Wednesday, December 26, 2007

December 31 Court Date for Real Estate Sale

December 31
Dept. 9
111 N. Hill St.

1064 S. Point View
Los Angeles, CA
Spanish Charm with original Details throughout
Enter through Private Courtyard
3 bedroom 1.75 bath house
Formal Dining Room and Separate Breakfast Room
To view this property call
The Sanborn Team
310-777-2858
Over bid amount is $961,250
If you need specific information please call our office at 310-777-2858

Sunday, December 16, 2007

Anatomy of a Court Probate Real Estate Sale

Unlike the majority of real estate transactions, with a probate sale the estate is accepting a bid, the accepted offer is that one that is confirmed in court. This is a very confusing concept to the majority of buyers and their agents. We at the Sanborn Team spend a great deal of time counseling both buyers and their agents on how a probate real estate sale takes place.

With a probate sale a bid is accepted and a court date is set. The attorney who represents the estate prepares a petition for the court and the court sets the actual hearing date.

Once the hearing date has been set the Sanborn Team publicly announces the sale of the real estate property through the multiple listing service, realtor.com, local publications and our our website http://www.sanbornteam.com/ to allow for any other interested parties to bid on the house.

The court date is usually within 6-8 weeks of the accepted offer, but the time does vary and there are no hard and fast rules. For example in downtown Los Angeles the probate sales are held every day. In the regional courts the days of sales vary.

At the court, the sale of the property is announced and at that time there is an opportunity for any interested party to come and bid on the property. The initial over bid is determined by the Probate Code, but subsequent bids are set by the judge. Any buyer who overbids on the real estate will be purchasing the property under the same terms and conditions of the original buyer. Once there is an overbid the real estate is sold in an auction with all interested parties being able to bid.

Once a final bid has been reached the judge announces that the property has been sold. The final bidder needs to provide the court with their exact vesting (how they will be holding titile).
From that point on the buyer needs to just close the escrow and they will be the proud owners of their new home.
questions about purchasing Real Estate through a probate proceeding please call
The Sanborn Team at 310-777-2858 or visit our web sites www.SanbornTeam.com
where we work on any taking the challenge out of purchasing real estate through a probate proceeding.

Friday, December 14, 2007

A Tale From the Probate Court: Importance of Market Exposure





Just last week we had a sale of a property in court. To our surprise there was someone there at the court hearing objecting to the sale of the property because they were claiming that the property did not have proper market exposure and felt that the property was selling below market price. This person wanted to stop the sale and request that the property not be sold at that time. The judge asked us to explain our marketing efforts, and the judge decided to continue on with the sale.




Since the property was listing with us, The Sanborn Team, who are real estate probate experts, this person's objection had no validity. The Sanborn Team specializes in selling probate real estate and especially properties that require court confirmation. When you list with The Sanborn Team, the real property will receive maximum exposure and we guarantee we will get you the highest and best price.



To find out about a power and unique marketing strategy for Probate and Trust sales, please visit our website at http://www.sanbornteam.com/.

Thursday, December 13, 2007

Probate Real Estate Sales are "As is"

When listing and selling Probate and Trust Real Estate properties, most of these properties are sold "as is." This means that the seller does not make any warranties or representations and the property will be sold in it's present condition. Most sellers of probate properties will not do or pay for any repairs due to any defects on the property. Because the estate seller of the property has never lived in it or is familiar with the condition of the property, the estate is in no position to disclose defects.

In other words, if you are interested in purchasing a probate or trust property, it is very important that you conduct a full property inspection before writing an offer or going under contract. It's very important that the buyer is completely aware of the condition of the property and does all his/her discovery so they truly know the condition of the property.

For further information about buying probate and trust real estate, please visit our website at www.SanbornTeam.com or call us and we can set up an appointment to discuss the buying process of probate and trust sales. 310-777-2858.

Tuesday, December 11, 2007

Upcoming Beverly Hills Bar Meeting: Trust & Estates Section

Upcoming Trust & Estates Meeting!


"New Conservatorship Rules:

Implementation Under Budget Constraints"


Speaker

Hon Aviva Bobb - Presiding Judge - Probate Los Angeles Superior Court

Margaret "Meg" Lodise, Attorney at Law, Sacks, Glazier, et al.

Date

Tuesday December 18th 2007

Registration/Lunch: 11:45 -12:30pm

Probate: 12:30pm - 1:30pm


Place
Lawry's - 100 N. La Cienega Blvd., Beverly Hills


As the Official Sponsor of the Beverly Hills Bar Trust & Estates Section, we want to make sure that you are all aware of this great meeting and look forward to seeing you there


Additionally, if you have any questions about the meeting please feel free to contact us at 310-777-2858.



A Friendly Reminder: Keep your property out of Probate

Many owners of properties, tend to keep their property in a Trust. Attorneys and Tax accountants recommend during estate planning to put properties into a Trust to avoid probate.

However, a note of caution: if you refinance your home or other real estate, most lenders require that the property be taken out of the trust and put back into your name, for a brief amount of time. The cost isn't significant. But forgetting to put your property back into the trust is. A home unintentionally left outside the trust must go through probate, defeating the purpose of creating the trust in the first place.

So please remember so always be sure to put your property back into the trust, if you have one, after you refinance.

If you have additional questions about refinancing or if you would like to find out if your property is in a trust, you can always contact us and we can provide you with the documentation showing how the property is held.

And please visit our website, http://www.sanbornteam.com/ to find out more about our services.

Tuesday, November 27, 2007

Is it necessary to get a Market Value Analysis for Probate Real Estate Sales?





What is a Market Value Analysis?



In order to choose the best list price for your property, it is very important that your real estate agent provide you with the necessary information to determine what price best suites your property. Your agent should provide you with detailed market data, called a Market Value Analysis. This includes the selling prices of similar properties in the neighboring area. It will also include in-depth information on recent sales in the area, such as price per square foot and the number of days the property was on the market. Taking into consideration the information in the analysis as well as other intangibles of the market, your agent will be able to help you determine a listing price that is appropriate for the market and will attract the greatest number of qualified buyers.





Why is it necessary to get a Market Value Analysis for Probate Real Estate?



The Market Value Analysis is crucial when listing a Probate Real Estate property because it is essential that you have all the data needed to calculate the best list price. Taking into consideration the information in the analysis as well as other intangibles of the market, your agent will be able to help you determine a listing price that is appropriate for the market and will attract the greatest number of qualified buyers. Since Real Property sold through Probate and Trust are a bit different, it is pertinent that your agent discuss these differences and how these properties appear to the buyer. This will also factor into the pricing of the home. Your Probate Real Estate Expert should understand clearly how the terms of Probate and Trust sales are different than a traditional transaction.






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For more information about Probate Real Estate Sales and the Probate Real Estate Experts, please visit our website at http://www.sanbornteam.com/






What is the Role of the Escrow Company in Real Estate Probate Sales?

What is the Role of the Escrow Company in a Probate Sale?

