A Joyful Probate Real Estate Sale

The Sanborn Team...Who Says…

Who says that probate real estate sales can’t be fun?

We spent many months marketing a small piece of commercial property on Pico Boulevard. The Conservator of the Estate finally accepted an offer in late November 2007 and the hearing to confirm the sale took place last week in Santa Monica.

At the hearing the first overbid was set for $446,750.

The initial buyer and two over-bidders showed up for the hearing. The overbidding on the property was very active. At one point we thought that the bidding was finished and the judge was announcing the property sold when the original bidder jumped back in!

The property was finally sold to one of the over-bidders for $600,000 and while everyone was congratulating the buyer, a gentleman in the back of the courtroom jumped up and started playing a catchy tune on his harmonica. It was the father of the successful buyer!

When he was finished, he received a rousing round of applause. Everyone agreed that it was a first, and everyone loved it, including the judge.

Who knew that our marketing efforts could bring so much joy to the Santa Monica Court?

If you are looking for a little fun in your real estate adventures, please contact the Sanborn Team at 310-777-2858 or visit our web site

http://www.sanbornteam.com/

Twists and Turns in Probate and Trust Sales

Fire Sale in Los Angeles

There's a buyer for every property...if the marketing is right

Mrs. Thomas (not her real name) was a neighborhood school teacher. She would walk to school every day and the kids in the neighborhood always made sure that her house was protected, even on Halloween. She was very much cherished by her community and her neighbors were sad to see her move, along with her husband, as they started to age.

We don’t personally know Mrs. Thomas. We were hired by her conservator, under the authority of the court, to sell Mrs. Thomas’s house. The reason for the sale was to assure there would be money to take care of her. With her husband’s death and all her other assets spent, the only resource she had left was her old house in Los Angeles.

We took the listing in October 2007. When we arrived to view the property, there was no way we could miss it. The entire property had been “tagged” by local gang members. Every exterior surface, including the driveway, was covered in paint. When we entered, we found that carpeting, pipes, moldings and even the water heater were missing. What do you suppose we found in the two rental units in the back of the property? Bed rolls, a pillow and personal items belonging to a squatter. The garage was totally filled with trash.

Initially, when viewing the comparable sales in the area, we had thought the property would be worth around $400,000. But after seeing its condition and finding the new tenants, we knew it was worth substantially less.

We knew that this property had to hit the market and cause a big stir. So we decided to list it at the outrageous price of $199,000. Within an hour of the property coming on the market, the phones would not stop ringing. Within four days we received eight offers, all well above the asking price of $199,000.

We were able to get a buyer who would agree to the usual terms (as-is, no contingencies and a 10% deposit) and we also got the buyer to agree that the property might not be in the same, current condition at the close of escrow.

On October 31, 2007, there was a fire at the property and Mrs. Thomas’s house was burnt almost to the ground. We notified the buyer, who agreed to move forward at the same purchase price. However, he wanted the insurance proceeds as well. This was agreed and, at his own expense, the buyer planned to board up the property to protect it from further damage. As his crew started to board up the burnt house, they were approached by local gang members who continued to taunt and threaten them as they tried to protect the house. As a result, the buyer pulled out and asked to cancel his contract.

So once again the property had to go onto the market, but this time we knew we would not get the same amount as before. It went back on the market at $199,000. We received five offers and accepted the highest offer with the clear understanding that there was no way to insure that the property's current condition would be the same at the close of escrow.

When we got the court hearing date, we continued to market the property aggressively to reach all interested buyers so they could come to court and overbid. At the hearing, we had four additional interested buyers and the property was bid up and up. The sale was called and the buyer opened escrow.

The funny thing is, the fire actually helped Mrs. Thomas because she was able to get more money than we ever imagined. This was because the insurance proceeds from the fire did not get transferred to the original buyer but were transferred to Mrs. Thomas. And these funds are tax free. So although her house sold for less than we originally thought, she actually got more in the end.

We wouldn't wish a story like this on any buyer or seller. But because of the court requirements of the conservator sale, and because we were prepared to market the property, whatever its condition, it turned out to be a win for both parties.

There is no reason to work with another agent when it comes to your Probate and Trust Real Estate Needs. The Sanborn Team is dedicated to making sure you and your clients receive the maximum amount possible for a piece of real estate. We never undersell any piece of property.

Call us today to learn more about our services 310-777-2858 or browse our website at http://www.sanbornteam.com/

Recent Court Date

Attention!

