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

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.

Team Work Counts in Probate and Trust Real Estate Sales

Buyers and sellers of probate real estate do not really realize how much work is required to put a property on the market and to position it to sell quickly. At the Sanborn Team we work closely with the law firm that is handling the Estate/Conservatorship or Trust matter to assure that when a property is placed on the market all issues that may exist have been resolved.

This past week we have had several examples of how we all work together to assure the buyer/seller that the process is seamless and will go without a hitch. For example...

We received a petition for the sale of a property from a law firm, but discovered a calculation error on the over-bid amount. We identified it so that the petition could be properly amended before it came before the Probate Court.

Another petition was received and we noticed that the address was incorrect (a simple typo), but again we were able to notify everyone so the petition could be amended.

We are currently working closely with an administrator, the attorney for the estate, Escrow of the West (Marcine Kline) and California Title (Bill Thomas) to clear up title issues on a property that we are getting ready to place on the market. Everyone involved knows how urgent it is to clear up the problems and they are all working together to expedite the process.

At the Sanborn Team we value our partners and know how vital they are to helping us solve problems.

If you would like the Sanborn Team to work for you please contact us at 310-277-2858 or email us at info@sanbornteam.com
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5 Ways to Get a Probate Home in Show-Selling Shape

Probate property is sold "as is." That means no painting, no repairs or fixes or tweaks to charm the potential buyer (painting and fixing could mask a defect in the house). The usual suggestions a real estate agent might offer for getting a home in "show-sell" shape may not apply. However, there are always things that can be done to help get a home ready to be sold, even when it’s a court-supervised sale.

1. Work on curb appeal. Make sure that the lawn is mowed and all trash and debris are removed from the property. Trim overgrown trees and plants and rake around them.
2. Have all the windows in the house washed inside and out. Let the sun shine in! Also remove damaged window coverings and heavy drapery.
3. Remove stained and worn carpets. If you decide to leave the existing carpets in the house, have them cleaned professionally to remove odors. (Remember, a buyer may be sensitive to odors you can’t even smell.)
4. Have a cleaning crew scrub the house, including all the nooks and crannies such as cabinets, shelves, closets, built-in drawers and utility room.
5. Remove all personal property from the home, especially family heirlooms, photos, old clothing, etc.

If you have questions about preparing real property for sale through probate or trust, The Sanborn Team is happy to provide answers. Call us at 310-777-2858.

Should You Sell Your Own Probate Real Estate?

Why Can’t We Just List and Sell Our Own Probate Real Estate?

Technically, you can. But before you begin (and before you assume it will save you money and time), here are a few things to consider:

• Marketing your own property may not get you the widest exposure to potential buyers.



• If your probate real estate is outside your immediate geographic area, you may have difficulty showing it to buyers. You may also have to deal with people who just want to look but are not serious about making a purchase.



• Many (not all) probate real property sales are subject to court approval. If your property requires court approval, you will need to know the ins and outs of court proceedings, which have little tolerance for errors, excuses or delays.



• Probate real estate contracts include some very specific disclosure language that is different than non-probate sales.



• In addition to expert advice on pricing, court proceedings, property preparation, documentation and marketing, one of the most important services a skilled probate real estate specialist provides is continued aggressive marketing after an initial offer has been accepted, with the goal of getting an over-bid in court and a higher net sale.



• When you represent your own probate property, your probate attorney may provide some services as your agent and bill you for that additional time.
  

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 call us with your questions at 310-777-2858.

Probate and Trust Real Estate Update

Just Listed
Court Confirmation Not Required
8260 Marmont Lane, Hollywood, California

Perched just above the scenic Sunset Strip is this 2 bedroom, 3 bath home with a 2-car detached garage and amazing city views from the living room, dining area and kitchen. The home is over 2100 square feet and opens onto a secluded back yard.

Traditional in style, the home has a recently updated kitchen with great appliances. There is a fully equipped media room. The huge deck off the living room and dining area takes full advantage of the magnificent view.

