Single Family Residence
Time Period Number of Sales Median Sale Price
Sep 2010 4,099 $350,000
Sep 2009 4,922 $339,500
Aug 2010 4,358 $345,000
Aug 2009 4,757 $330,000
2010 YTD 40,667 $340,000
2009 54,058 $325,000
Condominium
Time Period Number of Sales Median Sale Price
Sep 2010 1,339 $320,000
Sep 2009 1,717 $337,000
Aug 2010 1,435 $319,000
Aug 2009 1,619 $349,000
2010 YTD 13,758 $320,750
2009 18,387 $336,000
Click Here: On The Edge of Losing Your Home?
Wednesday, October 27, 2010
Sunday, October 24, 2010
There Are Dignified Solutions To Foreclosure
You Deserve a Dignified Solution
The economy today has been especially hard on homeowners. I meet people every day who thought they made a responsible decision on their mortgage loan, only to be hit with the unexpected.
The first and best move to make in this position is to educate yourself on what your options are based on your financial situation.
Avoiding foreclosure is always something worth pursuing if you can, and there really are dignified alternatives available.
To get my free report on all the options and benefits of avoiding foreclosure, fill out the form below and click "Send". If you need immediate assistance, please contact me right away.
I'm here to help.
CLICK HERE: FORECLOSURE SOLUTIONS
Bankruptcy Is Not Always The Best Option
Considering filing for bankruptcy?
There may be alternatives you've never considered …
If you are having trouble paying your mortgage and are possibly considering bankruptcy, there may be better solutions for your particular circumstances.
I've created the free report available on this page, "The Hidden Costs of Bankruptcy," to provide more information.
Alternatives to foreclosure, such as conducting a short sale and moving into a rental residence with less expensive payments, may offer the breathing room you need to reorganize your finances.
To get your free report, fill out the form below and click send. However, if your situation is urgent and you need immediate assistance, please don't hesitate to contact me.
I'm here to assist you.
CLICK HERE: Bankruptcy Is Not Always The Best Option
Saturday, October 23, 2010
On The Edge of Losing Your Home?
| On The Edge of Losing Your Home? When you or someone you know is pushed to the edge of foreclosure, it is vital to know that you have options. It is my duty as a real estate professional to reach out to distressed homeowners. As a CDPE-designated agent, I have received extensive training to help homeowners avoid foreclosure. I created this site to provide a lifeline of information regarding alternatives. From short sales to loan modifications, I can provide information to help. For a free report on foreclosure alternatives, fill out the form below and click "Send." Take action today and avoid falling into foreclosure. I'm only a phone call or email away. For More Information CLICK HERE:: DO NOT LOSE YOUR HOME |
Friday, October 22, 2010
ARE YOU BEHIND YOUR MORTGAGE PAYMENTS ? There are Solutions
Underwater on your mortgage? Facing foreclosure? Avoiding foreclosure through a short sale can have many benefits for your future financial stability.
I created this site to help spread the word about the options to avoiding foreclosure, and a short sale has many benefits. A successful short sale can reduce the damage to one's future loan eligibility, credit rating, employment, security clearance and more.
For a free report on the differences between short sales and foreclosure, fill out the form below and click "Send". If your situation is urgent, feel free to contact me immediately. I'm ready to help you take action and secure a more secure financial future.
For More Information Click Here: FORECLOSURE OR SHORT SALE ?
Thursday, October 21, 2010
Probate Real Estate Home Transactions
Probate Sales of Real Property
Table of Contents
I. Probate Proceedings In General
II. Listing Contracts
III. Agency, TDS, and Other Disclosure Laws
IV. Real Estate Commissions
V. Submission of Offers
VI. Overbids
VII. Independent Administration Of Estates Act (IAEA)
Introduction
The primary purpose of this legal memorandum is to provide real estate licensees with a general working knowledge of the process involved in real property sales that are subject to the California Probate Code (CPC). The topics will include a broker's duties and rights to a commission under the CPC, as well as the steps involved when an administrator or executor is acting pursuant to the Independent Administration of Estates Act (IAEA), California Probate Code Sections 10400 et seq.
I. Probate Proceedings In General
Q 1. Can you give me a general description of how a sale of real property in probate works?
A Estate administration provides for the orderly distribution of real and personal property owned by a decedent. More specifically, any property which the decedent owned or in which the decedent had an interest at the time of death is collected into the estate and distributed to those entitled to it after all debts and expenses have been paid. The process of administering a decedent‘s estate is referred to as "probate," and is generally supervised by the probate court. A personal representative is the person or entity charged with the responsibility of administering a decedent's estate (Cal. Prob. Code § 58(a)). A personal representative is either:
• An executor (executrix) who is named in a will; or
• An administrator (administratrix) who is appointed by the court when there is no will, when the will does not name an executor or when the named executor is unable or unwilling to serve.
The personal representative is charged with the fiduciary responsibility of gathering the assets and paying the debts of the decedent in such a way that the beneficiaries or heirs of the decedent receive the maximum inheritance. The personal representative usually will hire an estate attorney to handle the legal aspects of the probate. Most business dealings are through the estate attorney.
Q 2. When may the personal representative sell estate property?
A Estate property may be sold by the personal representative when:
• The sale is necessary to pay debts, devises (gifts to persons named in the will), a family allowance, expenses of estate administration, or taxes;
• The sale is to the advantage of the estate and in the best interests of the interested persons;
• The property must be sold according to the terms of the will; or
• Authority is given in the will to sell the property.
(Cal. Prob. Code § 10000.)A decedent's will may designate the manner in which estate real property is to be sold or identify the particular property to be sold. Absent a court order based upon the best interests of the interested parties to the contrary, the personal representative shall comply with the decedent's instructions. If the will is silent on these matters or there is no will, the personal representative may select the method of sale and the particular property to be sold. Estate real property may be sold by private sale, public auction, or a different method specified in the will of the decedent (Cal. Prob. Code §§ 10000.3, 10303). A private sale is one in which bids or offers are independently solicited, while a sale by public auction invites concurrent competitive bidding.
Q 3. Must the personal representative list the estate real property with a real estate broker?
A The personal representative may legally market and sell real property without the services of a broker, as if he/she were the owner of the property. The personal representative is considered the “seller” in the transaction. However, the personal representative may list the property with a real estate broker. The process of listing, marketing and selling probate real property is much the same as any sales transaction with some exceptions discussed below. Unless the personal representative has full authority under the IAEA, a sale is generally subject to confirmation by the court.
Q 4. Are there any restrictions on the sales price of estate real property?
A Yes. The sales price of a private sale of estate real property subject to court confirmation must be at least 90 percent of its appraised value set within one year prior to the sale (Cal. Prob. Code § 10309). All terms of a sale, including the minimum required deposit, are generally subject to court approval and local rules of court which vary from county to county. Many courts require a 10 percent deposit at the confirmation hearing in the form of cash or a certified check. Generally, offers with contingencies of any sort (e.g., financing, sale of home) are not approved by the court. Sales of real property sold under the IAEA do not have the same restrictions and may contain all of the same contingencies and provisions as non-probate sales of real property (Cal. Prob. Code § 10503).
Q 5. What is a "Notice of Sale" and is it required prior to selling estate real property?
A A Notice of Sale must be published prior to the sale of estate real property unless the will directs the real property to be sold or gives authority to the personal representative to sell the real property. The Notice of Sale provides the public with required information concerning the sale and will typically be handled by the attorney for the estate. The contents of the Notice of Sale can be found in Probate Code Section 10304.