Calling all Investors, Developers & Builders

1408 Wildwood ~ Eagle Rock Hills

This is a wonderful opportunity.

Perched above the hills of Eagle Rock this is a small cabin on over 18,000 sq ft of land. Surrounded by California Oak trees, this property is for those who want to build their dream home!

Court Date: Monday March 17, 2008

Location: 111 N. Hill St Los Angeles

Time: 8:30am

Department: 11

OPENING BID: $305,000

Call the Sanborn Team for more details: 310-777-2858

If you are interested in probate sales, please 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

Upcoming Court Date!

Upcoming Court Date

February 26, 2008

14451 Sayre Street ~ Sylmar, California

3+1 Single Family house on a large corner lot.

Perfect for an investor or someone looking to Save and Fix!

Opening Bid: $315,500

Court location: Van Nuys Court House

6230 Sylmar Ave., Van Nuys - Department: A

For further information

please visit our website or call the office at 310.777.2858

http://www.sanbornteam.com/

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/

Disclosure Regarding Death on Property

Disclosures Regarding Death

Most of the time when someone hears that real estate is being sold through probate, they assume that someone died in the unit. In some cases, the decedent may have passed away in the property or they may have died in a hospital or care facility; in other cases, the owner may still be alive and requires the sale to fund their ongoing care--a conservatorship sale.

California has specific laws for disclosures regarding death. In 1983, a case made it statutory that the administrator/executor does not need to disclose a death if it occurred more than 3 years prior to the sale.

If a death occurs on the property within the 3-year period, and the circumstances of the death are material (it was a gruesome or offensive death, or affected the reputation of the property), it must be disclosed.

Deaths more than 3 years past

If the buyer asks if there have been any deaths, the administrator/executor must disclose all known deaths on the property. This is only if the buyer asks.

As a buyer, if you have any concerns or questions regarding death on the property (and not everyone does), you should always ask, in writing, to the administrator/executor. If the death occurred more than 3 years earlier, it’s better to ask than to find out after the close of escrow.

For more information on what disclosures are required for a Probate Real Estate Sale, please visit our website at http://www.sanbornteam.com/ or call us at 310-777-2858 to receive a free up-to-date California Association of Realtors disclosure chart.

What is an Administrator of an Estate?

Q. What is an Administrator of an estate?

A. An Administrator is a person or entity appointed by the court to administer an estate when no will exists. When a person passes away without a will, the court will have to appoint a person to be in charge of dealing with the person's assets, such as a house. When a house needs to be sold and there is no will, the property has to be sold through the probate process.

Q. What is an Executor of an estate?

A. A person named in a Will and appointed by the Court to carry out the decedent's wishes. This person is usually named as the seller of the real property.

To find out more about Probate Real Estate and Probate Real Estate Terms, please visit our website at www.SanbornTeam.com or call us at 310-777-2858.

Till Death Do Your Equity Part

We recently came across this article in the California Association of Realtors Magazine and thought it would be useful to you.


"Till Death Do Your Equity Part "
By William Cuthbertson, MBA

You’re at the escrow office finalizing the purchase of your new home, when you’re asked, “How do you want to take title?” You’re told, “There are three primary forms of property ownership in California available to married couples: tenants in common, joint tenants with rights of survivorship, and community property with rights of survivorship.” Armed with that information, you’re even more confused. What will you do?

If you’re like most married property owners, you’ll probably choose joint tenancy. However, if you don’t have a particularly unique legal situation, and you’re a savvy home buyer, community property with rights of survivorship (CPWROS) may be your best option.
Why? Because you want the best tax treatment possible for your surviving spouse in the event they decide to sell the property after your death.

In 2001, it became legal in California for married property owners to take title as CPWROS. Doing so allows married property owners to take advantage of the same automatic title transfer rights provided upon death for joint tenancy title holders, while also benefiting from the improved tax treatment allowed by virtue of holding title as community property.

The tax advantage of CPWROS occurs because of the way tax law adjusts the reported cost of a sold property whose title has changed due to the death of a spouse. In tax talk, this reported cost is called tax basis. In this situation, the tax basis for the entire property in the hands of a surviving spouse is generally stepped up, to an amount equal to the fair market value of the property on their deceased spouse’s date of death.

Consequently, if the property is sold for fair market value, there would be zero gain to report. Whereas, if the property had been held under joint tenancy, only the half share of the property attributed to the deceased spouse would have increased to fair market value, potentially resulting in a much less desirable result.

Property title changes for already held property can generally be accomplished quite easily. If you are uncertain how to proceed, you should contact a competent legal and/or tax advisor.

