Sophisticated Condo

1223 Roxbury Drive #301
Los Angeles, CA 90035

Gracious top floor corner unit, spacious and bright with over 1900 sq ft of living space. Parquest floors, Large study/den that could be a 3rd bedroom. Eat-in kitchen with granite counter tops and laundry in unit. The living room has a fireplace and overlooks the south facing balcony with tree top views. Master suite has an abundance of closets. Large second bedroom with its own bath. Complex as pool, spa and gym. Close to Roxbury Park. Trust Sale.

As your Trust and Probate Real Estate Agent Specialists, we are here to assist you with all your real estate needs. Please visit us at www.SanbornTeam.com or feel free to contact us with no obligation at 310.777.2858

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Q & A: Commissions for Licensee Purchases

We are frequently asked the following question and are posting the answer for clarification.

Can a real estate licensee receive a commission when purchasing

estate real property as a principal?

California Probate Code specifically provides that the estate is not liable for any commission where the listing broker or agent is directly or indirectly the purchaser of the estate property.

In addition, the estate is not liable for commission when the selling broker or agent has "any interest in the purchaser" (i.e., financial interest in the purchaser) or is the purchaser (Cal. Prob. Code Section 10160.5).

The Sanborn Team are Trust & Probate Real Estate Experts, that ensure that you, as a fiduciary, conservator, administrator, executor or conservator, make sure that you are protected and that the transaction is smooth and worry free.

For more information about our Trust and Probate Real Estate services, please visit us at www.SanbornTeam.com or feel free to contact us any time with no obligation.

Going to sell the house?

We are always asked "should we wait to put the house on the market"
We thought that you might find this an interesting article to read.
Going to sell the house? Don't wait for 'spring' in February - latimes.com

Posted using ShareThis

We are always happy to discuss with you the timing for putting a house on the market.
Please feel free to contact us at infor@sanbornteam.com or call us at 310-777-2858

Information Regarding REAP

I have copied the information below from the Los Angeles Housing Department.
I suggest that you go to the website for the Los Angeles Housing Department and look at all the information regarding REAP on the web site.

Learn about REAP

WHAT CAN AN OWNER EXPECT FROM BEING PLACED INTO REAP?
Loss of Monthly Income
Tenants may pay their rents to LAHD
Rental income reduced up to 50%
No annual rent increases for 12 months after the property is removed from REAP
Eviction Restrictions.
$50 Charge per unit per month while in REAP.
$201.50 charge for each LAHD inspection.
Landlords are required to pre-pay for two Annual SCEP Inspections ($338.00) when the property is removed from REAP.
Tenants may apply for their deposited rental funds for relocation or repairs.
Notice of REAP recorded against your property’s title.
The recording may restrict a refinance or sale of the property.
ONCE IN REAP, HOW DO I HAVE MY PROPERTY REMOVED FROM THE PROGRAM?
Repair ALL cited violations, plus other deficiencies at the property.
Contact the REAP Section 213 808-8500.
REAP will ask questions to determine if the owner is ready to be removed from the program. REAP will make a request the contractor to schedule a site visit with the property owner.
During the Outreach contractor site visit the contractor, will issue either a positive or negative report.
A negative report means that the tenant issues have not been addressed and further work will be required.
A positive report means that LAHD will request the owner to contact their case manager for a final. The owner must make the request because inspection will charge for the site visit.
Inspection may “Sign Off”, meaning the owner has attained compliance from LAHD Case Management.
Once the positive report and compliance is attained, the REAP section will confirm if additional orders exist with Building & Safety, Department of Health Services, and the Fire Department. In addition, your, current DWP bill must be paid. These additional steps are required by the City Ordinance.
When each of the above items are achieved, REAP will recommend to the LA City Council to remove your property from the REAP program.
After City Council adopts to remove the property from the program, REAP will issue a 30 day notice formally closing the escrow account and restore the rents to their original levels.

HOW LONG WILL THE REMOVAL PROCESS TAKE?

