Cash is King in the Probate Marketplace

According to DataQuick, which gathers and maintains statistics on the real estate industry, an average of about 10.6 percent of Los Angeles County home purchases made in the last ten years were all cash sales, that is, bought without a mortgage. In January 2010 and January 2011, that number spiked to right around 25 percent.

DataQuick explains: “For the past couple of years all-cash deals have become far more common in lower-cost markets where prices have dropped sharply, luring investors and other buyers who either can't qualify for a traditional mortgage, or who simply view housing as a relatively attractive place to park their money. Moreover, using cash can get you to the head of the line if there are multiple offers on a property, given sellers favor the relative speed and certainty of all-cash transactions.”

Not surprising that we would find that kind of head-of-the-line thinking among buyers making offers on probate properties. Such buyers have the flexibility to over-bid in court when the opportunity presents itself and to grab undervalued probate homes for family, http://www.blogger.com/img/blank.gifinvestment or resale. Cash can also be critically important when as-is probate properties need extensive repairs and don’t meet the bank’s standards for a loan.

If you have cash to invest or real property to sell through probate, trust or conservatorship, The Sanborn Team delivers head-of-the-line results. Call us at 310-777-2858.

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Update Probate Real Estate News

We have recently had 3 homes sell in probate court. As a part of our Sanborn Team Real Estate Marketing Plan we had advertised the court date and the amount of the first over bid. We did not have any over bidding on any of these properties. We believe it is a reflection of the current probate real estate market.

The opposite is true of other properties that we have recently placed on the market. We have worked very hard with the sellers on pricing their real estate very competitively and are having multiple offers on the properties and in many cases getting more then the property was listed for.

Currently it is very difficult to establish fair market value for a property. When a property is listed for sale it is competing with properties that are REOs (real estate owned by the bank) and short pays. These properties are often being sold for less then the recent comparables, and, unfortunately, these sales are depressing the values of the real estate market.

To learn more about our marketing plans, please visit our web site -- http://www.sanbornteam.com/ -- and browse through the various articles that we have posted.

Experience is valuable – and saves you time, money and aggravation. Put The Sanborn Team’s experience to work for you when you’re selling property through probate, trust or conservatorship. We have decades of knowledge that we use to get results for you. Visit our website at http://www.sanbornteam.com/ or email Nancy Sanborn or Allison Sanborn call us with your questions at 310-777-2858.