By Nancy Sanborn

The sale process for both probate and non-probate properties varies from state to state, but in California, the standard of practice includes escrow. Since escrow is all about details, it’s absolutely essential to work with a skilled escrow officer. This is especially true in the case of real property sales through probate, trust or conservatorship, in which deadlines and rules are unforgiving, and failure to follow them can undermine a transaction or mean very expensive delays.
While escrow officers and real estate agents do not have to have a special license or certification to handle probate or trust sales, their lack of knowledge or experience can be extremely expensive to the unsuspecting client.
The role of escrow is to serve as a neutral party in the transaction. This involves many vital steps, including holding secure any deposits that are made by potential buyers; holding, processing and issuing the reams of documents that are generated by the sale; and accounting for and distributing the proceeds of the sale to all of the parties at the closing.
Each party to a probate or trust sale has specific requirements and it is the role of escrow to record, coordinate and monitor compliance with all of them. In probate sales, the court has requirements above and beyond those of the seller and buyer, their representatives, the title company and the lender(s). Escrow prepares a set of instructions that includes all of the requirements of the sale and monitors the deadlines and exchange of paperwork for each requirement.
In California, various inspections (pest control, physical, geological, plus locally-mandated inspections) are required during a property sale. The real estate agent typically helps their client choose an inspector, orders the inspection, often attends the inspection on behalf of the client, and then advises the client regarding their options following the inspection. Each inspector is required to submit a report to the client and to escrow. The escrow officer has to verify receipt of all of the necessary reports and approval of the reports by the various parties before the sale can go through.
While the real estate agent is advising their client, marketing the property, advising other agents and their clients on how to make offers, working closely with the clients’ attorneys, and coordinating the offers in court, the escrow officer is making sure that reports are being approved and signed, that copies of documents are provided to the parties and that any problems discovered by the title search are promptly resolved for a timely closing.
Escrow also gets involved with lenders, insurance and taxes, providing necessary paperwork to the buyer’s lender, ordering insurance and tax records on the property, making sure a policy of title insurance is purchased by the buyer, and determining how insurance and taxes will be prorated at the time of closing.
If the property is a rental, escrow handles the proration of rents as well.
When the lender’s requirements have been met and the buyer’s loan is funded, and all of the other T’s are crossed and I’s are dotted, escrow submits paperwork to the county recorder’s office for official recording of the order or grant deed. Complete copies of all signed documents are provided to the parties and finally, escrow calculates and distributes the funds and the buyer gets the keys to their new property.
With so many participants, documents, deadlines and dollars involved in a probate or trust sale, it’s critical to work with real estate and escrow professionals who understand the probate process and have experience to back that knowledge. Don’t be afraid to ask hard questions or to ask for and check references before engaging the services of a real estate or escrow professional to handle your probate sale. Those answers can make the difference between a streamlined transaction and a nightmare.
- - -
Nancy Sanborn is Executive Director of Prudential California John Aaroe's Probate and Trust Sales Division and a 30-year veteran of the competitive Los Angeles real estate marketplace.

Learn more about probate sales at http://www.sanbornteam.com/

Thursday, November 08, 2007

Beverly Hills Bar Association Meeting


Attn Attorneys and Paralegals!


Upcoming Beverly Hills Bar Meeting
Topic:
California Legislation 2007: The Annual Update


Tuesday November 13th

11:45 - 12:30 Registration

12:30 - 1:30 Lunch

Please be sure to register by calling 310-601-2422
For upcoming programs, please visit our website at www.SanbornTeam.com

Independent Administration of Estates Act (IAEA)

There are times when probate real estate sales require court confirmation and other times the real property probate sale does NOT require court confirmation. So what determines if a property in probate requires court confirmation?

Under the Independent Administration of Estates Act (IAEA), the administrator of the estate can handle the decedent's estate without court approval. The authority to administer the estate under the IAEA can be given by the decedent's will or by the court upon petition by the personal representative. They have full authority to sell real property and not require court confirmation.

To learn more about Probate and Trust Real Estate Sales, please visit our website at http://www.sanbornteam.com/ or call us at 310-777-2858

Wednesday, November 07, 2007

Probate Listing HUGE Price Reduction




Attention Buyers!

This is a wonderful opportunity to get into an amazing condo in a fabulous location at an amazing price!



13214 Moorpark #205

Sherman Oaks, CA
$449,000.00 (REDUCED $200,000.00)


This tri-level condo has 2 bedrooms, 3.5 baths and a huge loft (could be a third bedroom or den or office). The spacious living room has high ceilings and the sunlight pours through the windows. The large kitchen features tons of storage and it's own breakfast nook. The master suite has 2 walk-in closets with a spacious bath. There is also a full laundry room in the unit and two nice size balconies perfect.

Probate sale, court confirmation required.

If you would like to schedule a showing please call our office at 310-777-2858.
Or
To find out the hottest Probate Real Estate Listings for sale, visit our website at www.SanbornTeam.com

Thursday, October 25, 2007

Probate Real Estate Experts

When you work with the Sanborn Team in selling your Real Estate we work on simplifying the complicated process of selling a home that is in Probate or in a Trust. We are currently in the midst of a changing market so now more then ever you need to work with an expert. The Sanborn Team has been selling Real Estate in the greater Los Angeles area (including the San Fernando Valley and San Gabriel Valley) for over 27 years.



Over those years we have had the opportunity to work with some of the finest attorneys, fiduciaries and paralegals in the area. With their help we have gained the knowledge to assist you in having an uneventful experience when it comes to selling Real Estate.


Many people claim to have the information that you need to assist you in selling your home, but very few have the knowledge that comes with our years of experience.


Over the years we have assisted more people with selling homes that are in Probate or Trust then any other team in the Greater Los Angeles area.


When you truly want to work with knowledgeable and professional agents call the Sanborn Team at 310-777-2858 or visit our web site at http://www.sanbornteam.com/

How to Choose the Best List Price for Probate Real Estate Listing?

After you have made the decision to sell a property that is required to be governed by the probate court, it's important that you hire an agent to do an extensive market research, also known as a Market Value Analysis. Part of this analysis includes the selling prices of similar properties in the area. It should also include in depth information of the recent sales in the area such as price per square foot, number of days the property was on the market, and how close the finals sales price was to the listing price. With this information you and your agent should be able to choose the best listing price.

At The Sanborn Team we believe that there is not exact science on pricing a property but that it is a team effort. We are here to provide you with the information and experience of selling real estate.

For further information about who we are and what kind of service we provide, please visit our website at http://www.sanbornteam.com/ or call us for a no obligation consultation at 310-777-2858.

Tuesday, October 23, 2007

What is a Probate Real Estate Sale?

Q. What is a Probate Real Estate Sale?

A. A Probate Real Estate Sale is governed by the probate court. When a person passes away and there is no will or the will is contested the court has a process of administrating the estate of the decedent, and specifically in regards to the real estate owned by the decedent the process of selling that real estate is very different than a typical transaction. This sale requires court approval and the terms are very different from a traditional transaction.


For additional information about probate real estate, please visit our website at http://www.sanbornteam.com/.



