Orange County Business Journal Report

Home Prices Increase $5,000 in July, Sales Fall
Tuesday, August 17, 2010

Orange County’s median home price inched up $5,000 in July from a month ago, but sales levels fell by nearly 26%, loosing the boost of federal home buyer tax credits.
The median price for an OC home was $450,000 in July, about a 1% gain from a month ago, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.
The median price here now is $30,000 or 7.1% higher than a year earlier, but still is about 30% below OC’s highest median price, set in the summer of 2007.
Sales in OC totaled 2,527 in July. That’s a 26% decline from a month ago and a 19% drop from a year ago.
June’s sales volumes were boosted by buyers facing a June 30 deadline to take advantage of an $8,000 federal tax credit, which has since been extended to this fall.
For all of Southern California, the median price for a home was $295,000 in July, down $5,000 from June’s prices but up 10% from a year ago.
Southland sales totaled 18,946 in July. That’s down nearly 21% from June’s totals, and also about a 21% decrease from a year ago.
It was the steepest year-over-year decline for Southland sales since March 2008, according to MDA DataQuick’s figures.
Foreclosure resales accounted for a 34% of the Southland’s resale market last month. That’s down from a high rate of 56.7%, set in early 2009, according to MDA DataQuick’s figures.

There has never been a better time to buy a home! We at the Sanborn Team understand the Real Estate market very well, specifically Probate and Trust sales. For more information about us and to view our properties, please visit our website at: http://www.sanbornteam.com/

Elder Law Committee of the Trusts and Estates Section Meeting

The Care and Feeding of Engagement Letters - Conflict Waivers, Fee Agreements and Exit Strategies

Speaker
Margaret G. Lodise, Sacks, Glazier, Franklin & Lodise, LLP

Date

Tuesday, August 17, 2010

Time

11:45 a.m.- 12:30 p.m. 12:30 - 1:30 p.m.

Place

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

As the official sponsors of the Beverly Hills Bar Association, Elder Law Section, we are here to assist you with all your real estate needs. We are probate and trust real estate specialists selling and marketing real estate throughout Southern California.
To learn more about our probate real estate services, please visit http://www.sanbornteam.com/

Southland home sales edge up, prices level off

	Sales Volume Median Price All homes Jun-09 Jun-10 %Chng Jun-09 Jun-10 %Chng Los Angeles 7,636 7,849 2.8% $320,000 $335,000 4.7% Orange 2,958 3,423 15.7% $418,000 $445,000 6.5% Riverside 4,694 4,645 -1.0% $185,000 $210,000 13.50% San Bernardino 3,438 3,179 -7.5% $140,000 $160,000 14.30% San Diego 3,692 3,885 5.2% $314,250 $335,500 6.8% Ventura 844 890 5.5% $365,000 $384,000 5.2% SoCal 23,262 23,871 2.6% $265,000 $300,000 13.20%
	Per DQ news.com, “The market was wildly out of kilter a year ago, now it’s just somewhat out of kilter. We’re still seeing lots of bargain hunting, and we’re not seeing much discretionary buying. The single-biggest issue is still mortgage financing. Rates may be at record lows, but that doesn’t mean much if the lender won’t qualify you." The Sanborn Team is here to help you with all of your real estate needs! For more information about us and to view our probate listings, please visit our website at: www.sanbornteam.com

Aug. 15: Last day to apply for state first-time buyer tax credit

The Franchise Tax Board (FTB) recently announced it will accept applications for the California first-time home buyer tax credit through midnight on Sunday, Aug. 15, 2010. The FTB believes it will have received more than enough applications to cover the $100 million allocated for eligible first-time home buyers. It will continue to accept applications for the new-home portion of the state tax credit.
Due to the high volume of faxes the FTB is receiving, consumers may experience some delays and difficulties in connecting to the fax number during normal business hours. It can take several minutes or possibly up to an hour to connect and transmit the fax. Buyers who receive a busy signal are advised to try again later. The fax number is open 24 hours a day, so consumers may fax applications during non-business hours when the line is not as busy.
For more information about the California state tax credits for first-time buyers and buyers of new homes, including eligibility requirements, please visit http://www.ftb.ca.gov/individuals/new_home_credit.shtml.
_home_credit.shtml.

