Upcoming Court Hearings!

Upcoming Probate Real Estate Court Dates!

Call your Buyers!!!! Call your Investors!!!!

1481 W. 25th Street, Los Angeles

100% vacant side by side duplex

Each unit with 1 bedroom & 1 bath

Court date: Friday April 17, 2009

Time: 8:30am

Location: 111 N. Hill Street, Los Angeles, Department 11

Opening Bid: $208,400

317 W 93rd Street, Los Angeles

100% vacant side by side duplex

Each unit is 1 bedroom 1 bath

Needs TLC!

Court date: Tuesday April 14, 2009

Location: 111 N. Hill Street Los Angeles, CA Department 5

Time: 8:30am

Opening Bid: $95,000

For information about over-bidding on court approved real estate sales please visit our website at http://www.sanbornteam.com/.

If you are in need of a probate real estate expert, please give us a call at 310-277-2858 or visit our website at http://www.sanbornteam.com/

25200 Malibu Rd. Unit #1

Upcoming Probate Court Hearing Date
25200 Malibu Rd. Unit #1
This 2 bedroom 2 bathroom unit has an incredible view from the balcony.
You can step on the sand with direct access from this Cliff May building on Malibu Road.
The unit has created quite a stir among the locals, who feel that is one of the best opportunities in years to live on famed Malibu Road.
Just bring your toothbrush and your furniture and you can move right in and enjoy all that beaches of Malibu have to offer.
The sale will take place on May 8, 2009.
The overbid amount will be $1,339,250
For more information please visit our web site
www.sanbornteam.com
Click on the various pages and you will learn how to overbid in a Probate Court Hearing
or you can call The Sanborn Team at 310-277-2858

New Probate Listing in Compton, California

1713 Tucker Street
Compton, California
$199,000
3 bedroom 1 bath home located in a residential area east of Long Beach Blvd.
This property is being sold in a probate sale and is subject to court confirmation.
It has been freshly painted and there are newer floor coverings.
We have attached a recent article that we found on MSN.com that discusses the Compton area; we hope it will be useful for interested buyers.
http://www.newsweek.com/id/190871/

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

First Time Buyers Information

We know that there are many people who browse our SanbornTeam Real Estate web site looking for information about Probate and Trust Real Estate properties for sale, including many first-time buyers.

We want to share with all of our readers the following web site:
www.federalhousingtaxcredit.com. This web site contains interesting and timely information about the Federal Housing Tax Credit that is currently being offered.

The Sanborn Team is here to assist you with all of your Real Estate needs. Please do not hesitate to call us at 310-777-2858 or visit our web site http://www.sanbornteam.com/

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.

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 Real Estate Sales Updates

1549 N. Poinsettia Place

Hollywood, California

$499,950

Probate Sale, No Court Confirmation required.

Great opportunity to live in Hollywood, just north of Sunset and west of La Brea

Spacious 2 bedroom, 2 and a half bathroom townhome in Spanish-style complex.

Washer and dryer are in the unit.

Living room with fireplace opens onto spacious patio.

For information on this and other listings, please visit http://www.sanbornteam.com/ We update our website daily with postings for all of our listings, including upcoming court dates.

For any of your probate or trust real estate needs please contact the Sanborn Team, your Probate and Trust Real Estate Specialists. You can reach us at 310-777-2858 or email us at info@sanbornteam.com.
Link: http://www.blogger.com/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.

Establishing the Baseline for Probate Property Sales

Establishing the Baseline for Probate Property Sales
Getting to know your Property Profile

If the sale of real property is part of the settlement of an estate, there’s more to it than calling the closest real estate agent. In many cases, the heirs may never have lived in the property, and, in fact, may never have seen it. Even if they have, before they can set a price, they need to find out as many of the ‘facts’ about the property as possible.

A real estate agent will begin this process by ordering a Property Profile from a title company. This document typically lists the size of the property (land and structures), its value, square footage and the owner of record. In other words, it offers a quick snapshot of the property – a starting place for the journey toward an eventual sale.