Death and Taxes
Consider these two examples and their resulting differences.

• Common Assumptions

Purchase Price (Original basis): $500,000

Fair Value: $1,000,000

• Gain Calculation for Joint Tenants

Sales Price: $1,000,000

Stepped Up Taxable Basis: - $750,000

Gain = $250,000

• Gain Calculation for Community Property with Rights of Survivorship

Sales Price: $1,000,000 Stepped Up Taxable Basis - $1,000,000

Gain = $0

The difference in these two examples results from the manner in which the taxable basis is adjusted at death between the two property titling forms.
William Cuthbertson, MBA, is a San Juan Capistrano-based Certified Financial Planner™ professional, and also is enrolled to practice before the IRS and state taxing authorities.

- - - -

If you have any questions about holding title, please be sure to consult your attorney or CPA. If you have any questions about probate and trust real estate please contact us, your Probate Realtors at 310-777-2858 or visit our website at http://www.sanbornteam.com/

I Didn't Know My Neighbor Died!

The Sanborn Team represents conservators when they sell real estate that is owned by a conservatee.

Since all sales of real estate that are in a conservatorship are sold through the probate code, they are probate real estate sales. This can be confusing, and we often get calls from concerned neighbors thinking that their neighbor has passed away when in fact they are alive and well.

We currently have a home listed in the Laurel Canyon area of Los Angeles and we received a call today asking what happened to the owner. We were thrilled to report that she was alive and receiving great care and that the monies that will be received from the sale of her real estate will go for her continued and future care.

For further information about conservatorships, please visit our website at http://www.sanbornteam.com/conservatorship.htm or call us at 310.777.2858.

Probate Real Estate Term: "AS-IS"

It is very common to see probate and trust real estate connected to the term “As-is.” Simply stated, what you see is what you get, and many times there is no negotiation on repairs for the real estate.

Administrators/executors and real estate agents have an affirmative obligation to disclose KNOWN defects to the buyers. For example, it may be known that the front door sticks and is difficult to open. The administrator/executors will disclose that to you. However, since they have never been in possession of the property they cannot be expected to have the knowledge of the defects or condition of the main systems of the property, such as the roof, the plumbing or the heating system (unless there is some obvious symptom, such as water stains, dripping, or roof tiles in the back yard).

“As-is” means that the executor/administrator has not investigated the condition of the property or had it investigated by a professional inspector--for example, a structural pest inspection or general physical inspection--and that the purchaser of the probate and trust real estate is responsible for requesting and performing any investigation he/she so desires. If the buyer does not elect to perform such investigations, then he/she, and not the executor/administrator will assume liability for any defects subsequently disclosed.

For more information about buying probate and trust real estate, please contact us directly at 310-777-2858 or visit our website at http://www.sanbornteam.com/

Get a Home Inspection: Tip for Buying Probate Real Estate

Most of the time when buyers find real estate for sale through probate or trust, there is not a seller to explain the condition of the property and its important systems, such as roof, plumbing, and electrical, and or even minor things, such as the garbage disposal.

Normally, during purchase negotiations, the buyer and seller agree not only on price but also on contingency periods. But when real estate is sold through probate or trust, often the seller will not accept any offer that includes contingencies--even investigation contingencies.

Since probate and trust buyers will not be able to make their offer contingent upon a satisfactory inspection, they can avoid costly "surprises" by hiring a professional inspector to conduct a general inspection before they make an offer on the property. The inspector examines the condition of the home, so the buyers know what they are buying and what repair expenses they need to anticipate.

A home inspection can cost anywhere between $400 and $700 (the price can be substantially higher for apartment buildings). The price is based upon the size of the house and if there is a pool or spa. The inspection will include plumbing, electrical, roof and overall physical condition of the property. The buyers should be present at the inspection and should freely ask the inspector questions.

This inspection is just the starting point. It maybe necessary to hire other inspectors that specialize in specific problems to find out what will need to be done to alleviate significant and future problems with a property.

To find out more about purchasing probate real estate, please visit our website at http://www.sanbornteam.com/ or call us directly to set up a free consultation 310.777.2858.

Anatomy of a probate real estate sale

Unlike the majority of real estate transactions, in a probate sale the estate is accepting a bid and the accepted offer is that one that is confirmed in court. This can be a very confusing concept to 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 overbid 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 as the original buyer. Once there is an overbid the real estate is sold in an auction with all interested parties being able to bid. When 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 close the escrow and they will be the proud owners of their new home.