Once REAP determines that a positive report is issued and compliance has been attained, REAP can have the case before City Council in 2 to 3 weeks. PLEASE NOTE: After City Council removes the property from REAP, the REAP program is required to mail a 30 day notice, formally closing the escrow account and restoring the rents to their original level. Therefore, the total time to remove a case is 6 to 7 weeks.

HOW DO I CLEAR MY TITLE OF REAP?

After your property is removed by the Los Angeles City Council, the owner is responsible for paying all REAP Administration Fees, Inspection Fees, SCEP fees, Legal preparation Fees, the 2 pre-paid annual inspection fees. Once these fees are paid, REAP will prepare a termination document and send the paper work to the County Recorders Office. Cases where tenants made deposits into the escrow account will be used to cover the costs of these fees. If there are not enough funds to cover the costs, the owner is required to pay the balance.


HOW DO I AVOID BEING PLACED INTO REAP?

If your property is inspected and cited for violations, repair them as soon as possible.
If you get behind on making repairs and the time allowed by the order has expired, you now run the risk of being placed into REAP. Take action immediately to achieve compliance.
Once a notice accepting the property into REAP has been mailed to the landlord, the owner has 15 calendar days to appeal the REAP acceptance.
If the owner does not appeal, the property will be placed into REAP automatically.
The first appeal will grant the owner the time to attain compliance by the date of their General Manager Hearing. PLEASE NOTE: You must have a sign off by LAHD before the General Manager’s Hearing date to prevent the property from being accepted into REAP.
After the Hearing, the General Manager will issue a decision to accept the property into REAP or not. The decision by the General Manager may be appealed.
If the General Manager accepts the property into REAP, the landlord, within 10 calendar days, may file an appeal. The cost of the appeal is $150.00.
IMPORTANT NOTE! The appeal of the General Manager’s Decision does not grant the owner more time to comply!
If the owner appeals the acceptance into REAP and attains compliance after the General Manager’s Hearing’s date, then the compliance date is considered late. The property will be placed into REAP.
Back to REAP/UMP

New Listing! Charming Ranch Style Home in Sherman Oaks

12938 La Maida Ave Sherman Oaks
$799,000
4+4.5
3,380 square feet
9,240 square foot lot

This wonderful ranch style traditional is spacious and charming. Features include a chef's kitchen with sub zero refrigerator and center island, a formal dining room, the living room has beamed ceilings and a brick fireplace, a true master suite. Off the pool features a bonus room (buyer to verify permits) with 3/4 bath. The second story has a huge entertaining space complete with a full bath - perfect for entertaining or media room or music studio (sound proofed).
This is a probate sale, that requires court confirmation.

To view more pictures and information about La Maida please click:
http://www.imagemaker360.com/100123

For all your real estate needs, please don't hesitate to contact us at 310-777-2858 or visit our website at www.SanbornTeam.com

Things Looking Up Down Under

Looking into the crystal ball

Every day people ask us for the “latest” on the real estate market: How bad is it? Are we busy? Have things turned around? Actually, while everyone feels the pinch in various ways, The Sanborn Team continues to perk along, representing clients, negotiating sales and purchases and celebrating when transactions close. Properties sold through probate, trust and conservatorship are affected by low prices and tight money, like all real estate, but they also represent opportunity for savvy buyers who prepare well for the market.

Meanwhile, like everyone else, we keep an eye on the local, national and international news, looking for further glimmers of hope. As this note goes to post, we see one: the Reserve Bank of Australia has just upped interest rates by a quarter of a point, to 3.25%. In an article in today’s New York Times, Bettina Wassener and Meraiah Foley comment, “The bank’s decision Tuesday to start raising rates again was made amid mounting signs that the global economy was on the path to at least a modest recovery.” That’s good news.

If you have questions about the timing of your transaction or about any aspect of probate real estate, visit our website, www.sanbornteam.com, or call us at 310-777-2858 today.

Crazy Time for Home Prices

Think the Computer Knows the Value of Your Home?
Think again.

