House of the week: 2139 Baxter in Echo Park. It's a probate, but don't let that scare you.

This week's house of the week, 2139 Baxter in Echo Park, was chosen because 1) it's a cutie that's ripe for a renovation or just great decorating taste, 2) it's in a cool Eastside neighborhood, 3) it has a view and a backyard, 4) the price is affordable (although it will probably go over) at $699,000 and 5) it is special because it's a probate sale.  Don't be scared of buying a probate property.  You can do it. 

Here is the quick story on probates.  The thing you need most of with a probate sale is patience.  The sale takes a long time because attorneys are involved and a court date needs to be set.  First, you line up your loan and do your inspections.  Next, you make an offer, put down 10%, and if the estate accepts your offer, you then wait for notice of the court date (your agent and the listing agent will go with you to court).  The judge will ask if anybody objects to the sale and if not, s/he will open bidding.  Yes, you can be outbid in court, so plan to go higher and bring extra cashiers' checks for the increased deposit just in case.  Once the judge rules in your favor, closing is usually within 10 days.

Yes, this takes a lot longer than an actual sale, and there are more details, but this is the overview.  However, this house would definitely be one worth waiting for.

What happens if either a buyer or seller passes away during an escrow?

This is one of the strangest sales I've ever been involved in. Names and address withheld here.  Recently, I represented a buyer couple with an off-market sale in Laurel Canyon.  They wished to buy their neighbor's house. The actual seller was the neighbor's mother and the family lives in Utah.  The seller family hates Realtors (o what a surprise) and they represented themselves in the deal.  That is never easy and working with the sellers was like trying to pull a mule up a ladder.

It took a long time to get the property in escrow, but the buyers really wanted to purchase it.  In the middle of the escrow, the seller passed away.  Without a will or a trust.  Which means probate court in both California and Utah to properly dispose of the seller's assets, including this house.

What happens with a property transaction when a party to the sale passes away? It stops the escrow, and often ends it.  Things didn't look good here -- I thought it would be hard to get the whole seller family to agree on anything having to do with the disposition of the assets.  That's what the probate process is for. But my buyers were determined.  They found a California probate attorney that claimed to be able to get the probate done in 60 days (it can sometimes take 6 months).  And they helped the Utah folks find an attorney in that state.  It's a much quicker process in Utah.

Anyway, surprise! The property went through probate in two months, the sale was back on, and it closed last week. Kudos to my buyers for their very hard work and perseverance.  Where there's a will, there's a way, no pun intended.

Upcoming Noho listing is having an estate sale tomorrow. Here's your chance to see it before it goes on the market.

A few days ago, I mentioned an upcoming listing in North Hollywood.  You have an opportunity to see it tomorrow, Saturday, before it even goes on the market! The address is 7720 Goodland in North Hollywood and it's a 3+2.  It used to be a 4+2, but one bedroom was converted to a dining room.  It needs decorating and/or remodeling, but it's a steal at $399,000.  Large vintage kitchen, big living room with fireplace, sizeable master suite, beamed ceilings, separate 2 car garage, green backyard and a a lovely, quiet pocket of North Hollywood.

You can preview the listing at tomorrow's estate sale, conducted by estate sale manager extraordinaire Lara Nethery.  That's one of Lara's pictures above, and here's Lara's blurb:

This quaint home is all about vintage and mid century! Mostly art, furniture, electronics and collectibles. Please see my craigslist ad for more info and pictures. 

Hope to see you!! 

7720 Goodland Avenue

North Hollywood, CA 91605

http://losangeles.craigslist.org/sfv/gms/4859509160.html

2007 N. 6th in Burbank is sold, we think.*

The serious fixer property that I listed in the Burbank hills sold in a last-minute bidding war on Wednesday.  I never thought it would happen.  It has been listed since November.  Although we had many all-cash offers from qualified buyers, we didn't get close to the price the sellers would accept until last week. 

Then, the activity got heated and there was a lot of drama. Potential buyers began to bid against each other in small increments.  Seventy emails were sent and received about the offers on Wednesday a.m. alone.  Old offers rose from the dead.  Some players withdrew their offers and left the playing field only to reinstate their offers later in the day.  Friendships and professional relationships were skewed (well, mine with some of the other agents).  Buyers were unhappy.  Sellers were unhappy.  There was weeping, wailing and gnashing of teeth (okay, I'm exaggerating).  But at the end of the day, it sold for a price acceptable to the sellers and buyer, and we all either drowned our sorrows or celebrated, or both.

*This is a probate and all heirs (there are several) need to okay this.  They probably will, but you never know.  Stay tuned.

Major price reduction on 2007 N. 6th, Burbank

Big news: 2007 N. 6th Street in Burbank has just had a price reduction to $450,000.  That's down from $485,000, folks.  We received several all-cash offers -- this is a serious fixer and won't qualify for a loan -- but they were all lower than what the sellers want to take.  Some details about the house: it's a 3 bed, 2 bath, 1712 sf, on an 8989 sf. lot.  It's in a great neighborhood and has a lot of upside potential.  But it is a serious fixer and not a DIY project. Do you know anybody that would like to live here and is a contractor?

New Burbank listing coming tomorrow! Probate fixer!

I will be listing 2007 N. 6th Street in Burbank tomorrow for $485,000. This probate fixer offers stellar upside opportunities and expansion possibilities.  And it's right across from Jefferson Elementary, one of the best elementary schools in Burbank.  It's 3 bedrooms, 2 baths, 1712 sf on a 8989 sf lot and has a bonus room, attached garage, fireplace, big backyard, etc.  But people, this is a serious fixer and NOT a DIY project, so contact your contractors.  It won't qualify for a loan, so offers will need to be all cash.  And it doesn't need probate court confirmation, but there are special probate procedures involved.  If you're interested, please contact me at my email address and I'll send you an information sheet.

The two delicious flavors of probate properties

I know, talking about probate properties is boring and has nothing to do with ice cream.  But you may need this info some day, and yes, if you're in the middle of a probate real estate transaction, you can get through this.  I'm posting this because I'll have a listing later this year that's currently tied up in probate court.

"Probate" is when the state (any state) steps in when somebody has died without leaving a will.  The state oversees the distribution of assets to remaining heirs and claimants.  Fair, no? But with regard to houses, there are two delicious flavors of probate proceedings: 1) probate properties that need court confirmation to sell and 2) probate properties that don't need court confirmation to sell and close.  Both processes are complicated, and that's why there are estate attorneys and whole bodies of law devoted to this. 

How do you tell one from another? If you're an heir or claimant to the estate, the court and attorneys will determine this for you.  If you're a buyer, the multiple listing service must say the property is subject to probate court and must also say which method is being used.  And if you're confused, please feel free to contact me for links and other info.