We at the Sanborn Team are here to help you with all of your real estate needs. Our website at: www.sanbornteam.com offers great information about probate and trust sales and how they work. We have over 30 years of experience working with heirs, conservatorships, professional fiduciaries as well as administrators of an estate. We look forward to hearing from you!

June Home Sales Report

Following is a excerpt from an LA Times article that reports home sales numbers for June of this year compared to last year.

Per the LA Times........

Existing, single-family home sales decreased 4.2 percent in June compared with June 2009.

The statewide median price of an existing single-family home increased 13.6 percent in June to $311,950 compared with June 2009.

“Buyers who scrambled to close escrow in May to take advantage of federal and state tax credits before they expired impacted the number of homes sold last month,” said C.A.R. President Steve Goddard. “Although we expect sales to be lower in the second half of the year because of the absence of the government stimulus, they should remain above the long-run average and be significantly higher than the trough in 2007, when sales bottomed out.

“Although the tax credits are no longer available, it’s important to keep in mind that home prices are substantially below their peaks and interest rates remain at historic lows, making this a very affordable time for many first-time buyers to purchase a home of their own,” he said.

Closed escrow sales of existing, single-family detached homes in California totaled 492,800 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 4.2 percent from the revised 514,230 sales pace recorded in June 2009. Sales in June 2010 decreased 11.1 percent compared with the previous month.

It's clear that both home prices and interest rates will remain low for some time. We at the Sanborn Team have over 30 years of experience with Probate and Trust Sales of Real Property. Time and again we've been able to get top dollar for the estates we work with. For more information about us, please visit our website at: www.sanbornteam.com

Hot new listing!

This one is a gem in a beautiful area and under $500K! Spanish style two bedroom and one bath with a formal dining room and den, in the heart of prestigious Rossmoyne district of Glendale. This is a sunny home with great curb appeal and a grassy backyard. Probate sale. Court confirmation required.

For more information, please visit our website at: http://www.sanbornteam.com/

Attention Investors and builders!

3461 2nd Avenue, Los Angeles

Great opportunity for less than $250K! This is a three bedroom one bath fixer with a formal dining room. Service porch with washer/dryer hookup. Probate sale.

The Sanborn Team has over 30 years of experience selling probate and trust properties in and around Southern California. Please visit our website at: http://www.sanbornteam.com/ to view this listing and others we have available!

Price reduction on wonderful Santa Monica home!

We have a great probate listing at 1126 Yale in Santa Monica. AND we've just had a price reduction from $1.2Million to $1.1Million! Prime Santa Monica location, north of Wilshire! Charming 2BR/2BA with a den and formal dining. Fireplace in living room and den. Service porch with washer dryer hook up. Hugh backyard. Tons of potential! Probate sale. Court confirmation required.

The Sanborn Team has over 30 years of real estate experience specializing in the sale of probate and trust properties. We pride ourselves in selling real property through Trust and Probate and helping families and beneficiaries get the most from their assets.

For more information, please visit our website at www.sanbornteam.com

Death of a Real Property Owner

The Sanborn Team recently attended a very informative meeting with L.A. County Assessor, Rick Auerbach. During that meeting he discussed tax issues important for homeowners and what to do upon the death of a real property owner. In a nutshell……..

Death of a Real Property Owner

“The Assessor’s Office must be notified upon the death of an owner within 150 days of the date of death, or, if the estate is probated, prior to or at the time the inventory and appraisal is filed with the court clerk. The Change in Ownership Statement Death of Real Property Owner form is required to be completed and submitted to the Assessor’s Office, even if the decedent held the property in a trust. Failure to file a Change in Ownership Statement within the time prescribed by law may result in a penalty of either $100 or 10% of the taxes applicable to the new base year value of the real property or manufactured home, whichever is greater, but not to exceed $2,500 if that failure to file was not willful. This penalty is added to the assessment roll and is collected like any other delinquent property tax and subject to the same penalties for nonpayment.”