A Notice of Sale of real property must be published at least three times over a period of not less than 10 days before the sale, with the third publication at least five days after the first (Cal. Prob. Code § 10300; Cal. Gov’t Code § 6063a). All publications must be in a newspaper published at least weekly in the county in which all or some of the property is situated.
Certain sales are exempt from this requirement, most importantly, sales under the IAEA (Cal. Prob. Code § 10503—the property may be sold with or without notice).
Q 6. What is meant by court confirmation of the sale of real property?
A The personal representative is required to report the sale and petition the court for confirmation of the sale within 30 days of accepting an offer (Cal. Prob. Code § 10308). Should the personal representative fail to perform these acts in this time period, the purchaser may do so on his or her own behalf (Cal. Prob. Code § 10308(b)). All estate real property sales must be confirmed by the court except for sales of property under the IAEA.
At the confirmation hearing, the original sale may be subject to being overbid by another purchaser (Cal. Prob. Code § 10313). The court will confirm the sale to either the original bidder or to an overbidder and normally approve payment of the brokerage commissions. Title will pass to the successful buyer only after the terms of sale have been met, the court has confirmed the sale and the personal representative has executed a conveyance to that buyer (Cal. Prob. Code § 10314).
II. Listing Contracts
Q 7. May the personal representative enter into a contract with a licensed real estate broker to sell estate real property?
A Yes. The personal representative may enter in to an exclusive right to sell contract with a broker for an original period of not more than 90 days plus one or more extensions each limited to the same periods (Cal. Prob. Code § 10150(c)). This real estate broker may cooperate with other brokers and may advertise the property on the MLS (Cal. Prob. Code § 10150(a)). Prior court approval must be obtained for each extension unless the personal representative is acting under IAEA. However, even here, if the personal representative has obtained only "limited" power rather than "full" power to administer the estate, court supervision of the sale of real property is required (Cal. Prob. Code § 10501(b)).
Q 8. May a listing broker obtain an extension of the listing contract if the estate real property does not sell within the original listing ninety day period?
A Yes. However, any extension of the listing given requires prior court approval unless the personal representative is acting under IAEA. Each extension shall not exceed 90 days (Cal. Prob. Code § 10150(a)). Under IAEA authority, the personal representative may give discretionary 90 day extensions to the original period as long as the total time is less than 270 days. Once 270 days are exceeded, the IAEA personal representative must give a Notice of Proposed Action of such further extension (Cal. Prob. Code § 10538(c)). (See Section VII below for more information about the IAEA.)
Q 9. Is there a required form that must be used for listing estate real property?
A No. For sales under the IAEA any exclusive authorization and right to sell form is acceptable such as California Association of REALTORS® (C.A.R.) standard form listing contracts: RLA, RLAA and RLAN.
However, in the event court confirmation is required, C.A.R. Standard Form PL is appropriate, but it may also be used for probate sales under the IAEA.
III. Agency, TDS and Other Disclosure Laws
Q 10. Is compliance with the agency disclosure laws required in the sale of estate real property?
A Yes. If the estate real property consists of one to four residential units (including mobile homes) and is to be the subject of a sale, exchange, land contract, or lease exceeding one year, compliance with the agency disclosure laws is required. (Cal. Civ. Code § 2079.13(j).)
Q 11. Must the personal representative transferring estate real property complete a Real Estate Transfer Disclosure Statement (TDS) or provide other disclosures?
A Sellers of estate real property (and mobile homes) are exempt from the requirement of providing prospective buyers with a transfer disclosure statement (Cal. Civ. Code § 1102.2(b)). This does not, however, relieve the seller from disclosing any known material facts regarding the value or desirability of the property.
Furthermore, probate sales must still comply with other disclosure laws. For a complete list of required disclosures for probate residential one-to-four sales transactions, please refer to the following online chart: Sales Disclosure Chart for REALTORS®.
Q 12. Is a licensee required to conduct a visual inspection of residential estate real property that is offered for transfer?
A Yes. A licensee involved in the transfer of residential one-to-four unit estate real property interests (including mobile homes) is required to conduct a reasonably competent and diligent visual inspection of all accessible areas of the property and to disclose to prospective buyers all facts materially affecting the value or desirability of the property that the inspection reveals (Cal. Civ. Code § 2079(a)). Although not required by the statute, the disclosure should be made in writing.
IV. Real Estate Commissions
Q 13. How is the listing broker‘s commission established?
A The listing agreement usually specifies the amount of commission as a percentage of the sales price. The court will determine, in its discretion, what is a reasonable commission (Cal. Prob. Code §§ 10150((b), 10161(a)). However, the court may not approve an amount in excess of the maximum percentage established by local court rules. This amount can be determined by contacting the clerk of the probate court of the county in which the estate is being administered.
Local court rules do vary. For example: Los Angeles County Superior Court Rule 10.93 limits commission to 5% except in the case of vacant land; Orange County Superior Court Rule 606.06 limits commission to 6% unless justified by exceptional circumstances.
If a sale is confirmed by the court and subsequently closes, the listing broker has earned the commission specified in the listing contract, not to exceed the maximum percentage allowed by local court rules. The commission, also, may not exceed the amount provided for in the listing contract (Cal. Prob. Code § 10161(c)).
For Example: If the maximum under local rules is five percent and the broker‘s listing contract specifies four percent, the broker is limited to a four percent commission. Conversely, if the commission in the listing contract is six percent and the maximum under local rules is five percent, the listing broker‘s fee is limited to five percent.
Q 14. When does an estate become liable for a commission to the listing broker?
A The estate becomes liable for the listing broker‘s commission only after all three of the following have occurred:
• An actual sale is made;
• The sale is confirmed by the court unless the sale is conducted under IAEA; and
• The "sale is consummated."
(Cal. Prob. Code § 10160.)
Hence, brokers are never entitled to a commission in a probate sale until the estate receives the purchase price, the deed is transferred to the buyer and a mortgage or deed of trust is taken for payments due in the future (Cal. Prob. Code § 10160 (Law Revision Comm'n Comment)).
Q 15. Can different brokers involved in the sale of estate real property determine how the commission will be divided between them?
A Yes. The court must honor an agreement between brokers concerning the division of a commission (Cal. Prob. Code § 10168). However, the court has discretion to limit the total amount of commission paid by the estate.
Q 16. Does such a commission split agreement between brokers have to be in writing?
A No. Oral agreements between brokers concerning commission splits can be enforceable. However, mere verbal terms are often disputed and difficult to prove. A separate, written commission agreement between the brokers is highly recommended to avoid any misunderstanding.
Q 17. Is an offer of compensation in the Multiple Listing Service (MLS) an enforceable "agreement" between brokers to split commissions?
A Yes. An offer of compensation in a MLS normally creates an enforceable commission agreement between brokers, but only if the cooperating broker is a member of the same MLS (or an MLS with reciprocal privileges) and accepted the offer of compensation relying on the MLS listing. The listing broker may specify in the MLS that the offer of compensation goes only to the successful cooperating office. According to the California Model MLS Rules:
For estate sale or probate listings, the compensation offered through the service under these rules and this section shall be considered an agreement as referred to in California Probate Code Section 10165 and will therefore supersede any commission splits provided by statute when there is no agreement. This section contemplates that estate sale, probate and bankruptcy judges have broad discretion and therefore are not intended as a guarantee of a specific result as to commissions in every probate or bankruptcy sale.
