Tuesday, January 31, 2012

The Sanborn Team has a Probate Listing going to Court!


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.

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!