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/
BHBA CONFERENCE CENTER
1422 W. 29th Street
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
Nancy & Allison Sanborn our proud to announce our new probate real estate listing
$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
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:
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.
