Cashier's Check Requirements for Overbidding on a piece of Real Estate in a Probate sale

Although it may come as a surprise to most of you, there are some people out there that do not understand what a cashiers check is. Yes, some people refer to them as Bank Checks, however we came across an amusing situation worth sharing.

At a court hearing to confirm the sale of a piece of Real Estate, an interested buyer tugged the back of my sweater. She needed to speak to me so I followed her outside. I proceeded to ask her to show me the check that was required for her to make a bid on the piece of real estate that was being sold. She handed me a bank statement and a personal check. I explained to her that the check had to be a cashiers check in order for her to be able to bid on the real estate. Afther a series of exchanges, she explained to me that this check was a cashiers check. The check was made payable to cash - thus a cashiers check!

The overbidding party must appear at the hearing with thier agent and a cashier's check in an amount totaling at least 10% of the minimum overbid price in order to successfully overbid.

The Sanborn Team works on taking the mystery out of Probate & Trust Real Estate Sales. We encourage you to contact us with your questions at 310-777-2858 or visit our website at: http://www.sanbornteam.com/

If The Price Is Right!

Price Reduction on 3500 W. Manchester, #223. New price is $225,000! This is a spacious two-story townhome with formal dining room, large living room with fireplace that overlooks private patio. Master suite plus two additional bedrooms with lots of closet space. Fresh paint and newer carpets throughout. Detached garage with direct access to patio. Well located in this complex, close to club house and pool. Probate sale. Court Confirmation Required.

Every house will sell if the price is right! The single most important factor to consider when selling a house is the price tag. Over the years we’ve discovered that if a buyer considers a particular home a great value they’ll go for it, otherwise they’ll wait until it goes on sale. What if your home pricing is not yielding showings or contracts (the only two signs that really matter)? You likely need a price reduction. Time and again, as soon as we reduce the price of a home that isn’t moving, there will be renewed interest among buyers and, in most cases, good solid offers.

The Sanborn Team has been selling Probate and Trust Real Estate for over 30 years. Contact us for all of your real estate needs. For more information, please visit our website at: http://www.sanbornteam.com/

Upcoming Probate Court Date for 431 N. Doheny Dr.!

Date: 01-07-11
Time: 9:15AM
Location: 1725 Main Street, Santa Monica

Department: N
First overbid amount: $473,000

Great two bedroom two bath condo in prime Beverly Hills location, across the street from Gelson's market. This bright and spacious top floor unit has formal dining and separate breakfast room. Large master suite has a sitting area, walk in closet, and a master bath with hot tub. There is laundry inside the unit, as well as two side by side parking spots downstairs.

The Sanborn Team has been selling probate and trust real estate for over 30 years. We are here to assist you with all of your real estate needs! For more information about us and our probate listings, please visit our website at: http://www.sanbornteam.com/

Wishing everyone a happy and healthy holiday!

To all of our wonderful clients and agents, we at the Sanborn Team want to wish everyone a happy and healthy holiday! We could not have had such a prosperous year without you and we are grateful to work with such awesome professionals.

We look forward to an even better 2011 and with your continued support, nothing can stop us!

The Sanborn Team has been selling Probate and Trust properties for over 30 years and we've been successful in getting top dollar for the estate's number one asset. We work with many Conservators, Trustees, Probate Attorneys and Administrators of Estates. For more information about us and our Probate listings, please check out our website at www.sanbornteam.com

Stay tuned, we have several new Probate properties that will be hitting the market very soon!

Words of Wisdom from a 90 year old!

I was checking out other real estate blogs, and came across the following GOOD ADVICE written by a 90 year old. With the holidays upon us, it felt timely. Live life to it's fullest!

Originally posted by: Sherilyn Cervantes, Serving Boulder, Larimer & Weld Counties, CO (ERA Herman Group Real Estate ):

Written by Regina Brett, 90 years old, of the Plain Dealer, Cleveland ,Ohio ."To celebrate growing older, I once wrote the 45 lessons life taught me.It is the most requested column I've ever written.My odometer rolled over to 90 in August, so here is the column once more:

1. Life isn't fair, but it's still good.

2. When in doubt, just take the next small step.

3. Life is too short to waste time hating anyone.

4. Your job won't take care of you when you are sick. Your friends and parents will. Stay in touch.

5. Pay off your credit cards every month.

6. You don't have to win every argument. Agree to disagree.

7. Cry with someone. It's more healing than crying alone.

8. It's OK to get angry with God. He can take it.

9. Save for retirement starting with your first pay check.

10. When it comes to chocolate, resistance is futile.

11. Make peace with your past so it won't screw up the present.

12. It's OK to let your children see you cry.

13. Don't compare your life to others. You have no idea what their journey is all about.

14. If a relationship has to be a secret, you shouldn't be in it.

15. Everything can change in the blink of an eye. But don't worry; God never blinks.

16.. Take a deep breath. It calms the mind.