Listed for $995,000

For additional information please contact The Sanborn Team, Nancy or Allison at 310-777-2858 or visit our web site at http://www.sanbornteam.com/

Probate and Trust Real Estate Update

Two Probate Court Real Estate Sales in One Day

Who can explain the real estate market? One never knows what to expect when you go to probate court.

Today we had two properties sell. The first was a small house just south of Downtown Los Angeles that had an accepted offer for $115,000. We had numerous calls on the property and many people asking us to fax instructions for how to overbid in court. As recently as last night I had a request for information on how the check for the overbid was to be filled out. You can imagine our surprise this morning when the attorney for the estate called out in court asking if anyone was there to overbid and no one responded.

On the other hand, we had a second sale today on a property that has been on the market for over 8 months. Due to several technical problems, the sale was delayed numerous times. The original buyers for the property had appeared in court several times, only to have their efforts to buy the home delayed due to problems for the estate. During the last several weeks prior to this hearing there was a sudden burst of activity, with showings several times a week. One couple decided to do both a physical inspection and a termite inspection. Today the couple appeared in court and there was very active bidding on the property.

The initial over bid was $998,000 and the property ultimately sold for $1,141,000. The difference between the accepted offer and the final sales price was was cl0se t0 $200,000. Needless to say everyone involved was pleasantly surprised with the result. Once again we felt that our marketing efforts paid off.

If you need professional advice on court ordered real estate sales in California call The Sanborn Team at 310-777-2858 and we can assist you with all your probate and trust real estate needs.
For additional information about The Sanborn Team please visit our web site at http://www.sanbornteam.com/

Probate and Trust Sales – California and Elsewhere

Probate and Trust Sales – California and Elsewhere

If you have family outside of California, or you live elsewhere and have family in California, you may find yourself in a situation where you are trying to manage an out-of-state probate or trust sale of real property.

Such sales are handled differently in every state. While The Sanborn Team specializes in probate and trust sales of real property throughout California, we have an extensive network of attorneys and skilled associates in other states who can assist you.

If you need professional advice on court-ordered sales in California, call The Sanborn Team and we can assist you directly. If you need a probate or estate-planning attorney in another state, we can help you find somebody who’s qualified. Please contact The Sanborn Team today at 310-777-2858.

Work with a Probate Real Estate Professional, Trust Us!

If You're Interviewing Real Estate Agents...

Always ask the prospective agent, "Have you sold real property through probate or trust?"

Most agents will casually answer yes, but be sure to ask for more details. For example ask them the following questions:

1. Have you ever sold a property that requires court confirmation?
2. How do you market the property and attract all types of buyers?

It's also important to realize that there when selling probate and trust real estate as a "private" sale, there are probate codes and rules to follow. Make sure your agent is savvy and knows these codes. For example ask the agent you are interviewing:

1. How long is the listing agreement for?
2. What is the commission?

In a probate sale, the listing agreement is only good for 90 days. Many agents do not know this and you can get yourself into a longer listing agreement. Also, the commission is dictated by the court and it can only be 5% (10% for vacant land), so be sure you are being charged the correct commission.

Probate and trust real estate sales can be complicated, so it is important to have a seasoned agent who has experience within this specialized marketplace.

Meet The Sanborn Team. These real estate agents are your experts when it comes to selling real estate through trust or probate.

To learn more about selling property through probate or trust, please visit The Sanborn Team website at http://www.sanbornteam.com/ or call with no obligation at 310-777-2858.

How Buyers are Looking for Real Estate

How Do Buyers Look for Real Estate?

Recently we did a survey at a Sunday Open House. We had about 50 people pass through the property to view it and we asked each of them, “How did you hear about the open house?”

In preparation for the open house we had a photo box ad in the Los Angeles Times Homes section and had the property as listed as “Open Sunday” on http://www.themls.com/.

There was only ONE party that said they found out about the open house from reading a physical newspaper… every other buyer either found the listing online as being open today or their real estate agent informed them that the property was open.