The listing office may also specify the amount of compensation going to the first cooperating office (unconfirmed cooperating broker compensation-"ucb") if the accepted offer is overbid at the court confirmation hearing. (Cal. Model MLS Rule § 7.15.1.).
Q 18. Can the court, at the confirmation hearing, alter a commission agreement between cooperating brokers?
A If cooperating brokers have entered into a commission agreement, the law mandates that the court honor it (Cal. Prob. Code § 10168). If all brokers agree in court to the terms of a prior oral or written agreement to split a commission, there should be no reason for the court to alter it. An exception however could arise if commission agreement between the brokers exceeds local court rules limiting the commission amount as paid by the estate.
Q 19. Is there a comprehensive summary of rules concerning how much commission a broker earns on the sale of estate real property?
A Yes. The C.A.R. legal article titled California Probate Code Commission Schedule is a chart that specifies the amount of commission a broker is entitled to whether the property is exclusively or not exclusively listed, and when confirmed to the original bidder, or confirmed to an overbidder. The chart also specifies a broker's amount of commission in the event of a successful bid or overbid as obtained by the estate‘s personal representative.
Q 20. Can a real estate licensee receive a commission when buying estate real property as a principal?
A The 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" (e.g., financial interest in the purchaser) or is the purchaser. (Cal. Prob. Code § 10160.5). (See Estate of Toy v. Coldwell Banker (1977).)
Q 21. What is the broker‘s recourse when the court fails to award the broker a commission at the confirmation hearing?
A If the broker's commission is not ordered on the court record at the confirmation hearing, the broker may request it in writing and the court may modify the order to award a commission. If a licensee is present in court at the time of the hearing and fails to ask for a commission, or is not present in court and could have been, the court may choose not to modify the order. (Cal. Prob. Code §§10313(b); 10310(c).)
Q 22. What happens if the broker‘s commission is confirmed by the court but remains unpaid?
A If the estate fails to pay the broker a commission awarded by the court after the escrow has closed, the broker becomes a creditor of the estate. The broker may then institute proceedings to require payment. The court may at any time order an accounting by the personal representative of estate monies received and expended, including data on claims filed or presented to the estate.
It should be noted, however, that the commission is not earned until the sale is fully consummated. Thus, if the buyer defaults, no commission is payable and the broker is not entitled to file a claim against the estate.
Q 23. What happens if there is a dispute between brokers over the agreement to split commission?
A Generally the probate court will not interpret an agreement between cooperating brokers regarding the split of commission. If upon request the court does not specifically split the commission, the cooperating brokers should resolve their dispute through the Board/Association arbitration system like any other commission dispute.
V. Submission of Offers
Q 24. How should an offer be submitted on estate real property?
A Offers or bids on estate real property must be in writing. (See, for example, C.A.R. Standard Form PPA, Probate Purchase Agreement and Joint Escrow Instructions.)Many other purchase contracts are not specifically tailored to probate sales, but may be used. However, the contract should indicate that:
• The title to be conveyed is whatever the estate holds;
• The sale is subject to court confirmation;
• If applicable, the property is sold "as is";and
• The total commission will be in an amount set by the court and will be paid only from the sale proceeds, whatever sum may be allowed by the court.
Q 25. To whom should an offer be submitted?
A The offer received by the listing licensees should be submitted to the personal representative or anyone else listed in the Notice of Sale as the appropriate recipient. Many times the personal representative will designate the estate attorney as recipient of offers for initial review. (Cal. Prob. Code § 10307.)
Q 26. Who has the power to accept an offer concerning estate real property?
A The personal representative of the estate has the power to accept an offer. However, any acceptance is subject to court confirmation, unless the sale is made under the Independent Administration of Estates Act by a personal representation having full authority to administer the sale.
Q 27. When may offers be submitted on the sale of probate estate real property?
A Offers may be submitted at anytime. An offer received by the listing broker at any time before a sale closes must be presented to the personal representative, unless the personal representative has expressly instructed the broker not to present it, or unless the offer is patently frivolous. Whether the offer is patently frivolous depends on the facts and circumstances at the time of the offer. The licensee's safest course of action is to submit all offers of this type to the personal representative for his/her own determination.
Q 28. Will credit offers (subject to a loan) or other contingent offers on estate real property be confirmed by the court?
A Acceptance of a contingent offer is quite rare in probate sales. Acceptance of a credit offer is subject to court approval (Cal. Prob. Code § 10315). In addition, the court may also permit seller financing (by the estate) (Cal. Prob. Code § 10315). An offer with any contingency may be accepted by the personal representative, subject to court confirmation, which will usually require a demonstration of evidence that the property cannot be sold without the contingency. The personal representative may also consider accepting an offer with a contingency provided the prospective purchaser removes the contingency before the offer is submitted to court. Under IAEA full authority, no rules specifically prohibit a contingent sales contract.
Q 29. Is there a minimum price for which estate real property must be sold?
A Generally, yes. Without full authority under IAEA, the minimum offer price for a private sale of real property must be at least 90 percent of the appraised value of the property (Cal. Prob. Code § 10309(a)(3)). The appraisal must have been made within one year prior to the date of the confirmation hearing (Cal. Prob. Code § 10309(a)(2)).
Q 30. Is there a minimum deposit required on the sale of estate real property?
A Generally, yes. Except under IAEA full authority, all terms of a sale including the minimum required deposit are subject to court approval and local rules of court which vary from county to county. Many courts require a 10 percent deposit at the confirmation hearing in the form of cash, cashier’s check, or a certified check.
Q 31. How soon must the accepted offer be returned to the court for confirmation?
A The personal representative is required to file a report of the sale and petition the court for confirmation of sale within 30 days after acceptance of the offer unless acting under IAEA full authority (Cal. Prob. Code § 10308). If the representative refuses or fails to do so within the 30 day period, the buyer may proceed to file the report and petition the court for confirmation of the sale. The buyer, of course, should consult a personal attorney if the buyer feels it is necessary to petition the court. (Cal. Prob. Code § 10308).
VI. Overbids
Q 32. Is an original bid subject to an overbid at the confirmation hearing?
A Yes unless the sale is under full authority of IAEA. Another prospective purchaser may attend the confirmation hearing and submit to the court a higher written offer, called an "overbid," to purchase the real property (Cal. Prob. Code § 10311).
Q 33. Is there a minimum amount required for an overbid?
A Yes. The initial overbid must exceed the original bid according to the following formula:
• The amount of the original bid, plus
• At least 10 percent of the first $10,000.00 of the original bid; plus
• At least 5 percent of the amount of the original bid in excess of $10,000.00.
If the original bid returned to the court for confirmation is for $100,000.00, then the initial overbid must be for at least $105,500.00 (10 percent of the first $10,000.00 = $1,000.00; plus five percent of the remaining balance of that bid of $90,000 = $4,500.00; $1,000.00 + $4,500.00 = $5,500.00 which must be added to the original bid of $100,000. The resulting minimum overbid requires is $105,500. ($100,000 + $5,500).
The minimum amount of increase required after the first overbid will be set by the court at the time of the confirmation hearing. The court will accept bids in much the same manner as an auction until the highest bid available has been made at the confirmation hearing.
If one prospective buyer bids a lesser cash amount and another prospective buyer bids a higher credit amount, the court cannot consider the higher offer unless the personal representative informs the court in person (or by counsel prior to confirmation of the sale) that the higher offer is acceptable (Cal. Prob. Code § 10311(d)).