To learn more about this and other valuable information from the Assessor’s Office, please visit their website at: http://www.assessor.lacounty.gov/.

The Sanborn Team has over 25 years of experience selling Probate and Trust properties in Southern California. We work with Probate Attorneys, Fiduciaries, Executors, Trustees and other real estate agents who require our expertise in this field. For information on our listings, please visit our website at: http://www.sanbornteam.com/.

Overbidders in Court!

Today was an exciting day in court! Our property at 840 Cedar, #4 in Long Beach sold well over the starting bid. Starting bid was $63,500 and it sold for $80,000!


The Sanborn Team is dedicated to aggressive marketing on all of our listings, and we continue to show and advertise each of our listings up until the court hearing. The recent overbidding in court is a sign of our commitment to obtaining the most we can for the estates we work with.

To learn more about our services, please visit us at: http://www.sanbornteam.com/

Also, become a fan on Facebook at The Sanborn Team Fan Page.

Headed to the Courtroom on Monday!

Our listing at 840 Cedar, #4 in Long Beach will be going to court. This unit is adorable, neat and tidy. It's a one bedroom one bath located near downtown. If you're interested in coming to court and overbidding, the overbid amount will start at $63,500.

The Court Date is: July 12, 2010
Location: 111 N. Hill Street, Department 9 Los Angeles

Time: 10:30

The Sanborn Team are your probate real estate experts. We have a wide array of listings for you. For more details please visit our website at: http://www.sanbornteam.com/ or you can call us with no obligation at 310-777-2858.

4th of July Fireworks around town!

4th of July Fireworks in Los Angeles

Burbank - Starlight Bowl - 1249 Lockheed View Drive - 9:00PM

Calabasas - Calabasas High School - 22855 W. Mulholland Hwy - 9:00PM

Culver City - Culver City High School - 4401 Elenda Street - 9:00PM

Pasadena: Rose Bowl - Americafest 2010 - 2:00-9:30PM

Redondo Beach - Seaside Logoon - 200 Portofino Way - 9:00PM

Studio City - CBS Studio Center - Grant Ole 4th of July Fireworks Festival - 4024 Radford Ave.

Torrance - Torrance Beach off Barge Palos Verdes & Via Rivera - 9:00PM

We at the Sanborn Team wish you and your familes a safe and happy 4th of July!

For more information about the Sanborn Team, your trust and probate real estate specialists, and to view some hot probate listings, please visit our website at: http://www.sanbornteam.com/

Great Probate Properties still available!

We at the Sanborn Team would like to wish you and your familes a happy and safe 4th of July! As a reminder, we have some wonderful probate properties still available. For example, we have a charming 3+2 at 6527 W. 83rd Street in a fabulous neighborhood in Westchester AND under $600,000! Another great probate listing we have is on 11607 Regent in Mar Vista, also in a very good neighborhood. Don't miss these amazing opportunities!

The Sanborn Team has been representing sellers in probate and trust real estate for over 30 years. For more information about our expertise in selling real estate through probate and trust please visit our website at: http://www.sanbornteam.com/

Fabulous house in Westchester for under $600,000!

6527 W. 83rd Street, Westchester
$599,000
Don't miss this amazing opportunity!

Terrific Westchester home in great location! This property features three bedrooms and two baths, living room with fireplace and a grassy backyard. A perfect first home in a quiet neighborhood. Minutes from LAX. Probate sale. Court confirmation required.

For more information on this probate listing and others we have available, please visit our website at:www.sanbornteam.com

Elder Law Committee of the Trusts and Estates Section

Trust Asset Management

The Trustee's Evolving Duties and Liabilities

Official Section Sponsor

Kenneth A. Feinfield, Esq., Managing Director and Chief Fiduciary Officer at Wilmington TrustSeth W. Krasilovsky, Esq., Partner at Mitchell Silberberg & Knupp, LLP

Date: Tuesday, June 15, 2010

Place: Lawry's - 100 N. La Cienega Blvd., Beverly Hills

Registration/Lunch: 12:00 Noon Program: 12:30 - 1:30 p.m.