17. Get rid of anything that isn't useful, beautiful or joyful.

18. Whatever doesn't kill you really does make you stronger.

19. It's never too late to have a happy childhood. But the second one is up to you and no one else.

20. When it comes to going after what you love in life, don't take no for an answer.

21. Burn the candles, use the nice sheets, wear the fancy lingerie. Don't save it for a special occasion. Today is special.

22. Over prepare, then go with the flow.

23. Be eccentric now. Don't wait for old age to wear purple.

24. The most important sex organ is the brain.

25. No one is in charge of your happiness but you.

26. Frame every so-called disaster with these words 'In five years, will this matter?'

27. Always choose life.

28. Forgive everyone everything.

29. What other people think of you is none of your business.

30. Time heals almost everything. Give time time.

31. However good or bad a situation is, it will change.

32. Don't take yourself so seriously. No one else does.

33. Believe in miracles.

34. God loves you because of who God is, not because of anything you did or didn't do.

35. Don't audit life. Show up and make the most of it now.

36. Growing old beats the alternative -- dying young.

37. Your children get only one childhood.

38. All that truly matters in the end is that you loved.

39. Get outside every day. Miracles are waiting everywhere.

40. If we all threw our problems in a pile and saw everyone else's, we'd grab ours back.

41. Envy is a waste of time. You already have all you need.

42. The best is yet to come...

43. No matter how you feel, get up, dress up and show up.

44. Yield.

45. Life isn't tied with a bow, but it's still a gift."

We at the Sanborn Team wish everyone a healthy and happy Thanksgiving!

How NOT to over bid at a Probate Real Estate Sale

Over Bidders at Probate Real Estate Sale

Does the buyer need to appear in court to purchase a piece of real estate?

One would think that the answer to that question would be obvious, however this week in court we had two real estate agents come to bid on behalf of their buyers. Both of the buyers were not with their respective agents. Both of the real estate agents were under the impression that it would not be a problem to bid on behalf of their respective clients.

If either of the agents had called The Sanborn Team and told us that they were not expecting their clients to accompany them to court we would have been able to provide them information on how they would be able to represent their absent clients. Alas, no one called in advance.

The agents did not understand that without proper authority there would be no way to bind their clients. That being said, if the buyer is not in court, how does the seller know in fact that the real estate agent has the authority to bid and also have the authority to bid to a certain price?

The judge delayed the sale by putting it on second call. That means that the entire calendar is called in court and then they return to various matters.

One of the agents was able to obtain the necessary documentation allowing him to bid on behalf of his buyer. The other agent left and we received a call from a frustrated and upset buyer who did not understand why if his agent had a check for the over bid amount why he could not have his agent represent him. We explained that short of some kind of authority, another person cannot bid on behalf of a person who is absent from the hearing.

So, a lesson was learned today. We have revised our instructions for coming to over bid in a probate court hearing to include the fact that both the buyer and the agent need to be present.

For all of your Probate and Trust Real Estate Needs please contact The Sanborn Team at 310-777-2858 or send us a message to info@sanbornteam.com

Probate Court date for 2704 43rd Street is tomorrow!!

Date: 11-18-10

Time: 8:30AM

Location: 111 N. Hill Street, Department 11, Los Angeles

First overbid amount: $200,000

Fabulous corner lot with so much potential! Two bedroom, one bath home in Liemert Park neighborhood, considered to be the center of the African-American arts scene in Los Angeles. The Lucy Florence Coffee House and Cultural Center came to Leimert Park in 2000, hosting an array of Talent, Art and Music. Probate Sale. Court Confirmation Required.

The Sanborn Team is here to help you with all of your real estate needs. For more information about us and our probate properties, please visit our website at: http://www.sanbornteam.com/

Probate Court date for 6527 83rd Street tomorrow!!

Court date information is as follows:

Date: 11-10-10
Time: 8:30AM
Location: 111 N. Hill Street, Department 5, Los Angeles
First overbid amount: $525,000

This home is an amazing value! Terrific Westchester location on a tree lined street. Three bedroom, two bath and living room with brick fireplace. Minutes from the beach and LAX. In keeping with our specialty, this is probate sale and requires court confirmation.

The Sanborn Team has over 30 years of experience selling Probate and Trust real estate. For more information about us, please visit our website at: http://www.sanbornteam.com/

Great new Probate listing in Woodland Hills!!

High on a knoll, this four bedroom, two bath home has tons of potential! Living room with stone fireplace, light and bright throughout. Outdoor patio with tree top views. If you've got a good eye and know a GREAT deal when you see one, then don't miss out! List price is $449,000. Probate sale. Court confirmation required.

The Sanborn Team is here to assist you with all of your real estate needs. For the last 30 years we've specialized in the sale of probate and trust real estate. Most but not all of our probate listings require court approval. For more information about us and our properties, please visit our website at: http://www.sanbornteam.com/

Court Confirmation for Parish on Monday, 10/25!

Court date for our property at 539 Parish Place in Burbank will be:

Date: Friday, October 25th.

