the application’s filing date. A copy of the application and details concerning the sale are mailed to all interested parties. • The real estate broker continues to show the property. In the interests of possibly securing an “over-bidder” and raising the price of the home even after the confirmation hearing date has been set, the house will continue to be marketed. This is because during the court confirmation 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
In Nevada, an overbidder pays the overbid amount, and assumes all the other terms and conditions of the original purchaser's real estate contract. The overbidder deposits the earnest money into escrow, and follows through on the contract terms. A written order signed by the probate court judge is submitted to escrow, and must be followed by all parties. 29
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