As the official sponsors of the Beverly Hills Bar Association, Elder Law Section, we are here to assist you with all your real estate needs. We are probate and trust real estate specialists selling and marketing real estate throughout Southern California.
To learn more about our probate real estate services, please visit http://www.sanbornteam.com/

Upcoming Court Date

Attention Investors! Contractors! All Buyers!

You still have an opportunity to purchase one of these properties.

The Court Date is: June 9, 2010

Location: 111 N. Hill Street, Los Angeles
Time: 8:30

1422 W. 29th Street, Los Angeles - This 3+2 is a major fixer. Minues from USC. Overbid starts at $163,250.

1460 E. 49th Street, Los Angeles - Two vacant houses on lot. Both houses have two bedrooms and one bath. Overbid starts at $126,500

728 Cedar, #21, Long Beach - 1 bedroom with dressing area. Spacious kitchen with room for an eating area. Overbid starts at $53,000

The Sanborn Team are your probate real estate experts. From South Los Angeles to San Fernando Valley to the oceans of Los Angeles, we have a wide array of listings for you. For more details please visit our website at: http://www.sanbornteam.com/ or you can call us with no obligation at 310-777-2858.

New Listing Alert!

New Listing!!

2128 Cloverdale in Los Angeles

This three bedroom two bath traditional is a fixer with loads of potential. Property features living room with fireplace, formal dining room and two car detached garage.

To view photos please click here: http://www.visualtour.com/show.asp?t=2211834&prt=10003

Probate sale requiring court approval.

The Sanborn Team has been representing sellers in probate and trust real estate for over 30 years. For more information about our expertise in selling real estate through probate and trust please visit our website at: http://www.sanbornteam.com/

The Fiduciary's Dilemma through the Probate sale

As we watch the real estate market creep toward recovery, we see two factors driving successful sales: price and condition. The price has to be very low and the condition has to be pristine. These days, pristine means clean, painted AND updated bathrooms and kitchens.

As you may have noticed, real property sold through probate is always offered as is. That's part of the appeal of probate properties for buyers: they're often fixers. The property owner may have lived in the house for many years and deferred a certain amount of maintenance.

In today's market, when pristine sells, heirs or fiduciaries may be tempted to look for a higher price by fixing up their loved one's home. But as soon as they do more than a major cleaning, they lose the protection of some of the disclosure laws of probate.

So the fiduciary is faced with a dilemma: lose the protection of probate or drop the price to a level where the house will be noticed in a price-driven market?

We are always available to answer your questions about probate and trust sales or any aspect of the real estate market. Give us a call at 310-777-2858 and visit or website at: www.sanbornteam.com

Overbidders in Probate Court!

Yesterday was an exciting day in court with two of our three properties sold well over the starting bid. Even though these properties went to court twice and got postponed both times, we were still able to sell the properties for more than we ever thought. The Sanborn Team is dedicated to aggressive marketing on all of our listings, and we continue to show and advertise each of our listings up until the court hearing. The recent overbidding in court is a sign of our commitment to obtaining the most we can for the estates we work with.

1522 W. 105th sold for $155,000, and the starting bid was $121,355! 1041 W. 48th Street sold for $170,000 and the starting bid was $132,932! 113 E. 231st Street sold for $260,375. We were pleasantly surprised at the number of buyers that showed up on these properties. It goes to show you that the market is really picking up especially in the South LA area.



To learn more about our services, please visit us at: http://www.sanbornteam.com/


Also, become a fan on Facebook at The Sanborn Team Fan Page.

Upcoming Court Date

Attention Investors! Contractors! All Buyers!



You still have an opportunity to purchase one of these properties.



The Court Date is: May 18, 2010
Location: 111 N. Hill Street, Los Angeles
Time: 8:30



1041 W. 48th Street, Los Angeles - Fixer with a future. 3+1 California Bungalow on a large lot. Opening bid will be: $132,932.



