Friday, November 14, 2008

Getting the Right Buyer for a Probate & Trust Sale

The Right Buyer at the Right Price

In today's real estate market, it is a challenge to sell property quickly. It's an even greater challenge to find a qualified buyer who has the financial means to close the transaction.

We recently obtained a probate listing and suggested to the seller that an aggressive list price would attract multiple offers even in a declining market. At first the seller was very resistant to this strategy. However she decided that with our experience and insight into the marketplace, she would agree to list the property at the price we recommended.

Within 24 hours after the listing was put into the MLS, we received over a dozen phone calls and had at least six showings at the house.

Within two days we received two offers!

Within five days we received a total of eight offers! Three of these offers were OVER THE ASKING PRICE!!!!

Our strategy accomplished three purposes. First, we got more than we ever expected to receive. Second, we had the ability to choose the buyer who was most financially suited to purchase the property. Third, we sold the property within a week. Additionally, we were able to get an offer into backup position at the price we accepted on the first offer.

In a declining real estate market, it is imperative that you work with real estate agents who have the experience, knowledge and aggressive market techniques to assure you get not only the best price, but also the best buyer.

For more information about our team, please visit our website at or call us directly at 310-777-2858.

Thursday, November 13, 2008

Failure to Close Escrow: What Happens?

The terms of a probate real estate transaction are clear and concise. When the judge confirms the sale, the property is yours. Thus if for some reason you cannot close escrow--for example you cannot get a loan on the property--then you are liable for the damages that the estate incurs for the failure of the buyer to close.

When purchasing real estate through the probate process, the terms of the sale are as follows:

  • No Contingencies: no finance, no appraisal and no inspection

  • AS-IS: the seller will not do any repairs, including termite work

  • 30-45 day escrow

With the ever-changing atmosphere in the lending market, it can be more difficult for buyers to get loans on properties. Thus, even before making an offer on a probate property that requires court confirmation, the buyer must be 100% sure that he/she will get a loan. If the buyer makes an offer on the property but fails to get a loan, the seller can vacate the sale in court and put the property back on the market. The buyer can loose his/her entire deposit as liquidated damages. If the property does not sell for what the previous buyer purchased it for, the estate can take the difference out of the 10% deposit.

It is very important when purchasing and selling real estate through probate and trust to work with an agent that has experience in probate real estate sales.

If you are considering the sale or purchase of real property through probate or trust, The Sanborn Team is always available to assist you and answer your question. Give us a call at 310-777-2858 or explore our website at