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.