Monday, October 22, 2007

Preparing a Trust or Probate Property For Sale

Many times the houses that are sold through probate or trust are usually full of furniture and personal belongings of the decedent. As the Administrator or Trustee the process of getting the house prepared to go on the market can be a daunting task. It is even harder when you have a full time job and a family to care for. And it can be even harder when you don't live in the area and have to spend your weekends and vacation days cleaning out the property.

We understand that dividing up personal belongings among the family is one job and it can be difficult. With the remaining personal property it is hard to tell if you have junk or treasure. Regardless of your situation, we at The Sanborn Team understand what you are going through and are here to assist you in the entire process.

We have resources and professionals that can help you with this. We can recommend several specialists that can sell the personal treasures and we have professionals to recommend that can hall away the junk and cleaning crews that will make the home sparkle.

We only recommend that you do the bare minimum when it comes to preparing the property to go on the market. It's important to leave the property in its present "as is" condition and let the buyer discover the condition of the property through inspections. Even though you may think a coat of pain might help, you may unintentionally conceal a defect and conceal the condition of the property.

At The Sanborn Team we make the process of selling the property seamless and smooth. We guarantee that we can make this a totally stress-free experience. For more information about our services please visit our website at http://www.sanbornteam.com/ or call us directly at 310-777-2858.

Friday, October 19, 2007

A Truly Exceptional Value


We have a Truly Exceptional Value...


13214 Moorpark Ave #205

Sherman Oaks


$499,000.00


This is a wonderful opportunity! This tri-level condo features 2 bedrooms, 3.5 baths and a loft (could be converted into a third bedroom). It features soaring two story windows, large kitchen with tons of storage and breakfast area, two spacious balconies, a full size laundry room, high ceilings and central air and heat. The location is outstanding, right on the boarder of Studio City and walking distance to many neighborhood amenities, such as the supermarket, cleaners, restaurants and shopping. This is truly a remarkable value at $499,000 and is a great opportunity.


Please call us today for your private showing. 310-777-2858


To see our other exceptional values, visit our website at http://www.sanbornteam.com/


Wednesday, October 17, 2007

Upcoming Court Hearings for Probate Real Estate

Attention Buyers!
Upcoming Court Dates!



8627 Ramsgate Westchester CA 90045
5 Unit building with great mix of units. There are two 2+1 and two 1+1 and a studio. The building sits on a large lot.
Opening Bid: $704,000.00
Court Date: October 22, 2007
Location: Los Angeles County Court House 111 N. Hill St Los Angeles
Department: 9
Time: 8:30am

AND We HAVE ONE MORE!


1562 N. Ave 46 Los Angeles CA 90041



Great Eagle Rock Location! This Charming California Bungalow features formal dining room with original built-ins, large living room and kitchen, 3 bedrooms and 2 baths. There is also a detached studio that is perfect for a home office.



Opening Bid $551,750.00



Court Date: Monday October 22, 2007

Location: Los Angeles County Court House 111 N. Hill St Los Angeles

Department: 11

Time: 8:30am




To find out more about our HOT listings, please visit our website at http://www.sanbornteam.com/
As your probate & trust real estate experts, we are happy to assist you with any of your real estate needs!

Monday, October 15, 2007

Hot New Listing!

Carthay Square Charming Spanish

1064 S. Point View Drive
Los Angeles, CA
$995,000.00!


Enter through a private court yard into this charming original Spanish home. Original details such as art deco style bathrooms, wood floors and large french door style windows are just the beginning. The home features 3 bedrooms and 1.75 baths, formal dining room with coved ceilings, formal entry way, large living room with a beautiful bay window and fireplace, a true breakfast room off the kitchen that over looks the courtyard, and a sun-filled grassy yard.

Call us Today for your Private Showing
310-777-2858
For more property details please visit our website at www.SanbornTeam.com
To find the hottest listings please visit our http://www.sanbornteam.com/properties.php


Friday, October 12, 2007

How Commission is Paid on a Probate Sale



When it comes to the commission on probate real estate sales there are several things that you, as real estate agents should be aware of. First and foremost the commission is set by the courts and it's no negotiable. The courts grant a 5% commission on improved real property (single family residences, condos, multi-family, etc) and 10% for unimproved property (vacant land).


We also know that probate properties can be appealing to real estate agents and they would like to purchase them and represent themselves on purchasing the property and receive a commission. However... according to the probate code, the buyer cannot benefit from the sale of the property, thus the buyer cannot receive a commission or even a referral fee.


If you are a real estate agent interested in one of our hot listings, please have someone represent you because if you represent yourself you will not get paid a commission.


For all our listings at the Sanborn Team the commission is split as follows:


2.5% paid to the listing agent


2.5 % paid to the agent representing the successful purchaser in court.


For further information on our hot probate listings please visit our website at http://www.sanbornteam.com/ or call us at 310-777-2858


Thursday, October 11, 2007

This is Why We Sell Probate & Trust Real Estate

We recently closed a real estate transaction for an Estate. This was a probate real estate sale that did not require court confirmation. Selling this property has been a journey, however throughout each step we kept to our promise to offer superior customer service.

Yesterday we received an email from the Administrator of the Estate and this is what she said:

Dear Allison, Teresa & Nancy:

Thank you so very much for the kindness, sincerity and excellent customer service provided in the probate sale of my Mom's home. She died on December 2, 2006. As I have lived in Arizona since 1988 and had no plans of returning to Los Angeles, I thought it best to sale her home rather than attempt make major repairs and rent it at long distance.

The Sanborn Team made the entire selling process painless - even through the cancellation of two escrows and having to fence the property to secure it. They continued to work diligently by keeping me abreast of the current market conditions, re-listing the home and continuing to show it to potential buyers with the same enthusiasm as one would a newly built home.

I would recommend Prudential Realty and the Sanborn Team to all individuals who need to have a home sold – especially under the conditions of probate which is often heavy with emotion because of the loss of a loved one.

Again, thank you so very much again for carrying me through this process.


Sincerely,

Cynthia Jennings.

When we receive a note like this one, it reminds us how important it is to provide superior top notch service to our clients. It also reminds us how much we enjoy what we do and that each morning we bring to our business enthusiasm, professionalism, and joy.

To find out about our enthusiasm and our dedication to selling probate & trust real estate please call us at 310-777-2858 or visit our website at www.SanbornTeam.com

Wednesday, October 10, 2007

The Legal Description of Real Estate

You may hear attorneys, real estate agents, title officers or escrow officers refer to the legal description of a property. So what exactly is the legal description?

The legal description describes what the real property is, where it is located, who is the owner, contains the tax assessor number, tract code, and lot number. This description defines the actual real estate.

The other day before a court hearing, we noticed that the legal description that was in the preliminary title report was different than the legal description in the court petition. This can be a big problem because if the legal description in the court petition does not match exactly the legal description in the preliminary title report, then you could be selling the wrong property.

Fortunately, due to our experience and our diligence in making sure that our client and attorney are ready for the court confirmation, we caught the mistake before the court hearing to confirm the sale of the property. Thus the attorney was able to fix the typo that was in the legal description on the court petition.