The Sanborn Team has a comprehensive online marketing campaign that cannot be beat. Within 5 days of listing your property in the Multiple Listing Service and the local Realtor Boards, your property will show up on the following websites:

PrudentialCal.com
Prudential.com
Realtor.com
Yahoo Real Estate
Google Real Estate
Trulia
Zillow.com
Aol Real Estate
MSN
Oodle.com
Realtytrac.com
Propmart.com
Cyberhomes.com
Frontdoor.com
Openhouse.com
Los Angeles Times
TheMLS.com
SanbornTeam.com

In today’s changing market, and particularly when listing or selling probate and trust real estate, it is imperative that your property has full market exposure, especially on the Internet. More and more buyers are using the Internet as their main source for finding information about properties for sale.

For more information about our aggressive marketing, please visit our website at http://www.sanbornteam.com/ or call us directly at 310-777-2858.

Here is What Our Clients Think of Our Service!

Although we don’t usually toot our own horn,

occasionally we think it’s important to share with you

some testimonials from clients we have worked with.

“The situation had all the potential for being a nightmare: strong family differences, the trustee (me) six thousand miles away, knowing nothing of local conditions, requirements or law, and at an all-time emotional low… but you handled everything beautifully.”

“Just a quick note to express my admiration and gratitude for your outstanding service to this office’s client, pertaining to the travail-laden sale of the vacant lot on Rexford. You performed above and beyond the call of duty.”

“I think you had to cope with every possible difficulty… a vacant property in need of cleaning (40 years worth of stuff) and painting, owners living out of state, termites, a gardener who did not show up during the heat wave, and best of all… two real surprises uncovered during the title search! No one else could have done it.”

“In sum, your representation was highly professional; our discussions candid; the advertising campaign well conceived; and most importantly the escrow closed in mid-December as we wanted.”

Knowledgeable, professional, and upbeat, The Sanborn Team provides comprehensive real estate representation to clients throughout Southern California. From first-time purchases to complex corporate, trust and probate sales, each transaction receives their trademark skill, knowledge and attention to detail.

To find out more about our services visit us at http://www.sanbornteam.com/ or call us at 310-777-2858. If you would like a list of our references please call or email us.

Setting the Accurate Price for a Probate & Trust Property

Pricing Involves More than Looking at Comparables

When you are referred to a real estate agent to sell a property through probate and trust, your attorney will have obtained an Inventory and Appraisal form, which will include an appraised value for the property. Even though you already have this court-ordered appraisal for the property, it is still important to get a real estate agent’s opinion and value for the property.

In today's changing market, we have noticed that many of the court-ordered appraisals for properties are high and the comparables that are used to determine the value are older and no longer apply. The comparables may not reflect changes in the local market conditions, and certainly the computer that lists the comparables does not have the 'on the ground' familiarity with neighborhoods that an experienced Realtor has.

When The Sanborn Team lists a property for sale, whatever it is – a condominium, single family residence, apartment building, duplex or commercial property – we make a point of viewing both the interior and exterior of the structure to see its actual condition and location.

After we have viewed the property we will then review the comparable sales and active properties in the area, sharpen our pencils and present you with a comparable market analysis and a suggested list price for the property. We work with our clients in establishing the final list price and we are always open to client input. We believe that establishing the right price is a team effort.

If you have questions or would like an opinion on the value of a property, please don’t hesitate to visit us at http://www.sanbornteam.com/ or call us at 310-777-2858.

Your Real Estate Agent is Your Trusted Advisor

We Work Hard for Your Repeat Business and Referrals!



Our philosophy at The Sanborn Team and our approach to selling real estate is different from most real estate agents. We don’t consider ourselves to be “salespeople” but that we are your advisors and consultants when it comes to your real estate needs. We assist many attorneys, paralegals and professional fiduciaries on a daily basis, providing answers to all of their real estate needs, with no obligation.

We are not here for the quick sale. Our job is to offer sound advice and provide solutions to your problems. We want to be your real estate consultants and trusted advisors, whatever your real estate needs. We are always looking out for your best interests and will be up front and direct about with what we think. We consider our clients as clients for life.

To find out more about our unique approach to selling real estate please visit us at http://www.sanbornteam.com/ or you can call us with questions at 310.777.2858.

