Tuesday, May 15, 2012

Please visit our new site!

Whether you're a subscriber, an occasional visitor or just happened across Probate Sales: Tales from the Court for the first time, we appreciate your readership.

To better serve our clients, we have upgraded our website with a cleaner look and easier navigation. We've also added a blog feature (at the About Us drop-down menu) as well as extensive resources on the sale of real property through probate, trust and conservatorship.

Our previous posts on Probate Sales: Tales from the Court will remain accessible online, but from now on, all new posts will be added on the new blog page.

We hope you will continue to find The Sanborn Team at our new home www.sanbornteam.com, that you will subscribe to the feed on our new blog and that you will continue to rely on us for all of your real property needs through probate, trust and conservatorship.

Thank you!
Nancy Sanborn and team

Monday, May 14, 2012

Selling Celebrity


The Sanborn Team was recently the listing agent for a celebrity property in the gated community known as The Summit. A property under conservatorship, the listing and sale were managed much like a probate and subject to court confirmation.

Not surprisingly, celebrity-owned properties, wherever they are and whomever the star, attract abundant interest from the media, the public and even from other real estate agents. Everyone wants a look inside. People want to know the star’s secrets.

But, as listing agents, our job is not only to get the property sold, but also to protect the privacy of the owner. In this case, that meant assisting the conservator to make the most of the property, carefully monitoring access to the residence, marketing it aggressively and representing the conservator and conservatee in court.

It was a strategy that worked. The property was placed on the market for $2.995 million and sold for $4.2 million.

For publicity, celebrities have publicists; for real estate sales through probate, trust, conservatorship or standard transaction, they have The Sanborn Team.

Visit The Sanborn Team website and call us for more information: 310-777-2858.

Tuesday, May 08, 2012

Busy market!

The Sanborn Team had a sale yesterday. A probate property in Monterey Park, California, generated eight offers and had overbids prior to the court hearing. That's good news in a sluggish marketplace!

We will soon be putting a five-unit building on the market. It's in the Pico/Doheny area of Los Angeles and will be priced at $799,000. All of the units are one bedroom. More on that soon.

Meanwhile, if you have questions about the sale of real property through probate, trust or conservatorship, call Nancy Sanborn at 310-777-2858.

Tuesday, May 01, 2012

According to a recent DataQuick article, California March home sales went up 26.5% from February and 2.9% from March of last year.  To read the article in its entirety, please click here:California March Home Sales

The Sanborn Team has been selling Probate and Trust Real Estate for over 30 years. To view our Probate listings, please visit our new and improved website at: www.sanbornteam.com. Or call us directly at 31--777-2858.

Thursday, April 12, 2012

When does a Probate property Not require court confirmation?

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 throughIAEA can sell the property without court confirmation.

The Sanborn Team has been selling Probate and Trust real estate for over 30 years. Please visit our new and improved website at: www.sanbornteam.com or call us at 310-777-2858. We would love to hear from you!

Monday, March 26, 2012

California February Home Sales

We were happy to see that home sales are up 5.4 percent from January and also up 8.5 percent from last February. Although distressed properties continue to make up more than half of California's resale market. To read the DQ News article in its entirety, please click here:California February Home Sales

The Sanborn Team has been selling real estate for over 30 years, specializing in Probate and Trust sales that require court confirmation. We work with Probate attorneys, Professional Fiduciaries, Trustees and many more connected to the Probate Court process. To view our Probate listings, please visit our website at: www.sanbornteam.com or call us at 310-777-2858. We welcome your inquiries!

Thursday, March 22, 2012

Another Probate listing is confirmed in Court!

Our probate listing at 1745 Camino Palmero was confirmed in court this past Tuesday. There were no overbidders and so it went to the original buyer, who was in court and prepared to overbid themselves if needed.

The Sanborn Team has a couple of other properties coming up that will be going to Probate Court for confirmation. Details to follow!

We are here to assist you with all of your real estate needs throughout Southern California. Our focus is selling Probate and Trust properties for Attorneys, Conservators, Administrators and Trustees. For more information about us and our Probate listings, please visit our website at: www.sanbornteam.com

Monday, March 19, 2012

Probate listing going to Court tomorrow!


The Sanborn Team has a Probate property that will be confirmed in court Tuesday 3/20 at 8:30AM. What a fantastic value! This studio is located at 1745 Camino Palmero St. in West Hollywood just north of the Sunset strip. Amazing location!