VII. Independent Administration Of Estates Act (IAEA)
Q 34. What is the Independent Administration of Estates Act?
A The Independent Administration of Estates Act (IAEA) is a series of laws allowing the personal representative to administer most aspects of the decedent‘s estate without court supervision. The authority to administer the estate under the IAEA can be given by the decedent‘s will or by the court upon petition by the personal representative. It is generally done when the probate proceeding is initiated but can be done at any time during the proceedings. (California Probate Code §§ 10400 et seq.)
An estate cannot be administered under the IAEA if the decedent‘s will prohibits it (Cal. Prob. Code § 10450) or if an interested party provides court-approved good cause why it should not be administered under the IAEA (Cal. Prob. Code § 10454(d)). Also, an objecting interested person with good cause may convince the court to grant restrictions to the powers of the personal representative acting under IAEA. If the restriction is granted, the authority of the personal representative becomes "limited" rather than "full." (Cal. Prob. Code § 10454(e).)
Q 35. Can the personal representative's authority under the IAEA be limited?
A Yes. The court can grant the personal representative full or limited authority under the IAEA (Cal. Probate Code § 10454(a)). If the personal representative has limited authority, court supervision is required for the sale, exchange or granting of an option to purchase estate real property (Cal. Prob. Code § 10501(b)). If the personal representative has full authority, court supervision for the sale, exchange or granting of an option is only required if the personal representative or estate‘s attorney is the principal buying, exchanging with or optioning the estate property, or, if objections are made to the Notice of Proposed Action (Cal. Prob. Code § 10501(a)).
Q 36. What is the difference between "limited" authority and "full" authority of a personal representative acting under the IAEA rules?
A If the court grants only limited authority to the personal representative, he/she has the power to do all acts allowed under the IAEA rules except the power to: (1) sell real property, (2) exchange real property, (3) grant an option to purchase real property; or (4) borrow money with a loan secured by an encumbrance on real property (Cal. Prob. Code § 10501(b)). With limited authority, court supervision is required.
On the other hand, full authority granted under IAEA rules allows the personal representative to sell real property, exchange real property, grant an option to purchase real property, or borrow money with a loan secured by real property at his or her discretion (Cal. Prob. Code §§ 10511, 10514, 10515, 10517). However, neither authority may be granted if the decedent‘s will prohibits IAEA authority.
Q 37. Are the price and terms prescribed by law when estate real property is being sold under the IAEA?
A No. Under full authority to administer decedent‘s estate, a sale of estate real property may be made at the price and on the terms determined by the personal representative. The sale is not subject to court supervision or the overbid process. The law requiring the price of estate real property to be at least 90 percent of the appraised value does not apply to sales under the IAEA. However, the personal representative still has a fiduciary duty to the beneficiaries/heirs of the decedent to maximize the estate‘s assets. Additionally, the sale can be for cash or on credit. (Cal. Prob. Code § 10503.)
Q 38. Is the personal representative required to inform anyone of a possible sale of estate real property when it is being sold under the IAEA?
A Yes, the personal representative must give a "Notice of Proposed Action" when selling estate real property without court supervision (Cal. Prob. Code §§ 10510, 10511). The personal representative must inform the following persons and entities with an interest which may be affected by the proposed sale, unless they have waived in writing such notice or have provided written consent to the sale:
• Each person named in a will;
• Each known heir entitled by law to property of a decedent dying without a will;
• Other interested persons requesting notice, such as creditors or beneficiaries of a trust; and
• The Attorney General, if any portion of the property is to go to the State.
(Cal. Prob. Code § 10581.)
Q 39. How does the personal representative notify the above-named parties and what information must be included in the Notice of Proposed Action?
A The personal representative notifies the required parties, mentioned in the previous question, of the pending sale with a form called the "Notice of Proposed Action." This form describes the terms upon which the personal representative proposes to take action on behalf of the estate, such as selling estate real property. The Notice of Proposed Action must include all of the following information:
• The name and mailing address of the personal representative;
• The name and telephone number of the person to contact for additional information;
• A reasonably specific description of the action to be taken, including a description of the property and the material terms of the sale, exchange or granting of an option to purchase property, including the price and amount or method of calculating any brokerage commissions; and
• The date on or after which the proposed action will occur.
(Cal. Prob. Code § 10585.)
Q 40. How should the Notice of Proposed Action be given?
A The Notice of Proposed Action must be mailed or personally delivered to all persons entitled to receive it at least 15 days before the date the proposed action is to take place. If mailed, the notice must be addressed to the interested person‘s last known address and sent first class mail. The personal representative or the estate‘s attorney will typically handle preparation and delivery of the Notice of Proposed Action to all appropriate parties. (Cal. Prob. Code § 10586.)
Q 41. How can a recipient of the Notice of Proposed Action object to the sale?
A Anyone entitled to receive the Notice of Proposed Action can object to it by delivering or mailing a written objection to the personal representative at the address in the notice. (Cal. Prob. Code § 10587(b)).
Alternatively, the objecting party may request from the probate court an order restraining the personal representative from taking the proposed action without court supervision. Here the court has broad powers in response to the objection of an interested party. The court must grant such a request even without the obligation of giving notice to the personal representative and without cause being shown for the order. Once a restraining order has been issued or the personal representative has received notice of written objections to the Notice of Proposed Action, court supervision is required in order to take any action pertaining to that property. (Cal. Prob. Code § 10589.)
Q 42. Must the personal representative administer the estate under the IAEA if the representative has been granted the authority to do so by the court?
A No. Even though the court has granted the personal representative the authority to administer the estate under the IAEA, the representative is not required to sell the property in this manner. The determining factor of whether a representative exercises the authority to sell the property under the IAEA is what is best for the estate, taking into consideration many factors including:
• The process of sale under the IAEA is usually quicker than a court supervised sale;
• There is no requirement of overbidding or court confirmation of the sale under IAEA;
• The personal representative can agree to any terms and contingencies deemed necessary to close the sale;
• The general economic and market forces; and that
• Overbidding in court often times increases the purchase price of the property and the proceeds to the estate;
• Which manner of sale likely produces maximum estate assets.
Q 43. How does a sale conducted under the IAEA affect a licensee‘s rights and duties?
A The personal representative has the power to grant an exclusive right to sell property for an original period not to exceed 90 days. Any extensions are also limited to a 90 day time period. (Cal. Prob. Code § 10538(a).)
However, when the combination of the original listing period and all extensions exceed 270 days, the personal representative shall provide a Notice of Proposed Action to all interested parties to the will. Further, a licensee is still required to comply with the agency disclosure laws and conduct a visual inspection of all accessible areas of the property and disclose what the inspection reveals. Additionally, under the IAEA, a broker and a personal representative can contract as to the amount due the broker as a commission without court approval. (Cal. Prob. Code § 10538(c).)
Q 44. Where can I obtain additional information?
A This legal article is one of the many Legal Q&As, Legal Briefs, and other free legal publications made available to REALTORS® by C.A.R. For a complete listing of products and services available from C.A.R. visit C.A.R. Online at www.car.org.
