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.