If you're interested in overbidding on this Probate listing, please call our office at 310-777-2858 or e-mail us at: info@sanbornteam.com. Court information as follows:

Date: 3/20/12
Place: Los Angeles Courthouse
111 N. Hill Street, Department 11

Time: 8:30AM
First overbid Amount: $184,250

The Sanborn Team has been selling Probate and Trust Real Estate for over 30 years. We work with Professional Fiduciaries, Probate Attorneys, Trustees and many others associated with the Probate Court process. For more information about us and our Probate Listings, please visit our website at: www.sanbornteam.com or call us at 310-777-2858. We would love to hear from you!

Friday, March 09, 2012

Britney Spears' villa listed for probate sale - LA Time Article

Britney Spears' villa listed for probate sale

To view our Probate listings, please visit our website at: www.sanbornteam.com or call us at 310-777-2858. we would love to hear from you!

How does a Conservatorship work?


We just listed 12094 Summit Circle and our phone hasn't stopped ringing! It's a beautiful home at an amazing price. I recently blogged about Conservatorships but we've had so many questions about it, that it merits me talking about it again.

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 has been selling Probate and Trust Real Estate for over 30 years. We specialize in properties that require court confirmation. To view our Probate listings, please visit our website at: www.sanbornteam.com or call us at 310-777-2858. We would love to hear from you!

Tuesday, March 06, 2012

How is the overbid 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 at 310-777-2858. To view our Probate listings, please visit our website at: www.sanbornteam.com.

Tuesday, February 28, 2012

California January Home Sales

According to DQ News, there is a slight increase in home sales from January 2011 to January 2012. However, distressed properties still make up half of all homes sold in January. To read the article in it's entirety, please click here: DQNews - DataQuick Real Estate Headlines and Statistics

The Sanborn Team has been selling Probate and Trust Real Estate all over Southern California for over 30 years. Most of our listings require court approval. If you have questions about the probate process, please call us anytime at 310-777-2858 or to view our probate listings, please visit our website at: www.sanbornteam.com. We are here to help!

Friday, February 10, 2012

Overbidders in Probate Court today!


Another exciting day for The Sanborn Team in Probate Court today. We had three overbidders as well as the original Buyer. And we are happy to report that it went to the highest bidder and we got nearly 20% more than the accepted offer! The Sanborn Team works hard to get top dollar for the estates we work with. In many cases, it's their number one asset.

We have several exciting Probate properties coming up. Stand by!

The Sanborn Team continues to sell real property through Trust and Probate in any market! We have been helping families and beneficiaries get the most from their assets for over 30 years. To view our Probate listings, please visit our website at: www.sanbornteam.com. Or call us at 310-777-2858. We welcome your inquiries!

Thursday, February 02, 2012

With a Probate Listing, A Home Inspection Is Crucial

Happy Friday to all!

In most cases, when you purchase a Probate property it is sold "as is." And since in many instances, the Seller is dead, whatever is wrong with the house won't be disclosed. Usually the representative of the Estate will be an Executor, Trustee, or Conservator working alongside a Probate Attorney.

A serious Buyer should have the property inspected before submitting an offer. It's true that your gambling the price of the home inspection without knowing for certain your offer will be accepted, or if you'll be outbid by someone else in Probate Court. However in the case of a Probate property, the pros outweigh the cons. Would you rather gamble the cost of an inspection or the cost of a house?

The Sanborn Team has been selling Probate and Trust Real Estate for over 30 years. We are happy to answer any questions you may have about buying or selling a Probate property. Call us at 310-777-2858 or to view our Probate listings, please visit our website at: www.sanbornteam.com. We welcome all of your inquiries!

Tuesday, January 31, 2012

The Sanborn Team has a Probate Listing going to Court!

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The Sanborn Team has a Probate property that will be confirmed in court Tuesday 2/10 at 9:00AM. What a fantastic value! This one bedroom condo is located at 968 Larrabee St. in West Hollywood just south of the Sunset strip. Amazing location!

If you're interested in overbidding on this Probate listing, please call our office at 310-777-2858 or e-mail us at: info@sanbornteam.com. Court information as follows:

Date: 2/10/12
Place: Santa Monica Court House
1725 Main Street, Santa Monica, Department A

Time: 9:00AM
First overbid Amount: $173,750

The Sanborn Team has been selling Probate and Trust Real Estate for over 30 years. We work with Professional Fiduciaries, Probate Attorneys, Trustees and many others associated with the Probate Court process. For more information about us and our Probate Listings, please visit our website at: www.sanbornteam.com.