Experience and knowledge are golden when it comes to selling real estate through probate and trust. So working with an agent that specializes in probate and trust real estate is crucial and in the end, ends up saving everyone time and most of all money. The Sanborn Team has been listing, selling and marketing probate real estate for over 25 years and throughout Greater Los Angeles area.

For further information on our probate real estate services, please visit our website at www.SanbornTeam.com or call us directly at 310-777-2858.

Friday, October 05, 2007

Can Any Real Estate Agent Sell a Probate Property?

Why is it important to work with a real estate agent who is an expert in the sale and marketing of probate and trust properties?

When confronted with the task of selling real property through probate or trust the idea can be daunting. Probate and Trust real estate transactions are not the same as a traditional transaction. There are different requirements and it's important to be aware of these differences and work with a real estate agent that can protect you as the administrator of the estate and achieve the goal of getting the highest price possible for the property.

As an administrator you are faced with two tasks when selling real property. First you have to get the highest amount for the property for the estate, and second you have to work with representatives that will protect you.

Working with a real estate agent that lacks experience in selling real property through probate and trust, can result in finding the wrong buyer who clearly does not understands the terms of the sale and who does not close escrow. Although to many real estate agents the sale of probate seems similar enough to a traditional transaction, this sale take a comprehensive understanding of the court requirements. A real estate agent must have a unique and powerful marketing plan to insure that the property is sold for the highest amount possible at the court hearing.

When interviewing real estate agents for the sale of a probate and trust property you will realize that it is crucial to work with someone that understands these specific types of sales and has experience in dealing with probate and trust. The Sanborn Team brings you and your clients, 25 plus years of experience in marketing and selling probate and trust properties.

With a keen insight of the marketplace and a familiarity of the Probate Code, The Sanborn Team handles the sale of real property accurately and promptly and communication is always clear. As you know, the sale of real property through probate and trust is not the same as a traditional transaction. Probate and trust sales require special disclosures and listing agreements, and most importantly a unique marketing strategy.

To find out more about our expertise in selling probate properties in Greater Los Angeles, please visit our website at www.SanbornTeam.com or call us for a list of references, 310-777-2858.

Thursday, October 04, 2007

New Probate Listing! Great Fixer in Sylmar


14451 Sayre Street

Sylmar, CA

$399,000.00



Attention: Investors, Developers and Builders! This is what you have been waiting for. 3+1+ unfinished bonus room. This property is in need of work. Here is an opportunity to build or remodel.


Probate sale, court confirmation required.


Please call us for a showing today! 310-777-2858


For our other Hot Probate Listings in greater Los Angeles, please visit our website at http://www.sanbornteam.com/




Tuesday, October 02, 2007

ATTN! Upcoming Court Date!

Calling All Buyers, Developers and Investors!
We have a great property that is going to court next week
235 W. 46th Street
Los Angeles, CA
This charming California Bungalow has 3 bedrooms and 1 bath. Spacious kitchen and living room. A large porch perfect for relaxing after a long day at the office.
Court date is set for October 10, 2007
Location: 111 N. Hill St Los Angeles, CA
Time: 8:30am
Department: 11
Call us today for a showing! 310-777-2858
To see The Sanborn Team's other hot properties in Los Angeles, please visit our website at www.SanbornTeam.com

Monday, October 01, 2007

Probate Terms You Need to Know

For over 25 years, The Sanborn Team has been selling real property through probate and Trust through Los Angeles. As experts and with many years of experience, we understand that selling a property through probate and trust is not the same as a traditional sale. With a keen insight into the probate code, we are very successful in selling probate & trust properties throughout Greater Los Angeles.

We also know that when buying or selling real property that is a probate or trust sale, attorneys and real estate agents throw out all these different terms and it can be confusing. We thought it would be helpful to provide you with a brief definition of Probate Terms that you need to know:
  • Beneficiary: A person who inherits when there is a Will
  • Custodian of the Will: The person who has the Will when the person who wrote the Will dies.
  • Decedent: The person who died.
  • Executor: A person named in a Will and appointed by the Court to carry out the decedent's wishes. This person is usually the "seller" of the real property.
  • Heir: A person who inherits when there is no Will.
  • Intestate: When someone dies without leaving a Will. Many times when there is no Will, the real property of the decedent requires court confirmation.
  • Intestate Succession: The order of who inherits the property when the decedent does not have a Will.
  • Legatees, or devisees: People who are named in a Will.
  • Personal Representative (or administrator or executor): The person responsible for overseeing the distribution of the estate.
  • Probate: The process of deciding where, how and to whom to distribute the decedent's property.
  • Testate: When someone dies leaving a Will.
  • Trust: When a person (trustee) holds property at another person's (settlor's) request for the benefit of someone else (the beneficiary).
  • Will: A legal paper that lists a person's wishes about what will happen to his/her personal and real property after death.

If you have any questions about these terms please don't hesitate to contact us. 310-777-2858

We are here to meet any of your real estate needs in Great Los Angeles. For more information about our services or hot new Probate Listings, please visit our website at www.SanbornTeam.com

Thursday, September 27, 2007

Is the Paperwork Different in a Probate Sale?


With a keen insight of the marketplace and familiarity of the Probate Code, The Sanborn Team handles the sale of real property through Probate & Trust accurately and promptly. As you may know, the sale of real property through Probate & Trust is not the same as the sale of property outside of the court system. Probate and Trust sales required special disclosures, listing agreements and purchase contracts.*
Since the seller of a probate has usually never lived in the decedent's or conservatee's house, they are not required to fill out certain disclosures that express the condition of the property. These disclosures are:
  • Real Estate Transfer Disclosure Statement
  • Earthquake Hazards Report
    Statewide Buyer and Seller Advisory
  • Local Area Disclosures
  • Seller Property Questionnaire
  • Agent Visual Inspection Disclosure

Also, the listing agreement and purchase contract are different as well. Probate & Conservatorship listings must be on the Probate Purchase Listing Agreement and all offers must be on Probate Purchase Agreement.

You will discover that all agents are not experts in the sale of real property through probate and trust sales. This lack of experience can only lead to the trustee/administrator to fail finding the best buyer and fail to provide the correct paperwork that protects the trustee/administrator. Although to many real estate agents the sale of probate seems similar enough to a traditional transaction, this sale takes a comprehensive understanding of the court requirements.

The Sanborn Team brings you and your clients over 30 years experience of marketing and selling Probate and Trust properties. To find out about why we are the experts, please visit our website at www.SanbornTeam.com

*These forms are created by the California Association of Realtors

Wednesday, September 26, 2007

Why do some Probate Sales NOT Require Court Confirmation?

When you spot a property that is a probate property - the first questions most buyers ask is, does it require court confirmation?

When a probate property does not require court confirmation, it is either a Trust Sale or the executor of the estate has been granted "full authority powers." Under the Independent Administrations Estates Act (IAEA), the administrator of the estate can handle the decedents estate without court approval. In order for the administrator to obtain these powers, his/her attorney follows a direct procedure for this to happen. If the administrator has full independent powers they may elect to list the property for sale and once they receive an acceptable contract, their attorney mails out a Notice of Proposed Action stating the terms of the proposed sale to all the heirs. The heirs then have 15 days to object to the sale. If there is no objection within 15 days, the sale goes through without any court hearing required. *


To see the hottest probate properties, please visit our website at http://www.sanbornteam.com/properties.php

If you have any questions when it comes to your probate and trust real estate needs, please don't hesitate to contact us. 310-777-2858

* It's crucial to always contact a professional attorney to handle all your probate needs.