1522 W. 105th Street, Los Angeles - Single family with formal living room, eat-in kitchen, Fireplace in living room and two car detached garage. Opening bid will be: $121,355.

113 E. 231st Street - 2+1 w/large covered patio and two car garage. House orginally had 3 bedrooms and could easily be converted back. large backyard. Opening bid will be: $260,375



The Sanborn Team are your probate real estate experts. From South Los Angeles to San Fernando Valley to the oceans of Los Angeles, we have a wide array of listings for you. For more details please visit our website at: http://www.sanbornteam.com/ or you can call us with no obligation at 310-777-2858.

Elder Law Committee of the Trusts and Estates Section

Elder Law Committee of the Trusts and Estates Section

Official Section Sponsor

The New Federal Health Care Reform Bill
and its Impact on Medicare

Speaker: Stephanie Lee, Esq. Center for Health Care Rights

Thursday, May 13, 2010
Registration/Lunch: 12:00 Noon

Program: 12:30 - 1:30 p.m.; Lunch is Provided

BHBA CONFERENCE CENTER
300 S. Beverly Drive, #210, Beverly Hills (Free 2-hour parking at 216 S. Beverly Drive)

$50.00 BHBA Trusts & Estates Section members who pay in advance*

$60.00 BHBA members who pay in advance*

$75.00 for all others who pay in advance* ($10.00 more at door for all)

*MINIMUM 24 HOURS - Refund with 48 hours notice - Raincheck with 24 hours notice

This event is FREE for members of The Order of Distinguished Attorneys .

Committee Chair: Terry M. Magady, Esq

Click HERE to Register for This Program

As the official sponsor of the Beverly Hills Bar Association Elder Law Section, we are here to assist you with all your real estate needs. We are probate and Trust Real Estate specialists selling and marketing real estate throughout Southern California. To learn more about our probate real estate services, please visit: http://www.sanbornteam.com/

Upcoming Court Date on two properties!

We have a court date on May 4th for 1041 W. 48th and 1522 W. 105th in Los Angeles. If you're still interested, come to court and give it your best shot!

For instructions on how to overbid in court, please click on the following link: http://sanbornteam.com/probate_resources.php

The Sanborn Team, your probate and trust real estate specialists get new properties all the time. For more information about us and our listings, please visit our website at: www.sanbornteam.com

The Sanborn Team knows South Los Angeles

The Sanborn Team knows a thing or two about properties in South Los Angeles. For over 20 years, we have sold multiple properties in and around that area.

The following LA Times article caught our attention http://latimesblogs.latimes.com/lanow/2010/04/south-la-again-a-houseflipping-hot-spot.html It talks about foreclosures in the area and investors who are buying the properties and flipping them within six months. What the article didn’t discuss is that there are other properties for sale in South Los Angeles, that aren’t foreclosures that are also getting a lot of attention from investors and “house flippers.” Such properties are Probate Real Estate Listings.

In 2009, we started to notice that the investors were back in the market after being very quiet for a couple of years, especially in the South Los Angeles real estate market. Every probate real estate listing that we have put on the market in South Los Angeles, has been swarmed by investors, contractors and developers. And what is more interesting, is that these properties have all had multiple offers and have all sold for over-asking.

The Sanborn Team has sold over dozen properties in the South LA area in the last year alone. And we currently have five accepted offers and two with a court date of may 4th! They go quickly and usually the buyers are investors.

So the bottom line is that it isn’t just foreclosures that the investors are buying in South Los Angeles, but it’s also probate real estate listings too! For over 30 years we have been selling and marketing probate real estate in the greater Los Angeles area. We aren’t your typical real estate agent who’s a “neighborhood specialist” but we are Probate and Trust Real Estate Agents that are up to date in every market place of Los Angeles.
For more information about the Sanborn Team, your trust and probate real estate specialists, and to view some hot probate listings, please visit our website at: http://www.sanbornteam.com/

800 W. 1st Street, #708 & #709

New listing!!