While the property profile is a valuable document, it may not be complete and up-to-date. For example, if there are liens or existing loans on the property, they might not show on the profile. That makes it absolutely essential for the skilled, probate-savvy real estate agent to follow up with additional research so that the sellers can move through the probate process without surprises or frustrating delays.

If you are selling or purchasing real property through probate or trust, The Sanborn Team can offer skilled, friendly guidance and nearly 30 years of probate-smart experience. Visit our website – http://www.sanbornteam.com/ – and give us a call at 310-777-2858.

Probate and Trust Real Estate Sales Update

Upcoming Sale Dates

5431 Bothwell Rd., Tarzana, is a 2 bedroom 2 bath home on an appx. 17,850 sq. ft. lot. The sale date will be January 29, 2009.

2530 Fairmont, La Crescenta, will be sold on January 27, 2009.

810 E. 31st, Los Angeles, will also be sold on January 27, 2009

For additional information on these properties or for further details on about Probate and Trust Real Estate Sales please visit our website www.sanbornteam.com or call us at 310-777-2858.

Probate and Trust Real Estate Sales Update

Recent Price Reduction

We have reduced the price of 317 W. 93rd Street, Los Angeles, to $99,000. This is a duplex. Each unit consists of a living room, dining room, 1 bedroom and 1 bath. The property is in need of some TLC, but both units are currently vacant, so it is an opportunity to fix and save. This sale is subject to court confirmation.

For information on this and other listings, please visit http://www.sanbornteam.com/

We update our website daily with postings for all of our listings including upcoming court dates.
For any of your probate or trust real estate needs please contact the Sanborn Team, your Probate and Trust Real Estate Specialists. You can reach us at 310-777-2858 or email us at info@sanbornteam.com.

Probate and Trust Real Estate Update

Good News for the Old Year, Good News in the New

2008 ended with a flurry of activity and 2009 is showing signs of more of the same. We ended the year with a court confirmation for a property in the Hollywood Hills with active overbidding so that the property at 1742 Courtney had a final sale price of over $1,000,000. The crazy part is that when the property initially went on the market it was priced at just under $1,000,000 and we were unable to get an offer on the property. The estate finally accepted an bid for $890,000 after being on the market for a period of time. As part of our marketing efforts we did our standard remarketing of the property to solicit an overbid and lo and behold on December 29 (when most of the world was not working) we had active overbidding in court.

Earlier in the month we had multiple offers on a property that we had put on the market in Tarzana and we are currently awaiting a court date for that property. We also did our final sale of the year on December 31.

Happy New Year!

Getting the Right Buyer for a Probate & Trust Sale

The Right Buyer at the Right Price

In today's real estate market, it is a challenge to sell property quickly. It's an even greater challenge to find a qualified buyer who has the financial means to close the transaction.


We recently obtained a probate listing and suggested to the seller that an aggressive list price would attract multiple offers even in a declining market. At first the seller was very resistant to this strategy. However she decided that with our experience and insight into the marketplace, she would agree to list the property at the price we recommended.


Within 24 hours after the listing was put into the MLS, we received over a dozen phone calls and had at least six showings at the house.


Within two days we received two offers!


Within five days we received a total of eight offers! Three of these offers were OVER THE ASKING PRICE!!!!


Our strategy accomplished three purposes. First, we got more than we ever expected to receive. Second, we had the ability to choose the buyer who was most financially suited to purchase the property. Third, we sold the property within a week. Additionally, we were able to get an offer into backup position at the price we accepted on the first offer.


In a declining real estate market, it is imperative that you work with real estate agents who have the experience, knowledge and aggressive market techniques to assure you get not only the best price, but also the best buyer.


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

Failure to Close Escrow: What Happens?

When Escrow Doesn't Close

The terms of a probate real estate transaction are clear and concise. When the judge confirms the sale, the property is yours. Thus if for some reason you cannot close escrow--for example you cannot get a loan on the property--then you are liable for the damages that the estate incurs for the failure of the buyer to close.