If you have questions about purchasing Real Estate through a probate proceeding please call
The Sanborn Team at 310-777-2858 or visit our web sites http://www.sanbornteam.com/
where we work on taking the challenge out of purchasing real estate through a probate proceeding.

Hot New Listings!

Check Out Our New Probate & Trust Real Estate Listings!

5601 Ostrom, Encino Village


4+1.75 Traditional Charmer! Located on a cul-de-sac, this home features wood floors, fireplace in living room, serene and grassy yard. Listed for $595,000

17510 Sherman Way #207

Spacious 2+1.75 condo. Features include formal entry, fireplace in living room, spacious eat-in kitchen, washer and dryer inside, 2 spacious bedrooms At an amazing price of $299,000

1016 West 51st Place, Los Angeles

Opportunity Knocks! Two houses on a lot. One house is a 2+1 and the other house is a 1+1. Listed for $350,000

1552 N. Avenue 46, Eagle Rock

Located in Eagle Rock, walking distance to Occidental College, this 1+1 Spanish is a charmer. Why pay rent when you can own a house?

Listed for $399,000

1558 N. Avenue 46, Eagle Rock

Located in Eagle Rock, walking distance to Occidental College, this is a Triplex. One 2+1 and two 1+1. Back unit is a great owner's unit with a private courtyard. Spanish Charm Galore!
Listed for $599,000

To see all our Probate & Trust Real Estate Listings, please visit our website at www.SanbornTeam.com.

January 15 Beverly Hills Bar Meeting

Attention!

Upcoming Beverly Hills Bar Meeting

Trust & Estates Program

"Issues and Updates In Trust Administration"

Speaker:

Jacqueline A. Patterson, Attorney at Law, Haney, Buchanan & Patterson

Linda Retz, Attorney at Law

Date:

Tuesday January 15, 2008

Registration/Lunch: 11:45 a.m.- 12:30 p.m.

Program: 12:30 p.m. - 1:30 p.m.

Place:

LAWRY'S 100 N. La Cienega Blvd., Beverly Hills (1/2 block North of Wilshire Blvd.) Free underground parking.

For further information or to register please visit http://www.bhba.org/

The Sanborn Team is the official sponsor of the Probate and Trust section of the Beverly Hills Bar Association. To learn more about our services please visit our website at http://www.sanbornteam.com/

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.

Is it necessary to get a Market Value Analysis for Probate Real Estate Sales?

What is a Market Value Analysis?

In order to choose the best list price for your property, it is very important that your real estate agent provide you with the necessary information to determine what price best suites your property. Your agent should provide you with detailed market data, called a Market Value Analysis. This includes the selling prices of similar properties in the neighboring area. It will also include in-depth information on recent sales in the area, such as price per square foot and the number of days the property was on the market. Taking into consideration the information in the analysis as well as other intangibles of the market, your agent will be able to help you determine a listing price that is appropriate for the market and will attract the greatest number of qualified buyers.

Why is it necessary to get a Market Value Analysis for Probate Real Estate?

The Market Value Analysis is crucial when listing a Probate Real Estate property because it is essential that you have all the data needed to calculate the best list price. Taking into consideration the information in the analysis as well as other intangibles of the market, your agent will be able to help you determine a listing price that is appropriate for the market and will attract the greatest number of qualified buyers. Since Real Property sold through Probate and Trust are a bit different, it is pertinent that your agent discuss these differences and how these properties appear to the buyer. This will also factor into the pricing of the home. Your Probate Real Estate Expert should understand clearly how the terms of Probate and Trust sales are different than a traditional transaction.

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For more information about Probate Real Estate Sales and the Probate Real Estate Experts, please visit our website at http://www.sanbornteam.com/

What is the Role of the Escrow Company in Real Estate Probate Sales?

What is the Role of the Escrow Company in a Probate Sale?