Click Here To Preview Homes: http://granadahills.kwrealty.com/
Table of Contents
I. Probate Proceedings In General
II. Listing Contracts
III. Agency, TDS, and Other Disclosure Laws
IV. Real Estate Commissions
V. Submission of Offers
VI. Overbids
VII. Independent Administration Of Estates Act (IAEA)
Introduction
The primary purpose of this legal memorandum is to provide real estate licensees with a general working knowledge of the process involved in real property sales that are subject to the California Probate Code (CPC). The topics will include a broker's duties and rights to a commission under the CPC, as well as the steps involved when an administrator or executor is acting pursuant to the Independent Administration of Estates Act (IAEA), California Probate Code Sections 10400 et seq.
I. Probate Proceedings In General
Q 1. Can you give me a general description of how a sale of real property in probate works?
A Estate administration provides for the orderly distribution of real and personal property owned by a decedent. More specifically, any property which the decedent owned or in which the decedent had an interest at the time of death is collected into the estate and distributed to those entitled to it after all debts and expenses have been paid. The process of administering a decedent‘s estate is referred to as "probate," and is generally supervised by the probate court. A personal representative is the person or entity charged with the responsibility of administering a decedent's estate (Cal. Prob. Code § 58(a)). A personal representative is either:
• An executor (executrix) who is named in a will; or
• An administrator (administratrix) who is appointed by the court when there is no will, when the will does not name an executor or when the named executor is unable or unwilling to serve.
The personal representative is charged with the fiduciary responsibility of gathering the assets and paying the debts of the decedent in such a way that the beneficiaries or heirs of the decedent receive the maximum inheritance. The personal representative usually will hire an estate attorney to handle the legal aspects of the probate. Most business dealings are through the estate attorney.
Q 2. When may the personal representative sell estate property?
A Estate property may be sold by the personal representative when:
• The sale is necessary to pay debts, devises (gifts to persons named in the will), a family allowance, expenses of estate administration, or taxes;
• The sale is to the advantage of the estate and in the best interests of the interested persons;
• The property must be sold according to the terms of the will; or
• Authority is given in the will to sell the property.
(Cal. Prob. Code § 10000.)A decedent's will may designate the manner in which estate real property is to be sold or identify the particular property to be sold. Absent a court order based upon the best interests of the interested parties to the contrary, the personal representative shall comply with the decedent's instructions. If the will is silent on these matters or there is no will, the personal representative may select the method of sale and the particular property to be sold. Estate real property may be sold by private sale, public auction, or a different method specified in the will of the decedent (Cal. Prob. Code §§ 10000.3, 10303). A private sale is one in which bids or offers are independently solicited, while a sale by public auction invites concurrent competitive bidding.
Q 3. Must the personal representative list the estate real property with a real estate broker?
A The personal representative may legally market and sell real property without the services of a broker, as if he/she were the owner of the property. The personal representative is considered the “seller” in the transaction. However, the personal representative may list the property with a real estate broker. The process of listing, marketing and selling probate real property is much the same as any sales transaction with some exceptions discussed below. Unless the personal representative has full authority under the IAEA, a sale is generally subject to confirmation by the court.
Q 4. Are there any restrictions on the sales price of estate real property?
A Yes. The sales price of a private sale of estate real property subject to court confirmation must be at least 90 percent of its appraised value set within one year prior to the sale (Cal. Prob. Code § 10309). All terms of a sale, including the minimum required deposit, are generally subject to court approval and local rules of court which vary from county to county. Many courts require a 10 percent deposit at the confirmation hearing in the form of cash or a certified check. Generally, offers with contingencies of any sort (e.g., financing, sale of home) are not approved by the court. Sales of real property sold under the IAEA do not have the same restrictions and may contain all of the same contingencies and provisions as non-probate sales of real property (Cal. Prob. Code § 10503).
Q 5. What is a "Notice of Sale" and is it required prior to selling estate real property?
A A Notice of Sale must be published prior to the sale of estate real property unless the will directs the real property to be sold or gives authority to the personal representative to sell the real property. The Notice of Sale provides the public with required information concerning the sale and will typically be handled by the attorney for the estate. The contents of the Notice of Sale can be found in Probate Code Section 10304.
A Notice of Sale of real property must be published at least three times over a period of not less than 10 days before the sale, with the third publication at least five days after the first (Cal. Prob. Code § 10300; Cal. Gov’t Code § 6063a). All publications must be in a newspaper published at least weekly in the county in which all or some of the property is situated.
Certain sales are exempt from this requirement, most importantly, sales under the IAEA (Cal. Prob. Code § 10503—the property may be sold with or without notice).
Q 6. What is meant by court confirmation of the sale of real property?
A The personal representative is required to report the sale and petition the court for confirmation of the sale within 30 days of accepting an offer (Cal. Prob. Code § 10308). Should the personal representative fail to perform these acts in this time period, the purchaser may do so on his or her own behalf (Cal. Prob. Code § 10308(b)). All estate real property sales must be confirmed by the court except for sales of property under the IAEA.
At the confirmation hearing, the original sale may be subject to being overbid by another purchaser (Cal. Prob. Code § 10313). The court will confirm the sale to either the original bidder or to an overbidder and normally approve payment of the brokerage commissions. Title will pass to the successful buyer only after the terms of sale have been met, the court has confirmed the sale and the personal representative has executed a conveyance to that buyer (Cal. Prob. Code § 10314).
II. Listing Contracts
Q 7. May the personal representative enter into a contract with a licensed real estate broker to sell estate real property?
A Yes. The personal representative may enter in to an exclusive right to sell contract with a broker for an original period of not more than 90 days plus one or more extensions each limited to the same periods (Cal. Prob. Code § 10150(c)). This real estate broker may cooperate with other brokers and may advertise the property on the MLS (Cal. Prob. Code § 10150(a)). Prior court approval must be obtained for each extension unless the personal representative is acting under IAEA. However, even here, if the personal representative has obtained only "limited" power rather than "full" power to administer the estate, court supervision of the sale of real property is required (Cal. Prob. Code § 10501(b)).
Q 8. May a listing broker obtain an extension of the listing contract if the estate real property does not sell within the original listing ninety day period?
A Yes. However, any extension of the listing given requires prior court approval unless the personal representative is acting under IAEA. Each extension shall not exceed 90 days (Cal. Prob. Code § 10150(a)). Under IAEA authority, the personal representative may give discretionary 90 day extensions to the original period as long as the total time is less than 270 days. Once 270 days are exceeded, the IAEA personal representative must give a Notice of Proposed Action of such further extension (Cal. Prob. Code § 10538(c)). (See Section VII below for more information about the IAEA.)
Q 9. Is there a required form that must be used for listing estate real property?
A No. For sales under the IAEA any exclusive authorization and right to sell form is acceptable such as California Association of REALTORS® (C.A.R.) standard form listing contracts: RLA, RLAA and RLAN.
However, in the event court confirmation is required, C.A.R. Standard Form PL is appropriate, but it may also be used for probate sales under the IAEA.
III. Agency, TDS and Other Disclosure Laws
Q 10. Is compliance with the agency disclosure laws required in the sale of estate real property?
A Yes. If the estate real property consists of one to four residential units (including mobile homes) and is to be the subject of a sale, exchange, land contract, or lease exceeding one year, compliance with the agency disclosure laws is required. (Cal. Civ. Code § 2079.13(j).)
Q 11. Must the personal representative transferring estate real property complete a Real Estate Transfer Disclosure Statement (TDS) or provide other disclosures?
A Sellers of estate real property (and mobile homes) are exempt from the requirement of providing prospective buyers with a transfer disclosure statement (Cal. Civ. Code § 1102.2(b)). This does not, however, relieve the seller from disclosing any known material facts regarding the value or desirability of the property.