When purchasing real estate through the probate process, the terms of the sale are as follows:

• No Contingencies: no finance, no appraisal and no inspection




• AS-IS: the seller will not do any repairs, including termite work




• 30-45 day escrow
  

With the ever-changing atmosphere in the lending market, it can be more difficult for buyers to get loans on properties. Thus, even before making an offer on a probate property that requires court confirmation, the buyer must be 100% sure that he/she will get a loan. If the buyer makes an offer on the property but fails to get a loan, the seller can vacate the sale in court and put the property back on the market. The buyer can loose his/her entire deposit as liquidated damages. If the property does not sell for what the previous buyer purchased it for, the estate can take the difference out of the 10% deposit.

It is very important when purchasing and selling real estate through probate and trust to work with an agent that has experience in probate real estate sales.

If you are considering the sale or purchase of real property through probate or trust, The Sanborn Team is always available to assist you and answer your question. Give us a call at 310-777-2858 or explore our website at http://www.sanbornteam.com/.

Upcoming Court Date!

Attention All Investors: Upcoming Investor Opportunity

4367 Oakwood Ave Los Angeles
24 Unit building
18 Singles
6 1bedroom units

Opening bid: $1,365,000.00

Court date: September 9, 2008

Location: 6230 Sylmar Ave Van Nuys CA

Department: H

Time: 9:00am

If you are interesting in overbidding in court, please call our office at 310-777-2858. We are here to be your resource for your probate real estate needs. To see more of our probate and trust real estate listings, please visit our website at http://www.sanbornteam.com/

New Hollywood Hills Listing

1742 Courtney Ave Los Angeles

Hollywood Hills! Minutes from Sunset Strip, this Spanish 2+1.75 boasts spacious living room with fireplace, formal dining room, hardwood floors, updated kitchen and a private yard with room for a pool. Probate sale, court confirmation required.

$999,950.00

2+1.75

1,565 square feet

7,500 Lot

For more information about how to purchase a probate sale, please visit our website at www.SanbornTeam.com or call us to a private showing today at 310-777-2858

What is A Probate Sale?

Q. What is a Probate Sale?

A. A Probate Real Estate Sale, is real property governed by the probate court. When a person passes away and there is no will or the will be 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. This process of selling and purchasing this type of real estate is very different that a typical transaction. Most of the time these sales require court approval and the terms are very different from a traditional real estate sale.

For additional information about Probate Real Estate and to see what properties are available, please visit our webstie at http://www.sanbornteam.com/

Purchasing Probate Real Estate

Purchasing Probate Real Estate that Requires Court Confirmation

The vast majority of real estate transactions are not probate sales, thus many buyers and real estate agents do not know how to purchase probate real estate. In a probate sale the estate accepts a bid and that accepted bid/offer requires court confirmation. This can be very confusing, especially to buyers and their agents. We at the Sanborn Team take the time to explain the process clearly and precisely on how these specializes probate sales work.

In a probate sale, an offer is accepted and then a court date is set. The court date cannot be set prior to acceptance of an offer. The attorney of the estate petitions the court after the offer has been accepted and then an actual hearing date is set. Once the hearing date is set, The Sanborn Team lets everyone and all agents about the court hearing – on all the real estate websites and print advertising.

The opening bid in court is determined by the Probate Code, and the sub sequential bids are set by the judge on the bench. Any buyer who wants to purchase the real estate will be purchasing the property under the same terms and conditions as the original buyer. If a buyer does come to court to overbid, then the real estate is sold in an auction, and all interested parties can bid on the property, including the original buyer. When the final bid is reached, the judge announces that the property has been sold. From that day on escrow is opened and closed within 30 days.

If you have any additional question about purchasing Probate Real Estate, please call The Sanborn Team at 310-777-2858 or visit our website http://www.sanbornteam.com/ which is full of good information.

We are here to take the challenge and confusion our of purchasing real estate through court confirmation.

The Value of Home Ownership - Chris Ayres Nails It!

We Love this Article!

In his Sunday Opinion piece in the August 17, 2008 Los Angeles Times, "Loving your house again," Chris Ayres explains why recent home buyers should be thrilled with their purchase. Not only do they have a roof over their heads, but in spite of the 'doom and gloom about a tanking market,' their investment is getting more valuable! He nails it -- with great good humor.

