EXAMPLE: A property is listed at $400,000. The accepted offer is $375,000. The minimum overbid is calculated as follows:
Accepted offer = $375,000 +.10 x $10,000 = $1,000 + .05 x $375,000 = $18,750 Minimum overbid = $393,750
x .10 = $39,375 required amount of cashier’s check If there’s more than one overbidder, the highest bid takes the property. Giving a cashier’s check to the executor/administrator opens escrow, which will close approximately 30 to 45 days from the court hearing. • • •
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