Friday, March 02, 2018

House of the week: 2139 Baxter in Echo Park. It's a probate, but don't let that scare you.

This week's house of the week, 2139 Baxter in Echo Park, was chosen because 1) it's a cutie that's ripe for a renovation or just great decorating taste, 2) it's in a cool Eastside neighborhood, 3) it has a view and a backyard, 4) the price is affordable (although it will probably go over) at $699,000 and 5) it is special because it's a probate sale.  Don't be scared of buying a probate property.  You can do it. 

Here is the quick story on probates.  The thing you need most of with a probate sale is patience.  The sale takes a long time because attorneys are involved and a court date needs to be set.  First, you line up your loan and do your inspections.  Next, you make an offer, put down 10%, and if the estate accepts your offer, you then wait for notice of the court date (your agent and the listing agent will go with you to court).  The judge will ask if anybody objects to the sale and if not, s/he will open bidding.  Yes, you can be outbid in court, so plan to go higher and bring extra cashiers' checks for the increased deposit just in case.  Once the judge rules in your favor, closing is usually within 10 days.

Yes, this takes a lot longer than an actual sale, and there are more details, but this is the overview.  However, this house would definitely be one worth waiting for.

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