hearing, the previously accepted bid may be “overbid.” The overbidding party must appear at the hearing with a cashier’s check for at least 10% of the minimum overbid price to successfully overbid. The minimum overbid is determined by the following formula: 10% of the first $10,000 plus 5% of the balance of the accepted offer.
EXAMPLE: A property is listed at $200,000. The accepted offer is $175,000.
The minimum overbid is calculated as follows:
Accepted offer = $175,000
+.10 x $10,000 = $1,000
+ .05 x $165,000 = $8,250
Minimum overbid = $184,250
x .10 = $18,425 required amount of cashier’s check
If there is more than one over-bidder, 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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