Friday, September 21, 2007

What is a Property Profile?


What is a Property Profile?
A Property Profile is a report that provides details on a specific property. It contains information such as square footage, number of bedrooms and bathrooms, lot size, zoning information, use code, tax information and ownership information. Additionally the profile has the recorded documents, such as the grant deed, quitclaim deed, and copies of deeds of trust. The report can also contain sales comparables, school information, and neighbor information.
Why is a property profile important?
When you are thinking of selling a home through probate and trust, the first step is to order a property profile to find out the exact details about the home. There have been occasions where the administrator is confident that the property is in the name of the decedent and it has turned out that the decedent, before they died, transferred the property to someone else. Also, you may not be aware if there is a loan on the property.
Whenever you are working with an Estate it is good to get property profile. You can always call us, with no obligation, and we will order one for you FOR FREE! Also if you need a rough evaluation of the property, please call us 310-777-2858.
To find out why we are the real estate experts when it comes to selling property through probate and trust, please visit our website at http://www.sanbornteam.com/

Wednesday, September 19, 2007

First you gotta get the fish... then you go for the shark


In today's changing market, Probate & Conservatorship Real Estate Sales are faced with new challenges. We have been seeing that probate sales that require court confirmation are having a hard time getting the first buyer to put in their first offer. Getting that buyer on the hook is the challenge but once we get the buyer then we go after the shark...
Let us tell you a short story.
We had a sale in court this week and we sold the property to an over-bidder for a price exceptionally higher than the original offer. It took months for us to get an appropriate initial offer in on the property. Then we recharged our batteries over here at The Sanborn Team and re-marketed the property, letting everyone know that the property was available for purchase by an over-bidder. We began hunting for our shark.
With just about 6 weeks to get an over-bidder we continued to advertise the property weekly. The week before the confirmation hearing, we heard from a couple of buyers that said they were going to attend court.
Lo and behold, entered our shark, who purchased the property for more than $100,000 above the original offer!
So the key to selling a probate property that requires court confirmation is to get the first buyer in, at an appropriate price, and know that if there is any value left, the property will be sold to an over-bidder in court.
With our type of market exposure it's impossible to sell a property for under its value.
To learn more about our marketing techniques, please visit our website at http://www.sanbornteam.com/ or call us directly at 310-777-2858.

Tuesday, September 18, 2007

Over-Bidding in Court: Why It's Important to Read the Instructions

Although we discussed this in the last week, we would like to share with you a new tale from the court...

Today we had a hearing to confirm the sale of real property located on Riverside Drive in Sherman Oaks, California. Before the hearing, we always qualify any over-bidders to make sure that they have followed the exact instructions. In order for a potential buyer to purchase a property in court, the buyer must provide:
  • A cashier's check for at least 10% of the opening bid amount made payable to the Estate.

We cannot accept anything less... we cannot accept a personal check... we don't like to take cash... and, very importantly, we cannot accept credit cards.

So today we had two potential buyers in addition to the original buyer who put in the accepted bid. One of the buyers presented to the attorney and the seller a check for $76,175 (exactly 10% of the opening bid amount) made payable to the estate. The second buyer presented a cashier's check for only 3% of the opening bid - $22,853.

Whenever we get inquiries about court hearing, we fax or e-mail instructions on exactly the terms of the sale and how to over-bid in court. It states clearly that in order to bid in court you must have a cashier's check for 10% of the opening bid price made payable to the Estate. We provide the opening bid amount and the name of the Estate, Trust or Conservatorship to which the check is to be payable.

As we are re-explaining the process to the buyer with the 3% check, we notice that behind the check he is holding the instructions on how to bid we had sent to him and his agent for this property. His agent was standing there holding the same piece of paper. Obviously they had not read the instructions.

Unfortunately we had to turn down this buyer. However we did sell the property to an over-bidder for much more than we expected.

When you work with The Sanborn Team, we make sure that all potential buyers, whether at the intial stages of the sale or as an over-bidder in court, have all the information on how to write an offer or over-bid in court as well as the terms of the sale.

We know that selling real estate can be time consuming and overwhelming. What we do is SAVE you lots of time when it comes to your real estate needs. Please visit our website at http://www.sanbornteam.com/ or call us 310-777-2858 directly to find out how we handle Probate & Trust Real Estate Sales and how we are different from most agents.

Friday, September 14, 2007

The Truth. What the Media Doesn't Tell Us About The Mortgate Industry

The Sanborn Team is trying to keep you posted on the Mortgage Industry. While there are many articles telling you that the sky is falling... here are some statistics that you will find interesting.
Delinquencies vs. Notice of Default vs. Foreclosures

Delinquencies

Delinquencies cover any missed payment - even if it is just for one month, it is reported as a delinquency.
  1. The delinquency rate on sub-prime loans was running 13.77%, which is up from 13.44% from the previous year. In the last quarter, the delinquency rate dropped to 12.4%.

  2. The delinquency rate on Alt-A loans is only 2.69%, while prime loans are at 2.57%.

  3. Combining the three rates with the loan volume gives you a delinquency rate for all loans in the U.S. of only 4.84%. The record low is 4.00%.

  4. California's delinquency rate is only 3.25%.

Notices of Default

Notices of Default are filed when lenders' loans have been delinquent for a specific period of time. These loans begin the foreclosure process. The four states that have the largest number of loans in foreclosure are California, Florida, Nevada and Arizona. Yet, in the 1st quarter, 24 states saw a decline in foreclosure starts and 36 states saw a decline in the 2nd quarter!

  1. Only 3.23% of all sub prime loans have entered the foreclosure process, with the most defaults occurring on loans from January 2005 to January 2006.

  2. Only 1.28% of all prime loans have entered the foreclosure process

  3. In California, the last quarter saw 53,943 notices filed, with most filings on loans originated from the summer of 2005 to the summer of 2006.

  4. The lowest number was 12,417 in the 3rd Quarter of 2004.

Foreclosures

Foreclosures occur when the buyer has been unsuccessful in curing the debt, and either a lender or an investor has acquired the property. As of the last month, there was 1 foreclosure filing for every 693 homes in America.

  1. For sub-prime loans, 68% of the buyers are able to prevent the foreclosure by either refinancing the property or successfully selling their home.

  2. For prime loans, the foreclosure rate is .86%. Last year, the U.S. saw a combined foreclosure rate of only 1.09% while California's rate was 1.17%.

  3. California now ranks #4 in the nation in foreclosure - down from #1!!!

The media will try to scare you with numbers like $1 trillion in loans needs to be recast for this year and that foreclosures could cost lenders as must as $2.3 billion! They never mention that there is $10.4 trillion of mortgages with $56 trillion of equity in American households. Add to that the wealth of the U.S. at $70 trillion, with the value of stocks between $15 and $20 trillion, while the bond market is even larger. So these losses (should they occur) should not have any great effect on home prices.

