Private vs. Public Probate Real Estate Sales

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

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

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

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

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


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


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


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


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


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

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

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

Here is What Our Clients Think of Our Service!

Although we don’t usually toot our own horn,

occasionally we think it’s important to share with you

some testimonials from clients we have worked with.

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

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

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

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

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

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

Setting the Accurate Price for a Probate & Trust Property

Pricing Involves More than Looking at Comparables

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

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

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

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

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

Your Real Estate Agent is Your Trusted Advisor

We Work Hard for Your Repeat Business and Referrals!



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

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

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

Can you believe it? We have Overbidding in Court!

The Buyers Are Out There!

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

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



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


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

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

In the Aftermath of the Sub-prime Debacle

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

This week we closed a difficult escrow.

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

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

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

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

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

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

We Help Estate & Trust Planning Attorneys

We are your probate and trust real estate resource.

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

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

ATTN! Upcoming Court Date!

EAGLE ROCK PROPERTIES!
Truly an opportunity NOT to be missed

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

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

Both properties filled with Spanish charm and details:

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

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

Within walking distance to Oxy College.

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

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

Court Date: May 8, 2008

Location: 111 N. Hill Street Los Angeles, CA

Department: 11

Time: 8:30am

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

A Pricing Strategy That Works!

Great Price - Hot Property - Top Sale

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

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

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

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

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

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

Are you an Administrator or Executor of an Estate?

Administrator or Executor?

Where Do You Turn for Help?

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

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

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

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

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

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

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

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

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

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

Whatever the Market Conditions,

Your Home is Usually Your Biggest Asset

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

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

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

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

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

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

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

How to Overbid in Court

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

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

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

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




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




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

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

A Joyful Probate Real Estate Sale

The Sanborn Team...Who Says…

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

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

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

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

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

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

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

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

http://www.sanbornteam.com/

Twists and Turns in Probate and Trust Sales

Fire Sale in Los Angeles

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Recent Court Date

Attention!

Calling all Investors, Developers & Builders

1408 Wildwood ~ Eagle Rock Hills

This is a wonderful opportunity.

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

Court Date: Monday March 17, 2008

Location: 111 N. Hill St Los Angeles

Time: 8:30am

Department: 11

OPENING BID: $305,000

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

If you are interested in probate sales, please visit our website at http://www.sanbornteam.com/

BEWARE! Disclosures Required for a Probate and Trust Sale

Which disclosures require the seller's signature

when selling Real Estate through Probate or Trust?

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

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

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

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

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

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

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

Upcoming Court Date!

Upcoming Court Date

February 26, 2008

14451 Sayre Street ~ Sylmar, California

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

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

Opening Bid: $315,500

Court location: Van Nuys Court House

6230 Sylmar Ave., Van Nuys - Department: A

For further information

please visit our website or call the office at 310.777.2858

http://www.sanbornteam.com/

Probate Real Estate Sale vs. Trustee Sale

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

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

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

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

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

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

Buying Probate & Trust Real Estate

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

Here are some tips for first-time buyers:

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


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


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


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

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

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

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

Upcoming Beverly Hills Bar Meeting

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

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

Speaker: Randy M. Spiro

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

Date: Thursday, February 14, 2008

Registration: 12pm

Presentation: 12:30-1:30pm

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

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