The article resonates for The Sanborn Team because it reflects our philosophy: buy the home you love and hang onto it. History shows us again and again that you'll have a ring-side seat during the financial circus and, at least in the Southern California market, with modest maintenance your home is almost certain to increase in value.

To read Chris Ayres' article, go to http://www.latimes.com/news/opinion/sunday/commentary/la-oe-ayres17-2008aug17,0,1698378.story

If you're wondering how your home measures up in today's market, or to talk about your real estate needs, concerns or goals, give The Sanborn Team a call at 310-777-2858.

Upcoming Beverly Hills Bar Meetings

As Sponsors of the Beverly Hills Bar Association Trust & Estate Section and Elder Law Section, we would like to make you aware of two upcoming meetings:

Tuesday August 19, 2008

Topic:

"Prying Open Attorney Client Communications in Estate Planning, Administration, and Litigation of Trusts and Estates."

Location:

LAWRY'S 100 N. La Cienega Blvd., Beverly Hills

Time:

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

Thursday August 21, 2008

Topic:

"Just About Everything Elder Law Attorneys Need to Know About the Domestic Partnership Laws"

Location:

BHBA CONFERENCE CENTER, 300 S. Beverly Drive, #210, Beverly Hills

Time:

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

As your Probate & Trust real estate expert, we are here to assist you and your clients with comprehensive real estate expertise. For more information about our services, please visit our website at http://www.sanbornteam.com/ or call us at 310-777-2858.

Tips for Selling Probate and Trust Real Estate

Tips for Sellers

Although we do not normally recommend doing repairs to probate and trust properties prior to placing them on the market, there are still a few things that can always be done to a property to increase its curb appeal.

1. Mow the lawn and keep it watered.
2. Don’t let hedges block the windows. Let natural light in.
3. Get rid of the weeds.
4. Make sure that the walkway is easy to maneuver.
5. Freshen up the exterior. Power wash the house.
6. Have the windows cleaned (inside and out).

The Sanborn Team specializes in assisting buyers and sellers in dealing with the unique situation of selling homes that are in Probate and Trust. Please call us at 310-277-2858 for any of your real estate questions or visit our web site at http://www.sanbornteam.com/

New Listing! Beverlywood Fixer

We have a wonderful new listing in Beverlywood

1467 Livonia Avenue

Los Angeles, California 90035

$629,000

1,358 sqft on a 6,400 sqft lot

3 bedrooms + 1 bathroom

FIXER with a FUTURE!

Great location... great value! Probate sale that does NOT require court confirmation.

Please visit our website to learn more about probate real estate sales, http://www.sanbornteam.com/ or call us directly with any questions, 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.

New Investment Opportunities

The Sanborn Team is proud to present
two exciting new investment opportunities

11549 Sylvan Street, North Hollywood
$699,950
6 unit apartment building
100% vacant - yes every unit is vacant!
Come fix it up and rent each unit at market rate.
Probate Sale.

4367 Oakwood Avenue, Los Angeles
$1,300,000
24 unit apartment building with 18 studios and 6 one bedroom units.
4 units are vacant.
Needs TLC. Probate Sale.

If you would like further details regarding these properties, please visit our website at http://www.sanbornteam.com/ or you can reach us directly at 310-277-2858.

Reminder! Beverly Hills Bar Meeting: Trust & Estates

Attention! Upcoming Trust & Estates Meeting

Probate & Trust Accountings

Speaker: BLAKE A. RUMMEL, ESQ., Weinstock, Manion, Reisman, Shore & Neumann

Date: Tuesday July 15, 2008

Time: Registration/ Lunch 11:45 to 12:30

Program: 12:30 to 1:00pm

Location: Lawry's 100 N. La Cienega Blvd Beverly Hills, CA

To find out more about the Trusts & Estates Section, please visit the Section’s web page at www.bhba.org/Committees_Sections/Trusts.htm

We are your real estate Probate & Trust experts and as the proud sponsors of the Beverly Hills Bar Association Trust & Estates Section

Please visit our website at http://www.sanbornteam.com/ or call us with any questions at 310-277-2858.

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.

Upcoming Court Date!

Talk about a GREAT opportunity!