Please feel free to contact us directly at 310-777-2858 or visit our website at http://www.sanbornteam.com/.

Provided by the Mortgage Brokers Association, Federal Reserve & the Federal Bureau of Investigation.



Over-bidding in Court: What NOT to do

In order to bid in court, a buyer must present a cashier's check for at least 10% of the opening bid amount and it is to be made payable to the Estate, Conservatorship or Trust. If a buyer does not have this, they cannot attempt to purchase the property. So if you set your dreams on having that particular property you better come to court and be prepared.

The other day we were having a sale in court and up walks this lovely young couple, Fred and Cindy. Both dressed in their best “Sunday” clothes and holding hands, they came up to us and said they were here to bid on the house. They started to tell us how excited they were since they had been looking for a house for over a year. They had gotten priced out of the market so they really could only afford houses that need some updating and work. The house they came to purchase was a cute as a button little Spanish casita in need of everything. Their kind eyes told us how they started drawing up plans and Cindy was particularly in love with the sun-filled yard.

When the attorney arrived and asked to verify their funds, Fred pulled out a personal check from his back pocket. The check was written payable to the Estate, however it was only for 5% of the opening bid. The attorney had to tell the couple that they could not buy this property because A) the check needed to be for 10% of the opening bid and B) the check needed to be a cashier's check.

At that same moment, an investor all in black with sunglasses on top of his head presents a check for exactly 10% of the opening bid, made payable to the Estate, and in the form of a cashier's check.

Fred and Cindy were devastated. As we walked through the double doors into the court room, we looked over our shoulder and saw them walk slowly away.

So be prepared. Don’t let a silly mistake take away the home of your dreams or a great opportunity.

To find out more how the over-bid process works in Court, please contact The Sanborn Team at 310-777-2858 or visit us on the web at http://www.sanbornteam.com/

Wednesday, September 12, 2007

Questions to Ask While Interviewing a Real Estate Agent for A Probate & Trust Real Estate Sale

When you have been faced with the arduous task of selling real estate for your dearly departed or have been nominated by the court to handle the Estate, it's important to use the most qualified and experienced real estate agent when selling the property. Selling real estate can be overwhelming in the first place and selling a property through the probate system can be even more complex.

There are many professional real estate agents, so it's to your advantage to list the property with an experienced real estate agent that specializes in the sale of real property through probate and trust. The probate process differs dramatically from a typical real estate transaction, thus it's important to interview agents and find out if they really understand and know how to market and sell a probate & trust property.

Here are some examples of questions you may consider using when interviewing a real estate agent:

1. How long have you been selling properties through probate & trust?

2. How is selling a probate property different from a traditional transaction? How can I expect it to be different?

3. How will you market the probate property?

4. What kind of documents will I have to sign to list the property?

For the full list of questions and why these questions are important to ask, please visit our website at http://www.sanbornteam.com/ or call us directly at 310-777-2858.

We know it can be difficult and overwhelming when dealing with an Estate. For your Real Estate Probate & Trust needs, please call us today.





Tuesday, September 11, 2007

Can you change the way you hold title when you purchase a property in probate?

When you are buying a probate property, there are many details to handle - and the steps must be followed to the letter. As a buyer, you may be nervous or excited, so it's important to prepare and anticipate each step.

At the confirmation hearing, the judge always asks how you are taking title. You need to decide in advance how you will take title because its very difficult to change after the court confirmation.

Recently a buyer purchased a property and told the judge he chose to hold title as his sole and separate property. After the escrow opened and after speaking to his accountant and reviewing the tax consequences, he decided to change how he held title by adding his wife's name to the title. He requested to change his vesting without realizing that it was going to cost him a pretty penny. When you purchase a property in court you receive a court order showing that you purchased the property and in order to change the vesting, you have to change the order. This means that the attorney would have to go into court and change the order - at the cost of the buyer. This is an expensive change.

It's important to know how you will take title in advance of purchasing property, especially probate properties. You should always speak to you tax consultant.

If you want to get a list of different ways to hold title, please contact us directly at allison@sanbornteam.com or 310-777-2858.

To take the mystery out of buying and selling Probate & Trust Properties, please visit our website at http://www.sanbornteam.com/

Monday, September 10, 2007

How to Hold Title for Real Estate. What is Joint Tenants?

What does it mean to hold title as Joint Tenants?

There are several options when it comes to holding title for real estate. It's common to hear that you take title as sole and separate property, tenants in common or joint tenants. But what does it really mean when taking title as Joint Tenants?

It is very common for husband and wife or domestic partners to hold title as Joint Tenants. Holding a property as Joint Tenants means that if one of the owners dies, the remaining owner(s) acquire the share of the deceased owner automatically. This is known as rights of survivorship.

To find out the other ways to hold title*, please call us at 310-777-2858 or visit our website at http://www.sanbornteam.com/

*How you hold title is very important. Please consult your attorney and/or tax advisor.

Friday, September 07, 2007

Recent Property Reductions

Opportunities in Glendale, California!

1422 Rock Glen Avenue #301
2 Bedroom 1.75 bath condo
Top floor with views
Master suite
Great balcony
Pool
Reduced to $299,000

538 Glenwood Road, Unit #1
3 bedrooms + 2 baths
Living room with fireplace
Front facing unit
Laundry in the unit
Reduced to $435,000

Both are Probate Sales Subject to Court Confirmation

For additional information go the http://www.sanbornteam.com/ or call us at 310-777-2858

We take the mystery out of buying properties through Probate Sales!

Q. What is an Administrator? Another Probate Term


A. An Administrator is a person or entity appointed by the court to administer an estate when no will exists. When a person passes away without a will, the court will have to appoint a person to be in charge of dealing with the person's assets, such as a house. When a house needs to be sold and there is no will, the property has to be sold through the probate process.

To learn how to buy a house in probate, please visit our website http://www.sanbornteam.com/


Wednesday, September 05, 2007

What is a Court Approval Sale?


When the Executor of the estate does not have "full independent powers" the sale has to require court approval, also known as court confirmation. First an offer has to be accepted on the property and then the attorney will petition the court for confirmation of the sale. Once this petition is filed a court date is set and it usually takes place between 30-45 days after the petition is filed.


Here is the twist... At the Court Confirmation hearing, the accepted offer may be overbid by other buyers. As we discussed yesterday, the minimum overbid is 10% of the first $10,000.00 plus5% of the balance up to the amount of the accepted offer.

Let the Sanborn Team take the Mystery out of selling and buying probate properties. Please visit our website at http://www.sanbornteam.com/ to learn more about it!

Tuesday, September 04, 2007

How is the over bid amount established?

When a property is sold at a court hearing there is open competitive bidding.
It is important to understand that in order for there to be a court hearing an initial bid has to be accepted and the attorney for the estate must petition to have a hearing date.
The minimum first overbid price is set by a statute in the Probate Code. That amount is 5% of the accepted initial bid plus $500.
Further incremental bidding is established by the presiding judicial officer at the hearing.