800 W. First Street, #708 & #709

Downtown Los Angeles

Don't miss this rare opportunity to purchase a two bedroom and studio that's been combined to a three bedroom, three bath. Fabulous views from the Hollywood sign to the downtown skyline. Minutes from all the action of Downtown LA. Features on-site 24 hr security, concierge, pool, tennis court and gym.

Probate sale. Court confirmation required.

This is a One Of A Kind unit for the prestigious Bunker Hill Tower. To view photos please click here: http://www.visualtour.com/show.asp?t=2170413&prt=10003

The Sanborn Team has been representing sellers in probate and trust real estate for over 30 years. For more information about our expertise in selling real estate through probate and trust please visit our website at: www.sanbornteam.com

Elder Law Committee of the Trusts and Estates Section Meeting

Elder Law Committee of the Trusts and Estates Section

Official Section Sponsor

Appeals for Veteran's Benefits
before the Veteran's Administration Regional Office (VARO), Board of Veteran's Appeals (BVA) and
U.S. Court of Appeals for Veteran's Claims (CAVC)

Speaker: Monroe Thomas Clewis, Esq.

Thursday, April 22, 2010 Registration/Lunch: 12:00 Noon

Program: 12:30 - 1:30 p.m.; Lunch Provided

BHBA CONFERENCE CENTER

300 S. Beverly Drive, #210, Beverly Hills (Free 2-hour parking at 216 S. Beverly Drive)

$50.00 BHBA Trusts & Estates Section members who pay in advance* $60.00 BHBA members who pay in advance* $75.00 for all others who pay in advance* ($10.00 more at door for all) *MINIMUM 24 HOURS - Refund with 48 hours notice - Raincheck with 24 hours notice
This event is FREE for members of The Order of Distinguished Attorneys .

Click HERE to Register for This Program

As the official sponsor of the Beverly Hills Bar Association Elder Law Section, we are here to assist you with all your real estate needs. We are probate and Trust Real Estate specialists selling and marketing real estate throughout Southern California. To learn more about our probate real estate services, please visit: http://www.sanbornteam.com/

Upcoming Bar Meeting: Trust and Estates Section

Upcoming Trust and Estates Bar Meeting

Topic:

Navigating the Minefields of Drafting and Administering Special Needs Trusts: A Guidebook from the Experts

Speakers:

Barbara Bergstein, Esq.

Ruth A. Phelps, Esq.

Terry M. Magady, Esq.

Date:

Tuesday, April 20, 2010

Time:

11:45AM - 1:30PM

Place:

Lawry's

100 N. La Cienega Blvd., Beverly Hills

As the official sponsors of the Beverly Hills Bar Association, Elder Law Section, we are here to assist you with all your real estate needs. We are probate and trust real estate specialists selling and marketing real estate throughout Southern California.

To learn more about our probate real estate services, please visit www.SanbornTeam.com

Hot Property Alert

1422 W. 29th Street

Los Angeles, CA 90007

Don't miss this opportunity! This is a contractor's dream. Located minutes from USC, this single family home is filled with potential. This 3+2 has 2,216 sq ft located on a 6,229 square foot lot. Listed for: $99,000

This opportunity won't last so be sure to contact The Sanborn Team

To learn more about purchasing a probate property call us anytime at (310) 777-2858.

Court Date Update

Attention Investors! Contractors! All Buyers!

You may have thought you missed an opportunity to purchase one of these properties...but the court date has been changed.

The New Court Date is May 4, 2010
Location: 111 N. Hill Street, Los Angeles
Time: 8:30

1041 W. 48th Street, Los Angeles - Fixer with a future. 3+1 California Bungalow on a large lot. Opening bid will be: $132,932.

1522 W. 105th Street, Los Angeles - Single family with formal living room, eat-in kitchen, Fireplace in living room and two car detached garage. Opening bid will be: $121,355.

The Sanborn Team are your probate real estate experts. From South Los Angeles to San Fernando Valley to the oceans of Los Angeles, we have a wide array of listings for you. For more details please visit our website at: www.SanbornTeam.com or you can call us with no obligation at 310-777-2858.