By Nancy Sanborn

The sale process for both probate and non-probate properties varies from state to state, but in California, the standard of practice includes escrow. Since escrow is all about details, it’s absolutely essential to work with a skilled escrow officer. This is especially true in the case of real property sales through probate, trust or conservatorship, in which deadlines and rules are unforgiving, and failure to follow them can undermine a transaction or mean very expensive delays.
While escrow officers and real estate agents do not have to have a special license or certification to handle probate or trust sales, their lack of knowledge or experience can be extremely expensive to the unsuspecting client.
The role of escrow is to serve as a neutral party in the transaction. This involves many vital steps, including holding secure any deposits that are made by potential buyers; holding, processing and issuing the reams of documents that are generated by the sale; and accounting for and distributing the proceeds of the sale to all of the parties at the closing.
Each party to a probate or trust sale has specific requirements and it is the role of escrow to record, coordinate and monitor compliance with all of them. In probate sales, the court has requirements above and beyond those of the seller and buyer, their representatives, the title company and the lender(s). Escrow prepares a set of instructions that includes all of the requirements of the sale and monitors the deadlines and exchange of paperwork for each requirement.
In California, various inspections (pest control, physical, geological, plus locally-mandated inspections) are required during a property sale. The real estate agent typically helps their client choose an inspector, orders the inspection, often attends the inspection on behalf of the client, and then advises the client regarding their options following the inspection. Each inspector is required to submit a report to the client and to escrow. The escrow officer has to verify receipt of all of the necessary reports and approval of the reports by the various parties before the sale can go through.
While the real estate agent is advising their client, marketing the property, advising other agents and their clients on how to make offers, working closely with the clients’ attorneys, and coordinating the offers in court, the escrow officer is making sure that reports are being approved and signed, that copies of documents are provided to the parties and that any problems discovered by the title search are promptly resolved for a timely closing.
Escrow also gets involved with lenders, insurance and taxes, providing necessary paperwork to the buyer’s lender, ordering insurance and tax records on the property, making sure a policy of title insurance is purchased by the buyer, and determining how insurance and taxes will be prorated at the time of closing.
If the property is a rental, escrow handles the proration of rents as well.
When the lender’s requirements have been met and the buyer’s loan is funded, and all of the other T’s are crossed and I’s are dotted, escrow submits paperwork to the county recorder’s office for official recording of the order or grant deed. Complete copies of all signed documents are provided to the parties and finally, escrow calculates and distributes the funds and the buyer gets the keys to their new property.
With so many participants, documents, deadlines and dollars involved in a probate or trust sale, it’s critical to work with real estate and escrow professionals who understand the probate process and have experience to back that knowledge. Don’t be afraid to ask hard questions or to ask for and check references before engaging the services of a real estate or escrow professional to handle your probate sale. Those answers can make the difference between a streamlined transaction and a nightmare.
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Nancy Sanborn is Executive Director of Prudential California John Aaroe's Probate and Trust Sales Division and a 30-year veteran of the competitive Los Angeles real estate marketplace.

Learn more about probate sales at http://www.sanbornteam.com/

Beverly Hills Bar Association Meeting

Attn Attorneys and Paralegals!

Upcoming Beverly Hills Bar Meeting

Topic:
California Legislation 2007: The Annual Update

Tuesday November 13th

11:45 - 12:30 Registration

12:30 - 1:30 Lunch

Please be sure to register by calling 310-601-2422

For upcoming programs, please visit our website at www.SanbornTeam.com

Independent Administration of Estates Act (IAEA)

There are times when probate real estate sales require court confirmation and other times the real property probate sale does NOT require court confirmation. So what determines if a property in probate requires 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. They have full authority to sell real property and not require court confirmation.

To learn more about Probate and Trust Real Estate Sales, please visit our website at http://www.sanbornteam.com/ or call us at 310-777-2858

Probate Listing HUGE Price Reduction

Attention Buyers!

This is a wonderful opportunity to get into an amazing condo in a fabulous location at an amazing price!



13214 Moorpark #205

Sherman Oaks, CA

$449,000.00 (REDUCED $200,000.00)


This tri-level condo has 2 bedrooms, 3.5 baths and a huge loft (could be a third bedroom or den or office). The spacious living room has high ceilings and the sunlight pours through the windows. The large kitchen features tons of storage and it's own breakfast nook. The master suite has 2 walk-in closets with a spacious bath. There is also a full laundry room in the unit and two nice size balconies perfect.

Probate sale, court confirmation required.

If you would like to schedule a showing please call our office at 310-777-2858.
Or
To find out the hottest Probate Real Estate Listings for sale, visit our website at www.SanbornTeam.com

Probate Real Estate Experts

When you work with the Sanborn Team in selling your Real Estate we work on simplifying the complicated process of selling a home that is in Probate or in a Trust. We are currently in the midst of a changing market so now more then ever you need to work with an expert. The Sanborn Team has been selling Real Estate in the greater Los Angeles area (including the San Fernando Valley and San Gabriel Valley) for over 27 years.