Location: Los Angeles Superior Court- 111 N. Hill Street, LA - Department 9

Time: 8:30AM

This two bedroom one bath home has generated so much interest! Opportunity to live in Rancho Area of Burbank. Bright and Sunny living room with fireplace and french doors leading out to spacious backyard. Formal dining area, kitchen and separate laundry area.

Overbid starts at $441,500, and we are expecting overbidders to show up!

The Sanborn Team is here to help you with all of your real estate needs. For more information about us and our probate listings, please visit our website at: http://www.sanbornteam.com/

Overbidders in Probate Court!

Lots of excitement in the Santa Monica courtroom today! Our property at 1126 Yale Street in Santa Monica went to court for confirmation today. Two very serious over bidders came to court and both wanted the property badly. The auction went on for some time and we at the Sanborn Team were thrilled to have gotten the most for the estate. The property went to one of the overbidders who wasn't the original accepted offer.

This was a validation of the Sanborn Team's commitment to negotiating deals, anticipating roadblocks and getting top dollar for the estate's number one asset.

Please visit our website at: http://www.sanbornteam.com/ for up to date information on our probate and trust listings. We are here to help you with all of your real estate needs! Just give us a buzz and we will respond promptly!

Court date for Yale quickly approaching!

Court date for our property at 1126 Yale Street in Santa Monica will be:

Date: Friday, October 8th.
Location: Santa Monica Courthouse - 1725 Main Street
Time: 9:15AM - Department N

This home generated so much interest! It's definitely about price out there but location is still just as important, especially if you want ocean breezes and cooler weather! House is in 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! This is a Probate sale and Court confirmation is required.

The Sanborn Team specializes in Probate and Trust Real Estate Sales. To find out more about us, please visit our website at: www.sanbornteam.com

Market is Price Driven!

We have had several listings that have been on the market for some time. We felt they were all good opportunities, but we weren't getting any action on them. As soon as we adjusted the price, our phones didn't stop ringing! In fact, our listing at 211 S. Spalding in Beverly Hills sold almost immediately after the price reduction, and the same went for our duplex at 9014 W. 24th in the Beverlywood area.

The Sanborn Team works very hard to get the most we can for our real estate sales.That said, we also work hard to educate sellers, attorneys and fiduciaries who represent the estates on the importance of pricing in this market.

If you're looking for an realistic opinion on pricing and value, please give us call. We are here to help with any and all of your real estate needs!

We specialize in probate and trust properties. For more information, please visit our website at: www.sanbornteam.com

The best deal in Beverly Hills!

Our probate listing at 211 Spalding Drive in Beverly Hills was just reduced to $699,000!

This is a must see, must sell unit! Beautiful two bedroom three bath with a den and living room with fireplace that opens to a large private balcony with city views. Also features an eat in kitchen, formal entry and large dining area. The master suite boasts closets galore and grand bathroom. Light and bright throughout. Full service building with pool, gym and valet parking. Prime location, close to Beverly Hills shops and Century City. Probate sale. Court confirmation required. To view a visual tour tour of this probate listing, please click here:
View a virtual tour of this probate listing

For more information about us and our probate listings, please visit our website at: www.sanbornteam.com

2704 43rd Street - This one won't last!

List Price: $199,000

New on the market and already generating a ton of interest! This is a two bedroom one bath home with a formal dining room. It is most definitely a fixer with a future! Probate sale. Court confirmation required.

This home is located in the Liemert Park neighborhood which is a historical area that began around 1928. As I drove around it became clear that people really care about their properties. It is also considered to be the center of the African-American arts scene in Los Angeles with blues and jazz clubs; as well as venues for Hip Hop and numerous dramatic performances and poetry readings. The Lucy Florence Coffee House and Cultural Center came to Leimert Park in 2000, hosting an array of Talent, Art and Music.

The Sanborn Team has over 30 years of experience selling Probate and Trust properties such as this one. For more information about us and our listings, please visit our website at: http://www.sanbornteam.com/

Professional Investors Move Into Flipping Foreclosed Properties

An August article in the LA Times noted a surge in “flipping foreclosed homes” by wealthy individuals and equity funds. Flipping is a buy- low, fix- up, sell-high strategy that has worked for entrepreneurial types, who often move from house to house along the way. Today’s “flippers” are taking advantage of deeply discounted prices at public auctions to buy extremely low, make wholesale improvements and turn a quick profit. To read the complete article, click here: Professional investors move into flipping foreclosed homes - latimes.com



The article definitely caught our attention since we are seeing the very same thing with our Probate and Trust listings. This is especially so with our probate sales in South Los Angeles County. For example, a property we sold recently on 29th Street, near USC generated huge interest from investors. We had at least five over- bidders in court and the property went for nearly twice what we listed it for! The investment group that purchased it will turn it into student housing.



The heirs and professional fiduciaries we work with put a lot of trust in our ability to sell these properties quickly and at the best possible price. This is validation of The Sanborn Team’s commitment to negotiating deals, anticipating roadblocks and getting top dollar for the estate’s number one asset.



For more information about the Sanborn Team and the probate properties we have available, please visit our website at: http://www.sanbornteam.com/

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!