Home Buyer Tax Credit update

We have great news to share with our fellow Californians purchasing their piece of the American dream. Federal and state governments are now offering tax credits for first-time homebuyers. Federal law offers up to $8,000 and $6,500 for long-time residents. California residents can now receive up to $10,000 for first time buyers OR buyers of properties that have never been occupied.

Here's a handy link from the California Association of Realtors website:
http://www.car.org/legal/legal-questions-answers/2010-qa/homebuyer-tax-credit-2010/


The Sanborn Team has probate real estate properties for sale that are an excellent choice for first time buyers. We have listings for sale from South LA to Santa Monica to the Hollywood Hills to the prestigious Beverly Hills 90210 and even Long Beach! To view our probate properties please visit our website at: www.sanbornteam.com

Knowledgeable, professional, and upbeat, The Sanborn Team provides comprehensive real estate representation to clients througout Southern California. From first-tme purchased to complex corporate and probate sales, each transaction received their trademark skill, knowledge and attention to detail. Call us today at 310/777-2858.

Over Bid in Probate Court

You Need a Cashier's Check to Over Bid in Probate Court

Things are beginning to heat up in Probate Court. Today we had a sale of a Conservatee's residence and we had over bidding. The sad thing was that there were actually two potential over bids for the Conservatee's home, but only one of the Bidders was qualified to bid in the Probate Court Sale.

The Sanborn Team provides written instructions for all potential over bidders for our Probate Real Estate sales. The problem is if an agent does not call and let us know that they intend to come to court there is no way that we can be certain that they know what is required to purchase a piece of real estate in Probate Court.

Today the buyer who wished to overbid and the agent came to court without a cashier's check for the amount that was required. The court will not accept an personal check.

The court hearing for the sale of the probate real estate sale began at 8:30 in the morning so the buyer did not have sufficient time to get a cashier's check. Unfortunately they were denied an opportunity to bid on the property.

The good news was that we still have one other interested over bidder and the property did sell for an additional 10%.

The Sanborn Team is here to help both buyers and sellers. We have instructions in our office for all interested parties, so if you want to come to court and over bid on one of our listings we strongly encourage you to call us at 310-277-2858 and we will send you the pertinent instructions.

We are excited that we had an over bid today and we were sad that we had to turn away a buyer.

Please visit our web site at www.sanbornteam.com for all the latest information on all our properties.

Pricing for Recovery

With the media reflecting a degree of optimism about the economy, this is no time to lose your head over real estate prices. You’ve heard this refrain from The Sanborn Team before, and it’s more vital now than ever: price it right, get it sold.

Sellers who insist on high asking prices end up with fewer viewings, fewer offers and fewer sales. Instead of putting money in their pockets when they need it, they end up with a house that quickly goes from “new” to “stale” on the market.

Getting homes sold in today’s market is all about pricing for today. That means looking at very recent sales, looking at similar properties on the market that might tempt the same buyers and then settling on a price that is a notch below everyone else. Yes, below! That little downward tick will attract buyers and their agents and might even get the property enough attention that it will draw multiple offers!

The real value of your house in this economy is not the highest price you can get a real estate agent to agree to, but the highest price a buyer will pay!

If you’re interested to know more about your home’s value,
call The Sanborn Team at 310-777-2858.
We’re always happy to give you an honest answer.

Upcoming Bar Meeting: Elder Law Meeting

Upcoming Beverly Hills Bar Meeting: Elder Law Section

TOPIC:
Pitfalls of Investing Assets of the Incapacitated Person under Trusts, Powers of Attorney or Conservatorships


Speaker: Randy M. Spiro, Esq

Date: February 11, 2010

Time
Registration/Lunch: 12:00 Noon
Program: 12:30 - 1:30 p.m.
Lunch is Provided


As the official sponsors of the Beverly Hills Bar Association, Elder Law Section, we are here to assist you with all your real estate needs. We are probate and trust real estate specialists selling and marking real estate throughout Southern California.

To learn more about our probate real estate services, please visit www.SanbornTeam.com

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

Become a fan! View us on facebook!

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.