This is probably one of the craziest times in recent history for establishing home values. There are many online home pricing tools, but there is no subsititute for good old manual work. Most agents rely on computers to do their work, but accurate this-house-is-going-to-sell pricing requires that the agent take the time to do extensive research. Today that research includes knowing the property and the neighborhood, looking at the multiple listing service and public records, and considering recent sales and unsold listings. In a market that can fluctuate daily, relying on listing or sales prices alone is not smart -- the information may be 60 days old and already outdated!

The Sanborn Team has been in the real estate business for 30 years and we know that there is no substitue for a well-seasoned, knowledgeable and experienced agent -- especially when it comes to pricing a home. As with all of our services, we believe in doing things the old fashioned way, from determing home values to providing prompt, frank, understandable, customer-friendly service.

If you want to learn about the value of your home in TODAY's market, please call us at 310-777-2858 or email us at info@sanbornteam.com.

A Charming Duplex In West Hollywood

Nancy & Allison Sanborn our proud to announce our new probate real estate listing

1010 Hilldale Ave West Hollywood
$749,000

A charming duplex in the heart of Sunset Strip. Through the gate enter private court yard to a 2 bedroom 1 bath house w/ a formal living room & a den w/ fireplace. Features include high ceilings, wood floors, & eat-in kitchen. The den opens up to another private court yard perfect for outdoor entertaining. The back cottage features 1 bedroom and 1 bath, with it’s own washer and dryer, and private patio. A true gem in the making. 100% vacant. Probate sale, court confirmation required.

Please visit a tour of the property:

http://www.imagemaker360.com/98038

If you would like to schedule a private showing of the property please call our office at 310-777-2858 or visit our website at www.SanbornTeam.com

Can Any Real Estate Agent Sell a Probate Property?

Can Any Real Estate Agent Sell a Probate Property?

Question: I notice that your website says that members of The Sanborn Team are probate specialists. My brother-in-law is a residential real estate agent and he says we don’t need a specialist, that he’s qualified to handle the sale of our parents’ home. Who’s right?

The Sanborn Team answer: Your brother-in-law is correct: a real estate agent does not require a special license or certification to represent sellers of real property through probate, trust or conservatorship. But an agent’s first-hand probate sales experience can make the process easier and more profitable for the sellers. Here are a few reasons why:

• Probate properties require disclosures that are different from non-probate sales.
• Court proceedings are very detailed and specific and must be followed to the letter.
• It is very common for parties to the sale, including sellers, buyers, agents, and other advisors to have questions and concerns about the probate process. The seller’s agent should be able to provide clear, easy-to-understand explanations.
• The agent should be able to advise prospective buyers (and/or their agents) to make sure they are qualified and come to court with the necessary paperwork to make their offer.
• Aggressive marketing, even after an offer has been accepted, can net additional offers and more money for the estate.
• Inexperienced real estate agents may inadvertently cause delays in, or even cancellation of, the proceedings.
• The probate property may be in a geographic area that is inconvenient or unfamiliar.

The Sanborn Team specializes in the sale of real property through probate, trust and conservatorship. We have decades of experience and have earned the respect of estate planning attorneys throughout Southern California. We have a broad network of skilled agents to assist clients outside the area. We are happy to answer your questions and would be very pleased to explain more about the probate process. Call us today at 310-777-2858.

Hollywood Hills View Home

http://www.2406jupiter.com/

Please visit the above website to see our new Hollywood Hills listing. Perched above the famous Sunset Strip in Los Angeles, is a 3+1.75 contemporary home with magnificent views of the city and canyon. The great room opens up to the private pool and spacious terrace with a bbq area. Inside features a gracious master suite with 2 walk-in closets, double sinks, sauna and separate shower and tub. The kitchen features an island, walk-in pantry, and direct access to the side patio. Two additional bedrooms make this a great home. Attached 3 car garage.

$995,000

This is a probate sale, subject to court confirmation.

For more information, please feel free to contact us either by phone or by visiting our website to learn more about Los Angeles Probate Real Estate

Another Overbid!