Can you believe it? We have Overbidding in Court!

The Buyers Are Out There!

Ignore the headlines! Sure, the price of gas is unimaginable, there are sub-prime woes and there is a huge credit crunch… But believe it or not, we are still getting buyers to come to court and overbid on our probate properties.

As you may know, many probate real estate sales require court confirmation. The Sanborn Team has a unique and powerful marketing strategy when it comes to selling real estate through probate. After the initial bid is accepted, we continue to advertise, show the property and make all potential buyers aware that they can come to court and purchase the property for at least 5% more. We recently had a property located in Laurel Canyon that went to court and sold to an overbidder. This property was a big fixer and some even considered it to be a tear down.



We are seeing overbidding in court more than usual because the initial bids that are accepted are either at or just below the list price. Even with the 5% addition to the property price, buyers still see value and feel that these properties are worth the opening bid amount.


Note: it is also important that the buyer who makes the initial bid on the property calculate what the opening bid will be by adding the 5% plus $500 to the offer they have presented.

To find out more how we are getting overbidding in court, please visit us at http://www.sanbornteam.com/ or call our office for a free no obligation meeting at 310-777-2858.

A Pricing Strategy That Works!

Great Price - Hot Property - Top Sale

Even as media headlines shout that the real estate market is falling and crashing, The Sanborn Team has a very successful strategy when it comes to pricing homes--a strategy that ensures the administrator, executor or trustee of a piece of real estate gets the most for the property that they possibly can.

We recently took a listing in Beverlywood located a few doors south of Pico Blvd. The property is in serious disrepair and needs a ton of work and some have even considered it to be a tear-down.

After looking very closely at not only what has sold recently but what’s currently on the market, we decided that we should get extremely aggressive on the price. We listed the property at a very attractive price for two reasons: first, to gather up many offers so we could carefully choose the best buyer who is financially strong and who will close the escrow. And second, we wanted to make sure we could get the most money possible by driving the price up and creating our own bidding war.

The result? We sold the property for $80,000 more than the list price!

When it comes to marketing, listing and selling probate real estate, it’s imperative that you work with a real estate agent that specializes in these sales and has a fine tuned understanding of how to sell these properties in a declining market.

For more information about our services, please visit our website at http://www.sanbornteam.com/ or call us at 310.777.2858.

Are you an Administrator or Executor of an Estate?

Administrator or Executor?

Where Do You Turn for Help?

Is there real property that needs to be sold in the estate?

Being an administrator or executor of an estate is challenging and at times can be emotional. There are so many things that have to be handled, from contacting creditors to cleaning out the house and selling a piece of property that you may never have lived in.

Perhaps you are living out of state and have to coordinate selling the property from afar. Perhaps you have a full time job and handling the estate is like taking on a second job. Perhaps the house is full of furniture and need to be cleaned out.

Selling real estate through probate or trust is not an easy task and it’s very important that you work with an agent that knows the ins and out of probate real estate. A probate real estate specialist will make this as stress free and as easy as possible and will be able to assist you wherever you are, whatever the condition of the property.

The Sanborn Team has over 30 years of experience in the marketing, listing and selling of probate real estate. We have helped many administrators and executors sell property. This is our job.

Please visit our website to lean the steps on selling real estate through probate and trust:

http://www.sanbornteam.com/probate-real-estate-sale-process.htm

This site will help you understand the process concisely and clearly.

Please feel free to contact us with any additional questions at 310.777.2858 or visit our website at http://www.sanbornteam.com/

BEWARE! Disclosures Required for a Probate and Trust Sale

Which disclosures require the seller's signature

when selling Real Estate through Probate or Trust?

As the executor, administrator, trustee or conservatee of a piece of real estate, you are exempt from certain disclosures that are required in a traditional real estate transaction. It is very important that you are aware of which disclosures are required for you to fill out and execute and which disclosures you are exempt from completing.

