Tuesday, May 13, 2008

Here is What Our Clients Think of Our Service!

Although we don’t usually toot our own horn,
occasionally we think it’s important to share with you
some testimonials from clients we have worked with.

“The situation had all the potential for being a nightmare: strong family differences, the trustee (me) six thousand miles away, knowing nothing of local conditions, requirements or law, and at an all-time emotional low… but you handled everything beautifully.”

“Just a quick note to express my admiration and gratitude for your outstanding service to this office’s client, pertaining to the travail-laden sale of the vacant lot on Rexford. You performed above and beyond the call of duty.”

“I think you had to cope with every possible difficulty… a vacant property in need of cleaning (40 years worth of stuff) and painting, owners living out of state, termites, a gardener who did not show up during the heat wave, and best of all… two real surprises uncovered during the title search! No one else could have done it.”

“In sum, your representation was highly professional; our discussions candid; the advertising campaign well conceived; and most importantly the escrow closed in mid-December as we wanted.”

Knowledgeable, professional, and upbeat, The Sanborn Team provides comprehensive real estate representation to clients throughout Southern California. From first-time purchases to complex corporate, trust and probate sales, each transaction receives their trademark skill, knowledge and attention to detail.

To find out more about our services visit us at http://www.sanbornteam.com/ or call us at 310-777-2858. If you would like a list of our references please call or email us.

Wednesday, May 07, 2008

Setting the Accurate Price for a Probate & Trust Property

Pricing Involves More than Looking at Comparables

When you are referred to a real estate agent to sell a property through probate and trust, your attorney will have obtained an Inventory and Appraisal form, which will include an appraised value for the property. Even though you already have this court-ordered appraisal for the property, it is still important to get a real estate agent’s opinion and value for the property.

In today's changing market, we have noticed that many of the court-ordered appraisals for properties are high and the comparables that are used to determine the value are older and no longer apply. The comparables may not reflect changes in the local market conditions, and certainly the computer that lists the comparables does not have the 'on the ground' familiarity with neighborhoods that an experienced Realtor has.

When The Sanborn Team lists a property for sale, whatever it is – a condominium, single family residence, apartment building, duplex or commercial property – we make a point of viewing both the interior and exterior of the structure to see its actual condition and location.

After we have viewed the property we will then review the comparable sales and active properties in the area, sharpen our pencils and present you with a comparable market analysis and a suggested list price for the property. We work with our clients in establishing the final list price and we are always open to client input. We believe that establishing the right price is a team effort.

If you have questions or would like an opinion on the value of a property, please don’t hesitate to visit us at http://www.sanbornteam.com/ or call us at 310-777-2858.

Monday, May 05, 2008

Your Real Estate Agent is Your Trusted Advisor

We Work Hard for Your Repeat Business and Referrals!

Our philosophy at The Sanborn Team and our approach to selling real estate is different from most real estate agents. We don’t consider ourselves to be “salespeople” but that we are your advisors and consultants when it comes to your real estate needs. We assist many attorneys, paralegals and professional fiduciaries on a daily basis, providing answers to all of their real estate needs, with no obligation.

We are not here for the quick sale. Our job is to offer sound advice and provide solutions to your problems. We want to be your real estate consultants and trusted advisors, whatever your real estate needs. We are always looking out for your best interests and will be up front and direct about with what we think. We consider our clients as clients for life.

To find out more about our unique approach to selling real estate please visit us at http://www.sanbornteam.com/ or you can call us with questions at 310.777.2858.

Friday, May 02, 2008

Can you believe it? We have Overbidding in Court!

The Buyers Are Out There!

Ignore the headlines! Sure, the price of gas is unimaginable, there are sub-prime woes and there is a huge credit crunch… But believe it or not, we are still getting buyers to come to court and overbid on our probate properties.

As you may know, many probate real estate sales require court confirmation. The Sanborn Team has a unique and powerful marketing strategy when it comes to selling real estate through probate. After the initial bid is accepted, we continue to advertise, show the property and make all potential buyers aware that they can come to court and purchase the property for at least 5% more. We recently had a property located in Laurel Canyon that went to court and sold to an overbidder. This property was a big fixer and some even considered it to be a tear down.

We are seeing overbidding in court more than usual because the initial bids that are accepted are either at or just below the list price. Even with the 5% addition to the property price, buyers still see value and feel that these properties are worth the opening bid amount.

Note: it is also important that the buyer who makes the initial bid on the property calculate what the opening bid will be by adding the 5% plus $500 to the offer they have presented.

To find out more how we are getting overbidding in court, please visit us at http://www.sanbornteam.com/ or call our office for a free no obligation meeting at 310-777-2858.

Thursday, May 01, 2008

In the Aftermath of the Sub-prime Debacle

Doing Probate Sales in the Aftermath of the Sub-prime Debacle
This week we closed a difficult escrow.

The brother of the executor died very unexpectedly without a will. At the time of his death he had both a first and second mortgage on the property. The holder of the second was very cooperative (and understandably concerned that the holders of the first would wipe them out if they foreclosed). The holder of the second recognized that the executor was not in a position to list or sell the property without proper authority from the court.

Unfortunately the lender holding the first was not nearly as agreeable. Although they had been informed that the original holder of the note had died and that all the appropriate steps were being taken to get the property listed and sold as quickly as possible (and allowable), they basically refused to deal with the attorney and the executor (even with proper documentation from the court).

No one from the lender would lift a hand. Worse than passive, they actually commenced foreclosure proceedings after the property was sold and in escrow. That, in turn, meant that the buyer’s lender would not issue loan documents until the foreclosure was rescinded, causing an unnecessary delay. The family was never going to receive any monies from the sale; they merely hoped to pay off creditors, but now the estate had to bear the cost of the trustee fees.

I have been working in real estate for more than 27 years and have been through many difficult markets, but I have never been in a situation where a lender refused to deal with anyone. It was only through the hard work of the attorney, the escrow and title companies—and The Sanborn Team—that we were able to close this sale.

Today, in spite of the difficult lender, we received this note from the executor of the estate: ”I just wanted to thank you for repairing the doors and for hiring someone to remove the last trash and king-sized old waterbed frame. It was a huge help to us being so far away and having limited time in L.A. You have been a great realtor! Thanks to the entire team for selling my brother's awful house for such a good price in such a timely manner!! I still can't believe what people are willing to pay in this market!!”

If you need get-the-job-done power on your probate and trust real estate team, contact The Sanborn Team at 310-777-2858.