Over those years we have had the opportunity to work with some of the finest attorneys, fiduciaries and paralegals in the area. With their help we have gained the knowledge to assist you in having an uneventful experience when it comes to selling Real Estate.


Many people claim to have the information that you need to assist you in selling your home, but very few have the knowledge that comes with our years of experience.


Over the years we have assisted more people with selling homes that are in Probate or Trust then any other team in the Greater Los Angeles area.


When you truly want to work with knowledgeable and professional agents call the Sanborn Team at 310-777-2858 or visit our web site at http://www.sanbornteam.com/

How to Choose the Best List Price for Probate Real Estate Listing?

After you have made the decision to sell a property that is required to be governed by the probate court, it's important that you hire an agent to do an extensive market research, also known as a Market Value Analysis. Part of this analysis includes the selling prices of similar properties in the area. It should also include in depth information of the recent sales in the area such as price per square foot, number of days the property was on the market, and how close the finals sales price was to the listing price. With this information you and your agent should be able to choose the best listing price.

At The Sanborn Team we believe that there is not exact science on pricing a property but that it is a team effort. We are here to provide you with the information and experience of selling real estate.

For further information about who we are and what kind of service we provide, please visit our website at http://www.sanbornteam.com/ or call us for a no obligation consultation at 310-777-2858.

What is a Probate Real Estate Sale?

Q. What is a Probate Real Estate Sale?

A. A Probate Real Estate Sale is governed by the probate court. When a person passes away and there is no will or the will is contested the court has a process of administrating the estate of the decedent, and specifically in regards to the real estate owned by the decedent the process of selling that real estate is very different than a typical transaction. This sale requires court approval and the terms are very different from a traditional transaction.

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

Preparing a Trust or Probate Property For Sale

Many times the houses that are sold through probate or trust are usually full of furniture and personal belongings of the decedent. As the Administrator or Trustee the process of getting the house prepared to go on the market can be a daunting task. It is even harder when you have a full time job and a family to care for. And it can be even harder when you don't live in the area and have to spend your weekends and vacation days cleaning out the property.

We understand that dividing up personal belongings among the family is one job and it can be difficult. With the remaining personal property it is hard to tell if you have junk or treasure. Regardless of your situation, we at The Sanborn Team understand what you are going through and are here to assist you in the entire process.

We have resources and professionals that can help you with this. We can recommend several specialists that can sell the personal treasures and we have professionals to recommend that can hall away the junk and cleaning crews that will make the home sparkle.

We only recommend that you do the bare minimum when it comes to preparing the property to go on the market. It's important to leave the property in its present "as is" condition and let the buyer discover the condition of the property through inspections. Even though you may think a coat of pain might help, you may unintentionally conceal a defect and conceal the condition of the property.

At The Sanborn Team we make the process of selling the property seamless and smooth. We guarantee that we can make this a totally stress-free experience. For more information about our services please visit our website at http://www.sanbornteam.com/ or call us directly at 310-777-2858.

A Truly Exceptional Value

We have a Truly Exceptional Value...

13214 Moorpark Ave #205

Sherman Oaks

$499,000.00

This is a wonderful opportunity! This tri-level condo features 2 bedrooms, 3.5 baths and a loft (could be converted into a third bedroom). It features soaring two story windows, large kitchen with tons of storage and breakfast area, two spacious balconies, a full size laundry room, high ceilings and central air and heat. The location is outstanding, right on the boarder of Studio City and walking distance to many neighborhood amenities, such as the supermarket, cleaners, restaurants and shopping. This is truly a remarkable value at $499,000 and is a great opportunity.

Please call us today for your private showing. 310-777-2858

To see our other exceptional values, visit our website at http://www.sanbornteam.com/

Upcoming Court Hearings for Probate Real Estate

Attention Buyers!
Upcoming Court Dates!

8627 Ramsgate Westchester CA 90045

5 Unit building with great mix of units. There are two 2+1 and two 1+1 and a studio. The building sits on a large lot.

Opening Bid: $704,000.00

Court Date: October 22, 2007

Location: Los Angeles County Court House 111 N. Hill St Los Angeles

Department: 9

Time: 8:30am

AND We HAVE ONE MORE!

1562 N. Ave 46 Los Angeles CA 90041



Great Eagle Rock Location! This Charming California Bungalow features formal dining room with original built-ins, large living room and kitchen, 3 bedrooms and 2 baths. There is also a detached studio that is perfect for a home office.



