables with you in advance so you know you are purchasing the property for what you feel it’s worth.
- Be aware in advance and understand the terms of the sale. These terms are not negotiable.
- Bring your poker face. Don’t let the opposing bidder know what you are willing to pay.
- Although the judge may say that the next bid is $5,000 more, you can always offer more than that to show your competition that you are serious. When a bidder jumps the bid higher than the judge dictates, the other bidder may back off.
- Know your top dollar and at what price you are going to walk away from the property. Don’t get caught up in the competition of bidding.
- Again, make sure you have a cashier’s check that it is payable to the right party and that it is for at least 10 percent of the minimum overbid. If the check does not meet those standards, you won’t be able to play, no matter how much you want the property.