Furthermore, probate sales must still comply with other disclosure laws. For a complete list of required disclosures for probate residential one-to-four sales transactions, please refer to the following online chart: Sales Disclosure Chart for REALTORS®.
Q 12. Is a licensee required to conduct a visual inspection of residential estate real property that is offered for transfer?
A Yes. A licensee involved in the transfer of residential one-to-four unit estate real property interests (including mobile homes) is required to conduct a reasonably competent and diligent visual inspection of all accessible areas of the property and to disclose to prospective buyers all facts materially affecting the value or desirability of the property that the inspection reveals (Cal. Civ. Code § 2079(a)). Although not required by the statute, the disclosure should be made in writing.
IV. Real Estate Commissions
Q 13. How is the listing broker‘s commission established?
A The listing agreement usually specifies the amount of commission as a percentage of the sales price. The court will determine, in its discretion, what is a reasonable commission (Cal. Prob. Code §§ 10150((b), 10161(a)). However, the court may not approve an amount in excess of the maximum percentage established by local court rules. This amount can be determined by contacting the clerk of the probate court of the county in which the estate is being administered.
Local court rules do vary. For example: Los Angeles County Superior Court Rule 10.93 limits commission to 5% except in the case of vacant land; Orange County Superior Court Rule 606.06 limits commission to 6% unless justified by exceptional circumstances.
If a sale is confirmed by the court and subsequently closes, the listing broker has earned the commission specified in the listing contract, not to exceed the maximum percentage allowed by local court rules. The commission, also, may not exceed the amount provided for in the listing contract (Cal. Prob. Code § 10161(c)).
For Example: If the maximum under local rules is five percent and the broker‘s listing contract specifies four percent, the broker is limited to a four percent commission. Conversely, if the commission in the listing contract is six percent and the maximum under local rules is five percent, the listing broker‘s fee is limited to five percent.
Q 14. When does an estate become liable for a commission to the listing broker?
A The estate becomes liable for the listing broker‘s commission only after all three of the following have occurred:
• An actual sale is made;
• The sale is confirmed by the court unless the sale is conducted under IAEA; and
• The "sale is consummated."
(Cal. Prob. Code § 10160.)
Hence, brokers are never entitled to a commission in a probate sale until the estate receives the purchase price, the deed is transferred to the buyer and a mortgage or deed of trust is taken for payments due in the future (Cal. Prob. Code § 10160 (Law Revision Comm'n Comment)).
Q 15. Can different brokers involved in the sale of estate real property determine how the commission will be divided between them?
A Yes. The court must honor an agreement between brokers concerning the division of a commission (Cal. Prob. Code § 10168). However, the court has discretion to limit the total amount of commission paid by the estate.
Q 16. Does such a commission split agreement between brokers have to be in writing?
A No. Oral agreements between brokers concerning commission splits can be enforceable. However, mere verbal terms are often disputed and difficult to prove. A separate, written commission agreement between the brokers is highly recommended to avoid any misunderstanding.
Q 17. Is an offer of compensation in the Multiple Listing Service (MLS) an enforceable "agreement" between brokers to split commissions?
A Yes. An offer of compensation in a MLS normally creates an enforceable commission agreement between brokers, but only if the cooperating broker is a member of the same MLS (or an MLS with reciprocal privileges) and accepted the offer of compensation relying on the MLS listing. The listing broker may specify in the MLS that the offer of compensation goes only to the successful cooperating office. According to the California Model MLS Rules:
For estate sale or probate listings, the compensation offered through the service under these rules and this section shall be considered an agreement as referred to in California Probate Code Section 10165 and will therefore supersede any commission splits provided by statute when there is no agreement. This section contemplates that estate sale, probate and bankruptcy judges have broad discretion and therefore are not intended as a guarantee of a specific result as to commissions in every probate or bankruptcy sale.
The listing office may also specify the amount of compensation going to the first cooperating office (unconfirmed cooperating broker compensation-"ucb") if the accepted offer is overbid at the court confirmation hearing. (Cal. Model MLS Rule § 7.15.1.).
Q 18. Can the court, at the confirmation hearing, alter a commission agreement between cooperating brokers?
A If cooperating brokers have entered into a commission agreement, the law mandates that the court honor it (Cal. Prob. Code § 10168). If all brokers agree in court to the terms of a prior oral or written agreement to split a commission, there should be no reason for the court to alter it. An exception however could arise if commission agreement between the brokers exceeds local court rules limiting the commission amount as paid by the estate.
Q 19. Is there a comprehensive summary of rules concerning how much commission a broker earns on the sale of estate real property?
A Yes. The C.A.R. legal article titled California Probate Code Commission Schedule is a chart that specifies the amount of commission a broker is entitled to whether the property is exclusively or not exclusively listed, and when confirmed to the original bidder, or confirmed to an overbidder. The chart also specifies a broker's amount of commission in the event of a successful bid or overbid as obtained by the estate‘s personal representative.
Q 20. Can a real estate licensee receive a commission when buying estate real property as a principal?
A The 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" (e.g., financial interest in the purchaser) or is the purchaser. (Cal. Prob. Code § 10160.5). (See Estate of Toy v. Coldwell Banker (1977).)
Q 21. What is the broker‘s recourse when the court fails to award the broker a commission at the confirmation hearing?
A If the broker's commission is not ordered on the court record at the confirmation hearing, the broker may request it in writing and the court may modify the order to award a commission. If a licensee is present in court at the time of the hearing and fails to ask for a commission, or is not present in court and could have been, the court may choose not to modify the order. (Cal. Prob. Code §§10313(b); 10310(c).)
Q 22. What happens if the broker‘s commission is confirmed by the court but remains unpaid?
A If the estate fails to pay the broker a commission awarded by the court after the escrow has closed, the broker becomes a creditor of the estate. The broker may then institute proceedings to require payment. The court may at any time order an accounting by the personal representative of estate monies received and expended, including data on claims filed or presented to the estate.
It should be noted, however, that the commission is not earned until the sale is fully consummated. Thus, if the buyer defaults, no commission is payable and the broker is not entitled to file a claim against the estate.
Q 23. What happens if there is a dispute between brokers over the agreement to split commission?
A Generally the probate court will not interpret an agreement between cooperating brokers regarding the split of commission. If upon request the court does not specifically split the commission, the cooperating brokers should resolve their dispute through the Board/Association arbitration system like any other commission dispute.
V. Submission of Offers
Q 24. How should an offer be submitted on estate real property?
A Offers or bids on estate real property must be in writing. (See, for example, C.A.R. Standard Form PPA, Probate Purchase Agreement and Joint Escrow Instructions.)Many other purchase contracts are not specifically tailored to probate sales, but may be used. However, the contract should indicate that:
• The title to be conveyed is whatever the estate holds;
• The sale is subject to court confirmation;
• If applicable, the property is sold "as is";and
• The total commission will be in an amount set by the court and will be paid only from the sale proceeds, whatever sum may be allowed by the court.
Q 25. To whom should an offer be submitted?
A The offer received by the listing licensees should be submitted to the personal representative or anyone else listed in the Notice of Sale as the appropriate recipient. Many times the personal representative will designate the estate attorney as recipient of offers for initial review. (Cal. Prob. Code § 10307.)
Q 26. Who has the power to accept an offer concerning estate real property?
A The personal representative of the estate has the power to accept an offer. However, any acceptance is subject to court confirmation, unless the sale is made under the Independent Administration of Estates Act by a personal representation having full authority to administer the sale.