Opening Bid $551,750.00



Court Date: Monday October 22, 2007

Location: Los Angeles County Court House 111 N. Hill St Los Angeles

Department: 11

Time: 8:30am




To find out more about our HOT listings, please visit our website at http://www.sanbornteam.com/

As your probate & trust real estate experts, we are happy to assist you with any of your real estate needs!

Hot New Listing!

Carthay Square Charming Spanish

1064 S. Point View Drive

Los Angeles, CA

$995,000.00!

Enter through a private court yard into this charming original Spanish home. Original details such as art deco style bathrooms, wood floors and large french door style windows are just the beginning. The home features 3 bedrooms and 1.75 baths, formal dining room with coved ceilings, formal entry way, large living room with a beautiful bay window and fireplace, a true breakfast room off the kitchen that over looks the courtyard, and a sun-filled grassy yard.

Call us Today for your Private Showing

310-777-2858

For more property details please visit our website at www.SanbornTeam.com

To find the hottest listings please visit our http://www.sanbornteam.com/properties.php

How Commission is Paid on a Probate Sale

When it comes to the commission on probate real estate sales there are several things that you, as real estate agents should be aware of. First and foremost the commission is set by the courts and it's no negotiable. The courts grant a 5% commission on improved real property (single family residences, condos, multi-family, etc) and 10% for unimproved property (vacant land).

We also know that probate properties can be appealing to real estate agents and they would like to purchase them and represent themselves on purchasing the property and receive a commission. However... according to the probate code, the buyer cannot benefit from the sale of the property, thus the buyer cannot receive a commission or even a referral fee.

If you are a real estate agent interested in one of our hot listings, please have someone represent you because if you represent yourself you will not get paid a commission.

For all our listings at the Sanborn Team the commission is split as follows:

2.5% paid to the listing agent

2.5 % paid to the agent representing the successful purchaser in court.

For further information on our hot probate listings please visit our website at http://www.sanbornteam.com/ or call us at 310-777-2858

This is Why We Sell Probate & Trust Real Estate

We recently closed a real estate transaction for an Estate. This was a probate real estate sale that did not require court confirmation. Selling this property has been a journey, however throughout each step we kept to our promise to offer superior customer service.

Yesterday we received an email from the Administrator of the Estate and this is what she said:

Dear Allison, Teresa & Nancy:

Thank you so very much for the kindness, sincerity and excellent customer service provided in the probate sale of my Mom's home. She died on December 2, 2006. As I have lived in Arizona since 1988 and had no plans of returning to Los Angeles, I thought it best to sale her home rather than attempt make major repairs and rent it at long distance.

The Sanborn Team made the entire selling process painless - even through the cancellation of two escrows and having to fence the property to secure it. They continued to work diligently by keeping me abreast of the current market conditions, re-listing the home and continuing to show it to potential buyers with the same enthusiasm as one would a newly built home.

I would recommend Prudential Realty and the Sanborn Team to all individuals who need to have a home sold – especially under the conditions of probate which is often heavy with emotion because of the loss of a loved one.

Again, thank you so very much again for carrying me through this process.

Sincerely,

Cynthia Jennings.

When we receive a note like this one, it reminds us how important it is to provide superior top notch service to our clients. It also reminds us how much we enjoy what we do and that each morning we bring to our business enthusiasm, professionalism, and joy.

To find out about our enthusiasm and our dedication to selling probate & trust real estate please call us at 310-777-2858 or visit our website at www.SanbornTeam.com

The Legal Description of Real Estate

You may hear attorneys, real estate agents, title officers or escrow officers refer to the legal description of a property. So what exactly is the legal description?

The legal description describes what the real property is, where it is located, who is the owner, contains the tax assessor number, tract code, and lot number. This description defines the actual real estate.

The other day before a court hearing, we noticed that the legal description that was in the preliminary title report was different than the legal description in the court petition. This can be a big problem because if the legal description in the court petition does not match exactly the legal description in the preliminary title report, then you could be selling the wrong property.

Fortunately, due to our experience and our diligence in making sure that our client and attorney are ready for the court confirmation, we caught the mistake before the court hearing to confirm the sale of the property. Thus the attorney was able to fix the typo that was in the legal description on the court petition.

Experience and knowledge are golden when it comes to selling real estate through probate and trust. So working with an agent that specializes in probate and trust real estate is crucial and in the end, ends up saving everyone time and most of all money. The Sanborn Team has been listing, selling and marketing probate real estate for over 25 years and throughout Greater Los Angeles area.

For further information on our probate real estate services, please visit our website at www.SanbornTeam.com or call us directly at 310-777-2858.