We had another sale in court today, a duplex located adjacent to Koreatown, and the property sold $75,000 over the list price! It sold for $50,000 over the overbid price!

This property is a complete fixer. Every single inch of the property needs to be repaired and/or remodeled. We believe that this property will not qualify for a loan, thus buyers must bring cash.

The continual overbidding in court is truly a testament to our powerful and aggressive marketing plans for each of our properties. We recognize that real estate in a trust or in a probate is often the estate's largest asset; we are confident that even in today's volatile real estate market, we are able to attract the highest amount for a property and at the same time protect the trustee/administrator of the estate.

To make the most of today's real estate market, call The Sanborn Team, probate real estate experts. We are a team of real estate agents that are skilled and knowledgeable, with the marketing savvy to get the job done right.

Visit us on the web at http://www.sanbornteam.com/ or call us with no obligations at 310-277-2858.

Is the Market Declining? Who Really Knows?

Where's the Real Estate Market Going Today?

It is a challenge to truly understand today's real estate market. There is a wealth of information available to buyers and sellers on the Internet, in newspapers and even on the radio. Plus, Los Angeles is such a large city with so many different types of communities and neighborhoods, from the beach to the base of the San Gabriel Mountains, that it's impossible to define the entire Los Angeles real estate market.

As Probate & Trust Real Estate Agents serving Southern California, we have the advantage of experiencing the real estate market in many different areas. Since we sell single family residences, apartment buildings, commercial buildings and condominiums throughout the region, we also have a keen insight into what's really going on in the real estate market.

Within the last 3 weeks, we've had several properties that have been confirmed in court. As you may know, probate real estate sales that require court confirmation allow for a buyer to come to court and overbid (pay more) than what the seller initially accepted on the property. At the last 3 hearings to confirm a real property sale in court, each property sold for much more than we could have imagined. Some sold for 50% more than was initially accepted on the property!

So...is the market still declining or is it stabilizing?

On Sunday May 3, 2009, the Los Angeles Times featured a very interesting article on the front page of the Business section. The article discussed how buyers are getting into bidding wars on properties. We too have experienced this with several of our listings. Prices and home values in the city of Los Angeles have dropped. However, with interest rates so low and prices down, many buyers feel this is their opportunity to get into the real estate market before it goes back up again.

Price. It's all about price... AND... GOOD properties with good values, such as good location, desirable neighborhood, practical floor plan, etc. They will always sell fast.

Whether or not the real estate market is heating up, we are here to be a resource for you and your clients and your real estate needs. From the beaches of Santa Monica to the dry deserts in the Coachella Valley, we are your probate and trust real estate agents. If the timing is right to talk about real estate, call us at 310-777-2858 or visit our website at http://www.sanbornteam.com/.

30 Percent Overbid in Court

Good News: Overbid Activity Raises Sale Price

We are very excited to report that we had some heated overbidding for real estate in court today. As a result of our marketing plan for all of our probate real estate properties we were able to secure for the estate that we represented an additional $37,000, which represented a 30% increase for the heirs of the estate.

This property was listed for sale in November 2008 for $150,000 and there were not any showings or calls. The estate reduced the price of the property to just below $100,000 and there was an increase in activity and finally a bid for $90,000 was accepted.

Once we received the court date information, we updated the multiple listing service with the overbid price. In the last 30 days we received numerous inquiries from real estate agents and from potential buyers for this property. We sent out instructions for how overbid in court and today we actually had 2 interested parties who wanted to bid on the property (there were actually 3 interested parties, but one of the overbidders arrived late :-( in spite of our clear instructions that the probate court in downtown Los Angeles starts promptly at 8:30 a.m).
The over bidding for the property was quite active and interesting and in the end the judge had the bids go up in increments of $1,000. At the end of the day the buyer for the property bid $127,000.

Everyone who represented the estate was excited to get an additional $37,000 for the property and they thanked Nancy Sanborn and Allison Sanborn of The Sanborn Team for all their efforts in getting the property sold and for dynamic marketing to attract an overbid in Probate Court.

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.