Q 27. When may offers be submitted on the sale of probate estate real property?
A Offers may be submitted at anytime. An offer received by the listing broker at any time before a sale closes must be presented to the personal representative, unless the personal representative has expressly instructed the broker not to present it, or unless the offer is patently frivolous. Whether the offer is patently frivolous depends on the facts and circumstances at the time of the offer. The licensee's safest course of action is to submit all offers of this type to the personal representative for his/her own determination.
Q 28. Will credit offers (subject to a loan) or other contingent offers on estate real property be confirmed by the court?
A Acceptance of a contingent offer is quite rare in probate sales. Acceptance of a credit offer is subject to court approval (Cal. Prob. Code § 10315). In addition, the court may also permit seller financing (by the estate) (Cal. Prob. Code § 10315). An offer with any contingency may be accepted by the personal representative, subject to court confirmation, which will usually require a demonstration of evidence that the property cannot be sold without the contingency. The personal representative may also consider accepting an offer with a contingency provided the prospective purchaser removes the contingency before the offer is submitted to court. Under IAEA full authority, no rules specifically prohibit a contingent sales contract.
Q 29. Is there a minimum price for which estate real property must be sold?
A Generally, yes. Without full authority under IAEA, the minimum offer price for a private sale of real property must be at least 90 percent of the appraised value of the property (Cal. Prob. Code § 10309(a)(3)). The appraisal must have been made within one year prior to the date of the confirmation hearing (Cal. Prob. Code § 10309(a)(2)).
Q 30. Is there a minimum deposit required on the sale of estate real property?
A Generally, yes. Except under IAEA full authority, all terms of a sale including the minimum required deposit are subject to court approval and local rules of court which vary from county to county. Many courts require a 10 percent deposit at the confirmation hearing in the form of cash, cashier’s check, or a certified check.
Q 31. How soon must the accepted offer be returned to the court for confirmation?
A The personal representative is required to file a report of the sale and petition the court for confirmation of sale within 30 days after acceptance of the offer unless acting under IAEA full authority (Cal. Prob. Code § 10308). If the representative refuses or fails to do so within the 30 day period, the buyer may proceed to file the report and petition the court for confirmation of the sale. The buyer, of course, should consult a personal attorney if the buyer feels it is necessary to petition the court. (Cal. Prob. Code § 10308).
VI. Overbids
Q 32. Is an original bid subject to an overbid at the confirmation hearing?
A Yes unless the sale is under full authority of IAEA. Another prospective purchaser may attend the confirmation hearing and submit to the court a higher written offer, called an "overbid," to purchase the real property (Cal. Prob. Code § 10311).
Q 33. Is there a minimum amount required for an overbid?
A Yes. The initial overbid must exceed the original bid according to the following formula:
• The amount of the original bid, plus
• At least 10 percent of the first $10,000.00 of the original bid; plus
• At least 5 percent of the amount of the original bid in excess of $10,000.00.
If the original bid returned to the court for confirmation is for $100,000.00, then the initial overbid must be for at least $105,500.00 (10 percent of the first $10,000.00 = $1,000.00; plus five percent of the remaining balance of that bid of $90,000 = $4,500.00; $1,000.00 + $4,500.00 = $5,500.00 which must be added to the original bid of $100,000. The resulting minimum overbid requires is $105,500. ($100,000 + $5,500).
The minimum amount of increase required after the first overbid will be set by the court at the time of the confirmation hearing. The court will accept bids in much the same manner as an auction until the highest bid available has been made at the confirmation hearing.
If one prospective buyer bids a lesser cash amount and another prospective buyer bids a higher credit amount, the court cannot consider the higher offer unless the personal representative informs the court in person (or by counsel prior to confirmation of the sale) that the higher offer is acceptable (Cal. Prob. Code § 10311(d)).
VII. Independent Administration Of Estates Act (IAEA)
Q 34. What is the Independent Administration of Estates Act?
A The Independent Administration of Estates Act (IAEA) is a series of laws allowing the personal representative to administer most aspects of the decedent‘s estate without court supervision. The authority to administer the estate under the IAEA can be given by the decedent‘s will or by the court upon petition by the personal representative. It is generally done when the probate proceeding is initiated but can be done at any time during the proceedings. (California Probate Code §§ 10400 et seq.)
An estate cannot be administered under the IAEA if the decedent‘s will prohibits it (Cal. Prob. Code § 10450) or if an interested party provides court-approved good cause why it should not be administered under the IAEA (Cal. Prob. Code § 10454(d)). Also, an objecting interested person with good cause may convince the court to grant restrictions to the powers of the personal representative acting under IAEA. If the restriction is granted, the authority of the personal representative becomes "limited" rather than "full." (Cal. Prob. Code § 10454(e).)
Q 35. Can the personal representative's authority under the IAEA be limited?
A Yes. The court can grant the personal representative full or limited authority under the IAEA (Cal. Probate Code § 10454(a)). If the personal representative has limited authority, court supervision is required for the sale, exchange or granting of an option to purchase estate real property (Cal. Prob. Code § 10501(b)). If the personal representative has full authority, court supervision for the sale, exchange or granting of an option is only required if the personal representative or estate‘s attorney is the principal buying, exchanging with or optioning the estate property, or, if objections are made to the Notice of Proposed Action (Cal. Prob. Code § 10501(a)).
Q 36. What is the difference between "limited" authority and "full" authority of a personal representative acting under the IAEA rules?
A If the court grants only limited authority to the personal representative, he/she has the power to do all acts allowed under the IAEA rules except the power to: (1) sell real property, (2) exchange real property, (3) grant an option to purchase real property; or (4) borrow money with a loan secured by an encumbrance on real property (Cal. Prob. Code § 10501(b)). With limited authority, court supervision is required.
On the other hand, full authority granted under IAEA rules allows the personal representative to sell real property, exchange real property, grant an option to purchase real property, or borrow money with a loan secured by real property at his or her discretion (Cal. Prob. Code §§ 10511, 10514, 10515, 10517). However, neither authority may be granted if the decedent‘s will prohibits IAEA authority.
Q 37. Are the price and terms prescribed by law when estate real property is being sold under the IAEA?
A No. Under full authority to administer decedent‘s estate, a sale of estate real property may be made at the price and on the terms determined by the personal representative. The sale is not subject to court supervision or the overbid process. The law requiring the price of estate real property to be at least 90 percent of the appraised value does not apply to sales under the IAEA. However, the personal representative still has a fiduciary duty to the beneficiaries/heirs of the decedent to maximize the estate‘s assets. Additionally, the sale can be for cash or on credit. (Cal. Prob. Code § 10503.)
Q 38. Is the personal representative required to inform anyone of a possible sale of estate real property when it is being sold under the IAEA?
A Yes, the personal representative must give a "Notice of Proposed Action" when selling estate real property without court supervision (Cal. Prob. Code §§ 10510, 10511). The personal representative must inform the following persons and entities with an interest which may be affected by the proposed sale, unless they have waived in writing such notice or have provided written consent to the sale:
• Each person named in a will;
• Each known heir entitled by law to property of a decedent dying without a will;
• Other interested persons requesting notice, such as creditors or beneficiaries of a trust; and
• The Attorney General, if any portion of the property is to go to the State.
(Cal. Prob. Code § 10581.)
Q 39. How does the personal representative notify the above-named parties and what information must be included in the Notice of Proposed Action?