Can Any Real Estate Agent Sell a Probate Property?

Why is it important to work with a real estate agent who is an expert in the sale and marketing of probate and trust properties?

When confronted with the task of selling real property through probate or trust the idea can be daunting. Probate and Trust real estate transactions are not the same as a traditional transaction. There are different requirements and it's important to be aware of these differences and work with a real estate agent that can protect you as the administrator of the estate and achieve the goal of getting the highest price possible for the property.

As an administrator you are faced with two tasks when selling real property. First you have to get the highest amount for the property for the estate, and second you have to work with representatives that will protect you.

Working with a real estate agent that lacks experience in selling real property through probate and trust, can result in finding the wrong buyer who clearly does not understands the terms of the sale and who does not close escrow. Although to many real estate agents the sale of probate seems similar enough to a traditional transaction, this sale take a comprehensive understanding of the court requirements. A real estate agent must have a unique and powerful marketing plan to insure that the property is sold for the highest amount possible at the court hearing.

When interviewing real estate agents for the sale of a probate and trust property you will realize that it is crucial to work with someone that understands these specific types of sales and has experience in dealing with probate and trust. The Sanborn Team brings you and your clients, 25 plus years of experience in marketing and selling probate and trust properties.

With a keen insight of the marketplace and a familiarity of the Probate Code, The Sanborn Team handles the sale of real property accurately and promptly and communication is always clear. As you know, the sale of real property through probate and trust is not the same as a traditional transaction. Probate and trust sales require special disclosures and listing agreements, and most importantly a unique marketing strategy.

To find out more about our expertise in selling probate properties in Greater Los Angeles, please visit our website at www.SanbornTeam.com or call us for a list of references, 310-777-2858.

New Probate Listing! Great Fixer in Sylmar

14451 Sayre Street

Sylmar, CA

$399,000.00

Attention: Investors, Developers and Builders! This is what you have been waiting for. 3+1+ unfinished bonus room. This property is in need of work. Here is an opportunity to build or remodel.

Probate sale, court confirmation required.

Please call us for a showing today! 310-777-2858

For our other Hot Probate Listings in greater Los Angeles, please visit our website at http://www.sanbornteam.com/

ATTN! Upcoming Court Date!

Calling All Buyers, Developers and Investors!

We have a great property that is going to court next week

235 W. 46th Street

Los Angeles, CA

This charming California Bungalow has 3 bedrooms and 1 bath. Spacious kitchen and living room. A large porch perfect for relaxing after a long day at the office.

Court date is set for October 10, 2007

Location: 111 N. Hill St Los Angeles, CA

Time: 8:30am

Department: 11

Call us today for a showing! 310-777-2858

To see The Sanborn Team's other hot properties in Los Angeles, please visit our website at www.SanbornTeam.com

Probate Terms You Need to Know

For over 25 years, The Sanborn Team has been selling real property through probate and Trust through Los Angeles. As experts and with many years of experience, we understand that selling a property through probate and trust is not the same as a traditional sale. With a keen insight into the probate code, we are very successful in selling probate & trust properties throughout Greater Los Angeles.

We also know that when buying or selling real property that is a probate or trust sale, attorneys and real estate agents throw out all these different terms and it can be confusing. We thought it would be helpful to provide you with a brief definition of Probate Terms that you need to know:

• Beneficiary: A person who inherits when there is a Will
• Custodian of the Will: The person who has the Will when the person who wrote the Will dies.
• Decedent: The person who died.
• Executor: A person named in a Will and appointed by the Court to carry out the decedent's wishes. This person is usually the "seller" of the real property.
• Heir: A person who inherits when there is no Will.
• Intestate: When someone dies without leaving a Will. Many times when there is no Will, the real property of the decedent requires court confirmation.
• Intestate Succession: The order of who inherits the property when the decedent does not have a Will.
• Legatees, or devisees: People who are named in a Will.
• Personal Representative (or administrator or executor): The person responsible for overseeing the distribution of the estate.
• Probate: The process of deciding where, how and to whom to distribute the decedent's property.
• Testate: When someone dies leaving a Will.
• Trust: When a person (trustee) holds property at another person's (settlor's) request for the benefit of someone else (the beneficiary).
• Will: A legal paper that lists a person's wishes about what will happen to his/her personal and real property after death.

If you have any questions about these terms please don't hesitate to contact us. 310-777-2858

We are here to meet any of your real estate needs in Great Los Angeles. For more information about our services or hot new Probate Listings, please visit our website at www.SanbornTeam.com