December 31 Court Date for Real Estate Sale

December 31
Dept. 9
111 N. Hill St.

1064 S. Point View
Los Angeles, CA
Spanish Charm with original Details throughout
Enter through Private Courtyard
3 bedroom 1.75 bath house
Formal Dining Room and Separate Breakfast Room
To view this property call
The Sanborn Team
310-777-2858
Over bid amount is $961,250
If you need specific information please call our office at 310-777-2858

Anatomy of a Court Probate Real Estate Sale

Unlike the majority of real estate transactions, with a probate sale the estate is accepting a bid, the accepted offer is that one that is confirmed in court. This is a very confusing concept to the majority of buyers and their agents. We at the Sanborn Team spend a great deal of time counseling both buyers and their agents on how a probate real estate sale takes place.

With a probate sale a bid is accepted and a court date is set. The attorney who represents the estate prepares a petition for the court and the court sets the actual hearing date.

Once the hearing date has been set the Sanborn Team publicly announces the sale of the real estate property through the multiple listing service, realtor.com, local publications and our our website http://www.sanbornteam.com/ to allow for any other interested parties to bid on the house.

The court date is usually within 6-8 weeks of the accepted offer, but the time does vary and there are no hard and fast rules. For example in downtown Los Angeles the probate sales are held every day. In the regional courts the days of sales vary.

At the court, the sale of the property is announced and at that time there is an opportunity for any interested party to come and bid on the property. The initial over bid is determined by the Probate Code, but subsequent bids are set by the judge. Any buyer who overbids on the real estate will be purchasing the property under the same terms and conditions of the original buyer. Once there is an overbid the real estate is sold in an auction with all interested parties being able to bid.

Once a final bid has been reached the judge announces that the property has been sold. The final bidder needs to provide the court with their exact vesting (how they will be holding titile).
From that point on the buyer needs to just close the escrow and they will be the proud owners of their new home.
questions about purchasing Real Estate through a probate proceeding please call

The Sanborn Team at 310-777-2858 or visit our web sites www.SanbornTeam.com

where we work on any taking the challenge out of purchasing real estate through a probate proceeding.

A Tale From the Probate Court: Importance of Market Exposure

Just last week we had a sale of a property in court. To our surprise there was someone there at the court hearing objecting to the sale of the property because they were claiming that the property did not have proper market exposure and felt that the property was selling below market price. This person wanted to stop the sale and request that the property not be sold at that time. The judge asked us to explain our marketing efforts, and the judge decided to continue on with the sale.

Since the property was listing with us, The Sanborn Team, who are real estate probate experts, this person's objection had no validity. The Sanborn Team specializes in selling probate real estate and especially properties that require court confirmation. When you list with The Sanborn Team, the real property will receive maximum exposure and we guarantee we will get you the highest and best price.

To find out about a power and unique marketing strategy for Probate and Trust sales, please visit our website at http://www.sanbornteam.com/.

Probate Real Estate Sales are "As is"

When listing and selling Probate and Trust Real Estate properties, most of these properties are sold "as is." This means that the seller does not make any warranties or representations and the property will be sold in it's present condition. Most sellers of probate properties will not do or pay for any repairs due to any defects on the property. Because the estate seller of the property has never lived in it or is familiar with the condition of the property, the estate is in no position to disclose defects.

In other words, if you are interested in purchasing a probate or trust property, it is very important that you conduct a full property inspection before writing an offer or going under contract. It's very important that the buyer is completely aware of the condition of the property and does all his/her discovery so they truly know the condition of the property.

For further information about buying probate and trust real estate, please visit our website at www.SanbornTeam.com or call us and we can set up an appointment to discuss the buying process of probate and trust sales. 310-777-2858.

Upcoming Beverly Hills Bar Meeting: Trust & Estates Section

Upcoming Trust & Estates Meeting!

"New Conservatorship Rules:

Implementation Under Budget Constraints"

Speaker

Hon Aviva Bobb - Presiding Judge - Probate Los Angeles Superior Court

Margaret "Meg" Lodise, Attorney at Law, Sacks, Glazier, et al.

Date

Tuesday December 18th 2007

Registration/Lunch: 11:45 -12:30pm

Probate: 12:30pm - 1:30pm

Place
Lawry's - 100 N. La Cienega Blvd., Beverly Hills

As the Official Sponsor of the Beverly Hills Bar Trust & Estates Section, we want to make sure that you are all aware of this great meeting and look forward to seeing you there

Additionally, if you have any questions about the meeting please feel free to contact us at 310-777-2858.

A Friendly Reminder: Keep your property out of Probate

Many owners of properties, tend to keep their property in a Trust. Attorneys and Tax accountants recommend during estate planning to put properties into a Trust to avoid probate.

However, a note of caution: if you refinance your home or other real estate, most lenders require that the property be taken out of the trust and put back into your name, for a brief amount of time. The cost isn't significant. But forgetting to put your property back into the trust is. A home unintentionally left outside the trust must go through probate, defeating the purpose of creating the trust in the first place.

So please remember so always be sure to put your property back into the trust, if you have one, after you refinance.

If you have additional questions about refinancing or if you would like to find out if your property is in a trust, you can always contact us and we can provide you with the documentation showing how the property is held.

And please visit our website, http://www.sanbornteam.com/ to find out more about our services.