We recently heard a story in which the executor of an estate was represented by a real estate agent who was not familiar with the ins and outs of probate and trust sales. The real estate agent instructed the client to fill out the C.A.R. (California Association of Realtors) Transfer Disclosure Statement. The Transfer Disclosure Statement is a document used in traditional real estate sales -- a statement made by the seller about the condition of the property.

In fact, in this case, the client was exempt from filling out this form. Since the executor never occupied the property, the California Association of Realtors does not require her to complete this form. Properties sold through probate and trust are typically sold "as-is."

Unfortunately, as a result of poor advice from her agent, the executor completed the form, thereby opening a "can of worms." About six months after escrow closed and the buyer took possession, the buyer sought to sue the executor for not disclosing information about the property. Once the executor had disclosed some information about the property, she was then obliged to disclose all information about the property; the completion of the form had effectively removed her exemption. If the executor had not filled out the Transfer Disclosure Statement, this would never have occurred.

So a reminder: if you are selling real estate through probate and trust, please take the time to review the C.A.R. Disclosure Chart and be sure you (or your client) do not sign forms that are not required.

And... please remember we are Real Estate Experts in the field of selling real estate through probate and trust. Please feel free to contact us with any questions.

http://www.sanbornteam.com/ or 310-777-2858

Probate Real Estate Sale vs. Trustee Sale

What is the difference between a Probate Real Estate Sale and a Trustee Sale?

The recent news regarding real estate sales has buyers' heads spinning. One of the things that we have noticed is that buyers are very confused on the difference between a Probate Real Estate Sale with court confirmation and a Trustee Sale.

The main difference is that when you purchase a piece of real estate through a Probate Court proceeding the buyer will receive CLEAR title.

When a property is purchased at a Trustee Sale the buyer takes title subject to liens. For example, if the prior owners are delinquent on their property taxes, that lien will become the obligation of the purchaser of the property. The lien will not be brought current through the Trustee Sale.

Please be aware that prior to purchasing any property you need to understand what, if any, liabilities you may be assuming.

The Sanborn Team works on taking the mystery out of Real Estate.
Please call us at 310-777-2858 or visit our website http://www.sanbornteam.com/

Buying Probate & Trust Real Estate

It's easy to feel overwhelmed when you're thinking about buying your first home - especially when it's a probate or trust real estate property. But, armed with some information about the trust and probate purchasing process and a great real estate agent to assist you with years of experience, you will soon be well on your way to home ownership.

Here are some tips for first-time buyers:

1. Your Agent is Your Ally: your real estate agent will help you understand every step in the process of buying your first home and will guide you, from beginning to end. Your agent represents your interests in your home search, in negotiations, and throughout the sale and escrow process.


2. Take Time. Ask Questions: Remember, when it comes to your house, there are no stupid questions. If you have concerns, don't understand something, or need more information about any aspect of the real estate process, your agent will help you. Your agent should be informed and available to answer any questions you may have.


3. It IS complicated! It’s easy to feel concerned, intimidated or nervous about the whole buying process, but don't worry, everyone is! Real estate transactions are complex and it's important to work with an experienced real estate agent.


4. Renter's Reality: The money you're putting in your landlord's pocket is only helping your landlord buy more property! You could be putting your money toward building equity for your future.

Although probate and trust real estate properties tend to be more complex than the traditional sale, as long as you work with an experienced agent, you will be successful in the transaction.

This is why it's crucial to work with real estate agents who are experts in assisting buyers and sellers in probate and trust transactions.

We are your probate and trust real estate experts! Visit our website at http://www.sanbornteam.com/ or call us at 310-777-2858 to find out more!

Upcoming Beverly Hills Bar Meeting

As sponsors of the Beverly Hills Bar Association, Elder Law Section,

we would like to remind you of a wonderful upcoming program.

Speaker: Randy M. Spiro

Topic: Pitfalls in Dealing with Successor Trustees as the Elderly Client becomes Incapacitated

Date: Thursday, February 14, 2008

Registration: 12pm

Presentation: 12:30-1:30pm

As your Probate & Trust Real Estate Specialists, we will continue to support our clients!

For further information about probate and trust real estate, please visit our website at http://www.sanbornteam.com/