We have coming up for overbidding in court a wonderful spacious 2+2.5 Condo in the heart of West Hollywood. Just over 2,400 square feet, this gracious condo is a top floor unit with green belt views, large living room with fireplace, and a kitchen with a breakfast area. And... there is a master suite that you could die for! 2 HUGE walk-in closets, marble bath and sinks and a spacious master bedroom with room for a sitting area.

• The Court Date is set for: Wednesday, August 6, 2008
• Time: 8:30am
• Location: 111 N. Hill Street, Los Angeles, CA
• Department: 9
• Now... the opening bid is $714, 500

If you would like additional information about the property please don't hesitate to contact our office at 310-777-2858.

And... if you have any questions about probate real estate, you can consult the probate real estate experts, The Sanborn Team, by calling us directly at 310-777-2858 with no obligation or visit our website at http://www.sanbornteam.com/

Private vs. Public Probate Real Estate Sales

Talk about something that is confusing…. Who knows what a Public Real Estate Sale is? And what makes something a Private Real Estate Sale?

Currently there is a lot of interest in auctioning properties. It is the new, new thing (actually we saw this same trend in the late 90s during the last real estate downturn). People seem to think that an auction is going to bring in more money for a property than using the time-tested methods that The Sanborn Team has employed for the past 25 years of selling Probate and Trust Real Estate Properties.

Throughout our Probate and Trust Real Estate career, we have gotten our clients top dollar for their properties regardless of the market conditions—rising, falling or flat.

The advantages of listing with The Sanborn Team as opposed to listing your property with an auctioneer are as follows:

• The property, which is listed in all the local Multiple Listing Services and on all the major Internet search engines, can be visited online 24/7.


• The property is advertised for sale until the date it is confirmed at the court hearing.


• We cooperate with all other real estate companies and real estate agents, which gets you the widest exposure to potential buyers.


• We have a strategy for getting people to come to court to overbid.


• The property will be shown up to the date of the sale. Unlike most of the auctioneers, we do not limit our showings to two or three previews prior to the auction.


• The buying public has total access to information about the overbid price and the court date and time.

Please contact us with any additional questions you may have by emailing us at info@SanbornTeam.com or calling us at 310-777-2858.

P.S.: The answer to the question is: A Public Sale is an auction and a Private Sale is when a real estate company is hired.

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.

In the Aftermath of the Sub-prime Debacle

Doing Probate Sales in the Aftermath of the Sub-prime Debacle

This week we closed a difficult escrow.

The brother of the executor died very unexpectedly without a will. At the time of his death he had both a first and second mortgage on the property. The holder of the second was very cooperative (and understandably concerned that the holders of the first would wipe them out if they foreclosed). The holder of the second recognized that the executor was not in a position to list or sell the property without proper authority from the court.

Unfortunately the lender holding the first was not nearly as agreeable. Although they had been informed that the original holder of the note had died and that all the appropriate steps were being taken to get the property listed and sold as quickly as possible (and allowable), they basically refused to deal with the attorney and the executor (even with proper documentation from the court).

No one from the lender would lift a hand. Worse than passive, they actually commenced foreclosure proceedings after the property was sold and in escrow. That, in turn, meant that the buyer’s lender would not issue loan documents until the foreclosure was rescinded, causing an unnecessary delay. The family was never going to receive any monies from the sale; they merely hoped to pay off creditors, but now the estate had to bear the cost of the trustee fees.

I have been working in real estate for more than 27 years and have been through many difficult markets, but I have never been in a situation where a lender refused to deal with anyone. It was only through the hard work of the attorney, the escrow and title companies—and The Sanborn Team—that we were able to close this sale.

Today, in spite of the difficult lender, we received this note from the executor of the estate: ”I just wanted to thank you for repairing the doors and for hiring someone to remove the last trash and king-sized old waterbed frame. It was a huge help to us being so far away and having limited time in L.A. You have been a great realtor! Thanks to the entire team for selling my brother's awful house for such a good price in such a timely manner!! I still can't believe what people are willing to pay in this market!!”

If you need get-the-job-done power on your probate and trust real estate team, contact The Sanborn Team at 310-777-2858.

