The sale of real property through probate, trust or conservatorship can present a variety of challenges. At The Sanborn Team, we consider each challenge an opportunity to learn. We share some of the most vivid lessons here as case studies.
Case Study 8: Behind Closed Doors
In a recent Case Study, we talked about the probate sale of a real property in which a much-publicized murder had occurred. This Case Study deals with another sort of unexpected drama that we recently discovered behind closed doors.
Case Study 7: Strength in Marketing = Results
In real estate, things don’t always go as expected. The Sanborn Team took a listing for a probate sale with court confirmation on a great street in a desirable neighborhood of Ladera Heights. We priced it aggressively for $675,000 and assumed the outcome would be positive. We had activity at the broker’s open and agents were showing the property to their clients.
Before long, we received a couple of offers and the seller was willing to work with one of them. Unfortunately,…
Case Study 6: Disclosing Stigmatized Home
Legal Tip of the Week: Disclosing Stigmatized Home
By Stella Ling, Esq., Our BHHSCP Attorney
Question: We are taking a listing for a home where a famous…
Case Study 5: Is Court Confirmation Required for All Probate Property Sales?
The short answer? No. But…
If the Executor/Administrator of the estate has been given “limited authority” the sale requires court confirmation…
Case Study 4: Correct Cashier’s Check for Overbid
At a recent court hearing to confirm the probate sale of a single family home located in Los Angeles, we had a dilemma. As you know, Probate Court is very specific about procedures, without much wiggle room. One of the requirements is to bring a 10% deposit in the form of a Cashier’s Check made payable to the specified estate.
The Sanborn Team includes a note on the MLS for agents interested in representing clients in court in order to aid them with the process. The note says to email our office for overbid instructions before going to court. The instructions specify that the deposit must be a Cashier’s Check and indicates the payee. If potential bidders and agents show up to court without following our instructions they risk being ineligible to bid…
Case Study 3: “A Sale is a Sale is a Sale”….NOT
When it comes to the sale or purchase of real property through probate, trust or conservatorship, “a sale is a sale is a sale” does not apply. While sellers, buyers and even some real estate agents may believe that there’s not much difference between a ‘regular’ sale and a probate sale, The Sanborn Team knows that the differences are significant and, when overlooked, potentially costly.
Here’s an example:
In California, probate and trust properties are sold as-is. The term doesn’t allow a lot of room for interpretation. As-is means that trash can be removed, the rooms can be swept, the lawn mowed (if there is one), but that’s just about it…
Case Study 2: Taking Title To A Property At A Court Confirmed Sale
When someone comes into court and overbids on a property, it is very important that they know exactly how they are going to take title.
In California, buyers have several options, including, but not limited to, sole ownership, tenants in common, joint tenancy with right of survivorship, community property and revocable living trust. Each option has advantages and disadvantages.
Over the years we have seen many buyers giving inaccurate, incomplete or poorly considered information at the time of sale, which caused ….
Case Study 1: The Sanborn Team’s Successful Pricing Strategy
506 N. La Jolla Ave, Los Angeles CA 90048
The single family home is centrally located near The Beverly Center and The Grove—a location that speaks for itself. A fixer with a future, the traditional style home includes 2 bedrooms, 1 bath, and a detached 2-car garage. Built in 1924, it has a remodeled kitchen and bath.
The home was originally listed for $1,100,000—a probate sale with court confirmation. It was put on the market on a Friday in June. The Sanborn Team had the first showing of the property on Sunday. We had activity but ….