One of the requirements for buyers making offers on properties that are being sold through probate sales with court confirmation is that you have to submit a cashier’s check for 10% of your offer price. It’s important to know the details about cashier’s checks so you don’t end up losing access to your funds temporarily.
Probate sales with court confirmation (click here for an overview) have been going on for many, many years—well before the go-go San Francisco housing market kicked in. A buyer would make an offer, include the check, and the sale would progress.
These days, however, homes being sold in this manner in desirable neighborhoods can easily fetch five or more offers. And that means five or more buyers will go to their banks and get cashier’s checks for large amounts of money. That’s a lot of checks floating around. So it’s important to be aware of what’s at stake when you get a cashier’s check from your bank, and what exactly happens during the sale process. Continue Reading