The Sanborn Team is here to take the mystery out of court confirmed sales.
Call us for any of your Real Estate needs.
310-777-2858

Warren Buffet's Real Estate Guru

So where is the market turning... going... or spinning??

Our company, Prudential California Realty, is an affiliate of Berkshire Hathaway. You may not know the name, but our company is owned by HomeServices of America - the second largest residential real estate brokerage in the country.

Click on this link to see what the head of our company, Ron Peltier, says about the Real Estate Market.

http://www.cnbc.com/id/15840232?video=492550817

Let us know what you think!

Friday, August 31, 2007

ATTN! Upcoming Court Date! 235 W. 46th


Calling all investors! Buyers! Speculators!

Hot off the press - We just got a court date!


235 W 46th St Los Angeles CA

3+1

1,288 sq ft on a 5,200 sq ft lot


The Court date is set for October 10, 2007

Time: 8:30am

Location: 111 N. Hill Street Los Angeles

Department: 11


Please let us know if you have any questions or if you would like to view the property

310-777-2858



Thursday, August 30, 2007

Opportunity Knocks!

Hello Everyone!

We have a great opportunity for all those who are interested in buying a great home in a great neighborhood. Walking distance to Penmar park, this home has a lovely sunfilled yard and detached 2 car garage. Although this 3+1 home needs some tender loving care, it is truly a diamond in the making.

1019 Vernon Avenue, Venice, CA
$695,000

WOW what a deal!!! Call us and we'll be happy to schedule a private showing!

310-777-2858

Monday, August 27, 2007

We're Getting Multiple Offers on Our Listings. How do we do it?

So why is The Sanborn Team still getting multiple offers on their properties? Since they are probate sales, most of our properties tend to be fixers with years of deferred maintenance. Although some people think that the market is crashing and burning and all buyers and investors are running to the hills, we are still getting more than ever for our listings. So the question is: what does The Sanborn Team do that’s different from other agents?

The most important component to selling a home is price. PRICE! It’s about pricing the property so it creates its own market. We want the buyers to be Bees and have them swarm our properties. Our strategy has worked and here are some recent examples:

A property in San Gabriel was listed just below market and we obtained 18 offers just after 10 days and sold the property for $100,000 over asking. Although we did expect to get about $25,000 more than we listed it for, $100,000 was a shock. Apparently buyers and investors see the potential in this house and we were able to create enough Buzzing that we got more than we ever expected

A property located in Hacienda Heights received 7 offers after being on the market for 10 days. Why? We priced it low enough to get the buyers to buzz around and we sold it for over asking.

So it seems if you put out a nicely priced hive you’ll get buyers buzzing like crazy.

If you are having trouble selling your property, call us today and we'll make it happen!

310-777-2858. http://www.sanbornteam.com/


Friday, August 24, 2007

Beverlywood Adjacent Property

Hello Everyone... Opportunity Knocks!

We have a cute-as-a-button little Spanish fixer. It's a 2+1 with a large living room/dining area, den, large grassy back yard with mature rose bushes. Just east of Robertson.

8912 Gibson Avenue, Los Angeles

It will be going to Court on Wednesday August 29, 2007

Opening bid will be $656,750

Location: 111 N. Hill St Los Angeles

Department: 11

Time: 8:30am


Please call us if you would like to view the property. It's very easy to show
310-777-2858

Thursday, August 23, 2007

Glendale Condos!

1422 Rock Glen # 301
Glendale, CA


Enjoy views of Glendale from this top story bright and light condo. 2+1.75 with large balcony perfect for enjoying the afternoon. The complex has a sparkling pool and the unit has side by side parking. Probate Sale.
A great deal at only $315,000!!!






538 Glenwood Rd #1
Glendale CA
Spacious 3+1.75 condo with large kitchen, fireplace in living room, washer & dryer inside. Located in a small complex this condo is in a prime Glendale location. Probate Sale.
A Great Deal at only $450,000.00






For further information and details please visit our website at http://www.sanbornteam.com/ or call us directly at 310-777-2858.

Tuesday, August 21, 2007

A New Tale from Probate Court

So today and yesterday The Sanborn Team was busy in court confirming sales of real property. On Monday we successfully sold two pieces of property and even had an over bidder on one of them. We successfully got more for the estate than they originally thought.

Today we confirmed a duplex in Long Beach for its original bid. We did not have any over bidders. Usually if there are no over bidders it simply means we got the maximum value we could.

We have some great properties coming up that will be going to court this month. To find out which ones, please email us at allison@sanbornteam.com or call us directly at 310-777-2858.

Friday, August 17, 2007

What is a conservatorship?

A Conservatorship is a legal process in which the court appoints a person to make financial decisions for another person who is determined to be financially incapable to make those decisions. A conservatorship proceeding is a different legal proceeding than guardianship; it may be done independent from or jointly with a guardianship proceeding.

More briefly, conservatorship is the legal right given to a person to manage the property and financial affairs of a person deemed incapable of doing that for himself or herself.

Sometimes real property in a conservatorship must be sold and the terms of the sale are like those of a probate sale. All properties in a conservatorship require court confirmation.

The Sanborn Team specializes in selling houses for conservatorships and getting top dollar for our clients. To learn more, call us: 310-777-2858

Thursday, August 16, 2007

August 21 Beverly Hills Bar Meeting


DON'T FORGET!!!

Tuesday August 21st

Trust & Estates Section Meeting for the BHBA

Program will be Proposition 13 Changes in Ownership and Exclusions Common Reassessment Issues & Recent Developments

SPEAKER:

Richard S. Moon, Senior Tax Counsel, State Board of Equalization

DATE:

Tuesday August 21 2007 Registration/11:45-12:30pm Program: 12:30pm to 1:30pm

PLACE:

Lawry's 100 N. La Cienega Blvd Beverly Hills (Free underground parking)


For further information please click on the following link:
We look forward to seeing you there!










Wednesday, August 15, 2007

ATTN! Upcoming Court Date!

Hello Developers... Investors... and Buyers!
The Sanborn Team has a wonderful opportunity to buy an income property. This property has two houses on a lot. Each unit is a 2 bedroom 1 bath home and they are both VACANT!!!!
The property is located at 6569 Orizaba Ave, Long Beach

The Court date is set for Tuesday August 21, 2007
111 N. Hill Street Los Angeles CA
Department 9
8:30am
Opening Bid $425,750

This is a GREAT DEAL! Don't miss out!





Friday, August 10, 2007

What is the minimum required as an overbidder in Court?

Q. What is the opening bid? How is that deteremined?

A. The opening bid in court must exceed the initial bid on the property and it follows this formula:
  • The amoung of the original bid, plus
  • At least 10 percent of the first $10,000 of the original bid; plus
  • At least 5 percent of the amount of the original bid in excess of $10,000

OR

  • It's 5% plus $500 of the original bid (this way is MUCH easier to remember)

The minimum overbid after the initial overbid will be set by the court at the time of the confirmation hearing. This is very simliar to an auction and the property gets sold to the highest bidder in court.

Wednesday, August 08, 2007

And what did the Fed Say?

