Friday, August 31, 2007
Thursday, August 30, 2007
WOW what a deal!!! Call us and we'll be happy to schedule a private showing!
Monday, August 27, 2007
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!
Friday, August 24, 2007
Thursday, August 23, 2007
Tuesday, August 21, 2007
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 email@example.com or call us directly at 310-777-2858.
Friday, August 17, 2007
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
For further information please click on the following link:
Wednesday, August 15, 2007
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
Opening Bid $425,750
This is a GREAT DEAL! Don't miss out!
Friday, August 10, 2007
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
- 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
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
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
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
Wednesday, August 01, 2007
For additional information about Probate Sales, please visit our website at http://www.sanbornteam.com/
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