We Help Estate & Trust Planning Attorneys

We are your probate and trust real estate resource.

We provide valuable services to the attorney community. For example, we can provide you with copies of recorded deeds, Date of Death values, fair market values, Preliminary Title Reports, plot maps and we can answer any questions you may have about a specific property. We can also provide you with an up-to-date CAR disclosure chart that specifically discusses which disclosures are required for Probate Real Estate Sales.

We are continually helping the attorneys and their paralegals that we work with. Please feel free to contact us for any of your real estate needs. We provide all this information with no obligation. Simply visit us at www.SanbornTeam.com us or call us at 310-777-2858.

ATTN! Upcoming Court Date!

EAGLE ROCK PROPERTIES!
Truly an opportunity NOT to be missed

Two side-by-side pieces of property being sold together.

Located in Eagle Rock, one lot has a triplex and the other lot has a single family residence.

Both properties filled with Spanish charm and details:

hand painted ceilings, beautiful tile fireplaces, wrought iron sconces.

This could be the compound you've been looking for.

Within walking distance to Oxy College.

Address: 1558 N. Ave 46 & 1552 N. Ave 46, Los Angeles

Opening Bid: $735,000 (for BOTH properties! WOW what a deal!)

Court Date: May 8, 2008

Location: 111 N. Hill Street Los Angeles, CA

Department: 11

Time: 8:30am

If you are interested please call our office to receive information on bidding in court. You can reach us at 310.777.2858 or visit us at http://www.sanbornteam.com/

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/

Why it's important to work with a Probate Real Estate Agent Expert

Whatever the Market Conditions,

Your Home is Usually Your Biggest Asset

While headlines shout the downturn of the real estate market, The Sanborn Team continues to sell real property through Probate and Trust to help families, conservatees and beneficiaries get the most from their assets.

Just last week we had a property in Laurel Canyon that was going to court confirmation. Unlike most agents, we continued to advertise and show the property up to the day of the court hearing to insure that all interested buyers were aware that they could purchase the property in court, as an over-bidder.

This property was a probate sale that required court confirmation because the property was held by an elderly woman who was receiving care under a conservatorship. Thus the proceeds from the sale would go directly to her to make sure she has the proper care.

On the day of the hearing we did have an over-bidder and the property sold for more than anyone expected.

This success is in a softening market is a testament to The Sanborn Team's strategy for pricing, marketing and presenting Trust and Probate properties. It is a validation of The Sanborn Team's commitment to negotiating deals, anticipating roadblocks and getting top dollar for the estate's number one asset.

The Sanborn Team are real estate agents specializing in the sale of probate and trust... We are here to simplify your business. We use our 25-plus years of experience to get the job done and get the most for a property.

To learn more about us, please visit us at http://www.sanbornteam.com/ or call us with no obligation at 310-777-2858.

How to Overbid in Court

Probate...Court Confirmation...What Does It All Mean?

As you are looking for a home, you will occasionally come across real estate ads that say, "probate sale, court confirmation required." So, you may be asking yourself, what is a probate sale, anyway? And, more importantly, what does probate mean to a real estate purchaser?

If you find real estate for sale through probate, you will have to go to court to make the purchase or overbid on the property. To overbid in court there are several things you need to be aware of:

1. Terms of sale: most of the time, the terms of the probate sale are "as-is", no contingencies, 10% initial deposit and 30-day escrow. No contingencies means you do not have an inspection contingency, finance contingency or appraisal contingency. The seller will not do any termite work or repairs on the property.




2. Qualify to bid: In order to bid in court you must bring a cashier's check for at least 10% of the opening bid price. For example, if the opening bid is $420,000 you will need a cashiers check for $42,000. Be sure to have your agent check with the listing agent to see who the check needs to be payable to.




3. 
   
   Do I sign a contract? No. There is no contract if you overbid on the property and are the successful purchaser. You will have what is called a certified court order stating that the property was sold to you.
   

It's very important that your agent be familiar with the terms and the process of purchasing probate and trust real estate. If you want to learn more about probate real estate, please visit us at http://www.sanbornteam.com/ or call us 310-777-2858.

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