So with all the turmoil in the credit markets, there was a glimpse of hope that the Federal Reserve would decrease interest rates. However the Feds agreed to keep interest rates at 5.25%. The Fed's primary concern right now is inflation.

To find out more visit the article at The Wall Street Journal (http://online.wsj.com/article/SB118650838435490620.html?mod=hpp_us_pageone)

This has been a disappointment for those in financial markets who hoped the Fed would more clearly hint at the possibility of a rate cut in the next few months. The good news is that interest rates are still the same and are not going up or down.

Although it can be tougher to get a loan these days, it's really important that you work with people that have experience and knowledge of previous real estate markets. Nancy Sanborn, of The Sanborn Team, has been selling real estate for almost 30 years and has been through some of the toughest markets. When it comes to selling or buying, working with agents that have experience is key to making sure that your transaction is smooth and seamless.

visit http://www.sanbornteam.com/ or call us at 310-777-2858

Tuesday, August 07, 2007

What exactly is happening in the credit markets?

If you've been living under a rock, you may have no idea what we are talking about when it comes to the mortgate industry. We thought for those who are interested in real estate to give you the scoop on what exactly is happening in the credit markets:

Recent market updates have addressed what is happening in our market, but those were more directed to the good old stocks and bonds. We would like to shed some light on the bigger picture - our current lending marketplace. You have banks go under during the past few months. Over the past few days, a few other banks, prime and subprime, have frozen their pipes, and their future remains uncertain.

So what is going on? Here's the simple answer: Essentially, some banks are facing what we call a liquidity crisis. This means that they are holding loans on their warehouse lines that they cannot sell. Or at least sell them at profit. (A warehouse line is like a gigantic credit card, in which banks fund their loans and then sell them off to the investors in bulk.) So, when these banks are stuck with millions of dollars of un-sellable loans, what are they to do? Take a loss, and get them off their line. This loss, often times, is what shuts doors down on banks overnight.

(check out this article at Wall Street Journal http://online.wsj.com/article/SB118644741706689960.html?mod=loomia)

As for pricing… you have seen rates skyrocket and not follow any correlation to the bonds. Here is why: The price tags on certain products (arms, pay options, secured pay options, alt a, etc.) are tied to certain risk factors. The risk factor has increased recently, and this is due to the increase in defaults. Investors are demanding more return / higher yield for the increase of risk they are taking on. Thus, higher risk = higher price. What was once a monthly, or weekly, bulk trade / sale, is now happening almost overnight, which is why you see huge rate increases overnight.
This means you will see products that we have taken for granted GO AWAY for a while or eliminated by some lenders, such as Stated Income, Pay Options. No Ratio. No Doc. And some banks have already done this.

Please know that, whatever the market conditions, we are here for the ride and will be sure to keep you up to date on what’s been going on. If you have any questions or would like to get more information, please call us at 310-777-2858.

Monday, August 06, 2007

Another Probate Term Factoid!

Q. When does a probate property NOT require court confirmation?

A. Although most of the properties we sell do require court confirmation, occasionally we do get properties that don't require court confirmation. Many people ask us, why does this property NOT require court confirmation?

Under the Independent Administration of Estates Act (IAEA), the administrator of the estate can handle the decedent's estate without court approval. The authority to administer the estate under the IAEA can be given by the decedent's will or by the court upon petition by the personal representative.

Properties that are in an estate that is being administered through IAEA can sell the property without court confirmation.

If you have further questions, please feel free to contact us at 310-777-2858.

Friday, August 03, 2007

Open Sunday August 5, Venice, California

Open Sunday August 5th
2-5pm
Come visit this little gem in Venice. Walking distance to Penmar Park, this traditional 3+1 has a lovely sun-filled yard. In need of some TLC, this is a great opportunity to get a house in Venice.
$695,000
Come by and say Hello!

Open House Sunday in Venice

Open Sunday 2-5pm
1019 Vernon Ave Venice CA
$695,000
A true Venice Gem! Walking distance to Penmar Park, this traditional 3+1 charmer is a great opportunity. With just over 1,300 sq ft and a lot at 5,000 sq ft, it is looking from some TLC. Detached garage.
Please stop by and visit us. We look forward to seeing you soon!

Wednesday, August 01, 2007

Q: When is a property subject to probate?

A: Property to which the decedent directly held title at his or her death is subject to a probate proceeding. Properties that are being sold when the person on title is under a conservatorship are also subject to the probate proceeding.

For additional information about Probate Sales, please visit our website at http://www.sanbornteam.com/

710 Bocaccio SOLD!!!

A Venice Diamond in the making was confirmed in court yesterday.

710 Boccaccio sold for $1,050,000. The property is a 3+1.5 fixer however it is located on a street-to-street lot and zoned R2.

This time we did not have an overbidder because the initial offer was $75,000 over the list price, which prevented overbidders from coming to court.

If you would like to find out more strategies of buying a probate property, please call us today and we will be happy to share with you. 310-777-2858

Thursday, July 26, 2007

What is a Probate Sale?

Q. "Probate" is the court-supervised administration of a decedent's estate. The probate proceeding involves "proving the will" (if there is a will), appointing the personal representative, determining the decedent's assets that are subject to probate. More specifically, any property that the decedent owned or had an interest in at the time of death is collected into the estate and distributed to those entitled to it after all debts and expenses have been paid. Thus, the process of administering a decedent's estate is referred to as "probate," and is generally supervised by the probate court.

Tuesday, July 24, 2007

Venice Diamond in the Making!!


We want to share with you an upcoming court date for one of our Probate Sales.


710 Boccaccio Venice CA
3+1.5 Fixer - needs everything! It's located on a lot that is street to street. The court date is set for July 31, 2007 @ 111 N. Hill St Los Angeles Depart 11 @ 8:30am. The opening bid will be $1,103,000.

Monday, July 23, 2007

What's your home worth???

What is your home worth? That is the big question.

There are so many real estate related websites that say they can tell you the value of your home. There is http://www.zillow.com/ or even http://www.truilia.com/.

We are excited to announce a new site at:

http://www.cyberhomes.com/searchresults.aspx?sti=0&cbcode=PC000.

Please check it out and let us know what you think... try to plug in your current home and see what the cyberhomes.cpm thinks of its value. Your opinion means a lot to us.

However the truth is you can never really know the true value of your home without consulting with an experienced real estate agent.

Friday, July 20, 2007

Sunday July 22nd Open Houses

Please join us this Sunday from 2-5pm to view some amazing condos!

13214 Moorpark # 205 Sherman Oaks $650,000

Enter this tri-level townhouse style condo with a great floor plan and generous size rooms. Features 3 bedrooms 3 1/2 baths, living room with fireplace and vaulted cathedral like ceilings, Each bedroom has its own bath.



17510 Sherman Way #211 Van Nuys $379,000
Just Reduced! Serene Corner unit with tree top views. Top Floor, with spacious living room with fireplace. Kitchen with new appliances and breakfast area. The spacious master has a walk-in closet. Side by Side Parking. Unit located in the back of the building.

If you miss the open house, call us today for a private showing!
310-777-2858 or email us at allison@sanbornteam.com