Friday, January 27, 2012

Overbidding in Probate Court - Read our Instructions!

Happy Friday! We hope everyone had a successful week. The Sanborn Team was busy viewing Probate properties which will soon turn into listings. We are excited about the properties we have coming up. Stand by!

Before a court confirmation 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... and, very importantly, we cannot accept credit cards.

Whenever we get inquiries about Probate 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 made payable.

When you work with The Sanborn Team, we make sure that all potential buyers, whether at the initial 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.

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.

Tuesday, January 24, 2012

Southern California Home Prices Fall

Happy Tuesday! Following is a graph that shows percentage differences with home prices in Southern California from December 2010 and December 2011.

Southern California home prices fall again



The Sanborn Team continues to sell Probate and Trust Real Estate in any market! We are here to help you with any and all of your real estate needs. Please call us at 310-777-2858 or to view our Probate and Trust listings, visit our website at: www.sanbornteam.com. We would love to hear from you!


Monday, January 23, 2012

California December Home Sales

Happy Rainy Monday! According to the following DQ News article, home sales in California are on the rise compared to last month and last year at this time. However, distressed properties still make up half of that number.

To read the article in it's entirety, please click here: California December Home Sales

The Sanborn Team has been selling Probate and Trust properties for over 30 years. Specifically, Court Approval Real Estate Sales. Consider us a resource! For more information about us and our Probate listings, please visit our website at: www.sanbornteam.com.

Tuesday, January 17, 2012

Another Probate Term - What is a Conservatorship?

The Sanborn Team specializes in the sale of Probate and Trust properties, specifically Court Approval real estate sales. We work very closely with Probate attorneys, Conservators, Executors, Trustees, and professional fiduciaries.

Test your knowledge on Probate Terms!

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 has been selling houses for conservatorships for over 30 years, and getting top dollar for our clients. To learn more about us and our Probate listings, please visit our website at: www.sanbornteam.com. Or call us at 310-777-2858 anytime!

Monday, January 09, 2012

Different Ways to Hold Title on a Property

At a Probate 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. Following are different ways you can take title on a property. This information was taken from blueroof.com a real estate blog.

Joint Tenancy

In many cases, married couples hold title as joint tenants. Joint tenancy has rights of survivorship, meaning that if one of the joint tenants dies, the remaining rights automatically go to the surviving person(s). And a will is not required to transfer this remaining title to the surviving person(s). Each person has full rights of ownership and can sell their share without the consent of the other, which would then create tenants in common.

Tenants in Common

Tenants in Common allows for multiple people to hold title in unequal shares, with each having the right to sell their share, or will their share as they want. So four buyers could own a property with one buyer owning 60%, one owning 20% and two owning 10%. And each would be able to sell or will their own shares as they want.

Sole Ownership

When buying property alone as an unmarried person, many people take title as a sole owner. This is called title in severalty.

Living Trust

A Living Trust is like having another “entity” own and control your assets, including your home. But that “entity” belongs to you, or others designated as trustees, who “own” the entity. While the creator of the Living Trust lives, the Trust is revocable (can be changed) during his or her life. Upon the death of the creator of the Living Trust, it becomes irrevocable (cannot be changed), and probate costs and delays are avoided because the assets in the Trust automatically pass according to the dictates of the Trust. Privacy is a major attraction in setting up a Living Trust. A trust document does not become public upon the death of the trust-holder like a Will does.

Community Property (or co-ownership)

There are nine states that allow married people to purchase property, either together or individually, as community property. This basically means that each person owns 50% and each needs to write in their will how their share is to be divided when they die. It is also allowed to take title in these states as community property with rights of survivorship. The nine states that allow community property are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

The Sanborn Team has been selling Probate and Trust real estate for over 30 years. Please call us with any and all of your real estate questions. We are here to help! For more information about us and our Probate listings, please visit our website at: www.sanbornteam.com.



Thursday, January 05, 2012

Question: What is a Court Approved Sale?

Happy New Year! We hope 2012 is off to a great start for all of you. Following is a term we use often when selling Probate and Trust Properties.

Answer:
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. the minimum overbid is 10% of the first $10,000.00 plus 5% 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!