A The personal representative notifies the required parties, mentioned in the previous question, of the pending sale with a form called the "Notice of Proposed Action." This form describes the terms upon which the personal representative proposes to take action on behalf of the estate, such as selling estate real property. The Notice of Proposed Action must include all of the following information:
• The name and mailing address of the personal representative;
• The name and telephone number of the person to contact for additional information;
• A reasonably specific description of the action to be taken, including a description of the property and the material terms of the sale, exchange or granting of an option to purchase property, including the price and amount or method of calculating any brokerage commissions; and
• The date on or after which the proposed action will occur.
(Cal. Prob. Code § 10585.)
Q 40. How should the Notice of Proposed Action be given?
A The Notice of Proposed Action must be mailed or personally delivered to all persons entitled to receive it at least 15 days before the date the proposed action is to take place. If mailed, the notice must be addressed to the interested person‘s last known address and sent first class mail. The personal representative or the estate‘s attorney will typically handle preparation and delivery of the Notice of Proposed Action to all appropriate parties. (Cal. Prob. Code § 10586.)
Q 41. How can a recipient of the Notice of Proposed Action object to the sale?
A Anyone entitled to receive the Notice of Proposed Action can object to it by delivering or mailing a written objection to the personal representative at the address in the notice. (Cal. Prob. Code § 10587(b)).
Alternatively, the objecting party may request from the probate court an order restraining the personal representative from taking the proposed action without court supervision. Here the court has broad powers in response to the objection of an interested party. The court must grant such a request even without the obligation of giving notice to the personal representative and without cause being shown for the order. Once a restraining order has been issued or the personal representative has received notice of written objections to the Notice of Proposed Action, court supervision is required in order to take any action pertaining to that property. (Cal. Prob. Code § 10589.)
Q 42. Must the personal representative administer the estate under the IAEA if the representative has been granted the authority to do so by the court?
A No. Even though the court has granted the personal representative the authority to administer the estate under the IAEA, the representative is not required to sell the property in this manner. The determining factor of whether a representative exercises the authority to sell the property under the IAEA is what is best for the estate, taking into consideration many factors including:
• The process of sale under the IAEA is usually quicker than a court supervised sale;
• There is no requirement of overbidding or court confirmation of the sale under IAEA;
• The personal representative can agree to any terms and contingencies deemed necessary to close the sale;
• The general economic and market forces; and that
• Overbidding in court often times increases the purchase price of the property and the proceeds to the estate;
• Which manner of sale likely produces maximum estate assets.
Q 43. How does a sale conducted under the IAEA affect a licensee‘s rights and duties?
A The personal representative has the power to grant an exclusive right to sell property for an original period not to exceed 90 days. Any extensions are also limited to a 90 day time period. (Cal. Prob. Code § 10538(a).)
However, when the combination of the original listing period and all extensions exceed 270 days, the personal representative shall provide a Notice of Proposed Action to all interested parties to the will. Further, a licensee is still required to comply with the agency disclosure laws and conduct a visual inspection of all accessible areas of the property and disclose what the inspection reveals. Additionally, under the IAEA, a broker and a personal representative can contract as to the amount due the broker as a commission without court approval. (Cal. Prob. Code § 10538(c).)
Q 44. Where can I obtain additional information?
A This legal article is one of the many Legal Q&As, Legal Briefs, and other free legal publications made available to REALTORS® by C.A.R. For a complete listing of products and services available from C.A.R. visit C.A.R. Online at www.car.org.
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First Time Home Buyer Grants Offered By Cities in California
There are also these local first time home buyer programs:
Alameda Down payment Assistance Program (DAP)(510) 749-5824
Anaheim Home Program (HOME) (714) 765-4340
Anaheim Police Residence Assistance Program (PRAP) (714) 765-4340
Anaheim Second Mortgage Assistance Program (SMAP) (714) 765-4340
Brentwood Police Officer Recruitment Incentive Program (BPOAP) (925) 516-5195
California Gold Taxable MRB Second Mortgage Loan Program (SML) (916) 444-2615
California School Facility Fee Down Payment Assistance Program (DPA) (916) 322-1353
Campbell Deferred Second Loan Program (DSLP) (408) 299-5142
Chico Mortgage Subsidy Program (MSP) (916) 895-4862
Coalinga Down payment Assistance Program (DAP) (559) 935-1533
Concord First Time Homebuyer Program (FTHB) (925) 671-3325
Costa Mesa Homebuyer Assistance Program (HAP) (714) 754-5692
Culver City Mortgage Assistance Program (MAP) (310) 253-5780
Del Norte/Humboldt Yurok Indian Housing Authority Down payment Assistance Gift (707) 482-1506
Dinuba Homebuyer Assistance Program (HAP) (559) 591-5900
Dixon Down Payment Assistance Program (DPA) (707) 678-7000
El Cajon 120% First Time Homebuyer Program (FTHB) (619) 441-1768
El Cajon 80% First Time Homebuyers Program (FTHB) (619) 441-1768
El Monte Down Payment Assistance Program (DPAP) (626) 580-2070
Emeryville First Time Homebuyer Program (FTHP) Moderate Income (510) 596-4316
Fairfield City-Wide In-fill Housing Silent Loan Program (FSLP-2nd) (707) 428-7457
Fairfield City-Wide In-Fill Housing Silent Loan Program (FSLP-3rd) (707) 428-7457
Fremont Adams Ave Home Project Second Mortgage (SM) (510) 494-4520
Fremont First Time Homebuyer Programs (FTHB) (510) 494-4506
Fresno CalHome Mortgage Assistance Program (MAP) (559) 262-4292
Fresno County Down payment Assistance Program (DAP) (559) 262-4292
Fresno County- Economic Opportunities Commission Refugee Individual Development Account (IDA) (559) 263-1065
Fresno Downpayment Assistance Program (DAP) (559) 498-4815
Grand Terrace Affordable Housing Program (AHP) (909) 825-3825
Hanford Home Sweet Home Program (Home) (559) 585-2587
Hawthorne First Time Homebuyer Program (FTHP) (310) 970-7086
Hayward First Time Homebuyer Program (FHP) (510) 583-4244
Hesperia First Time Homebuyer Down payment Assistance Program (DAP) (760) 947-1907
Imperial First Time Home Buyer Program (FTHB) (760) 355-4373
La Quinta Home Purchase Program (HPP) (714) 541-4585
Lincoln Homebuyer Mortgage Program (800) 995-0431
Livermore Down Payment Assistance (DAP) (925) 373-5699
Livermore Down Payment Assistance Program (DAP) Ten Year Amortization Second Loan (925) 373-5699
Long Beach Housing Development Company Down payment Assistance Program (DAP) (562) 570-6949
Los Angeles County Home Ownership Program (HOP) (213) 890-7248
Los Angeles County Montebello Housing Development Corporation Calhome FTHB Mortgage Assistance Program (MAP) (323) 722-3955
Madera County Homebuyer Assistance Program (HAP) (559) 675-7821
Manteca City Manteca First Time Home Buyer Assistance Program (DAP) (209) 239-8427
Mendocino County Down Payment Assistance Program (DPAP) (707) 463-5462
Mendocino County Individual Development Empowerment Account Program (IDEA) (707) 462-0522
Mendota First Time Homebuyers Program (FTHP) (559) 655-3291
Merced County First Time Homebuyer Program (FTHP) (209) 385-7654
Merced First Time First Time Home Buyer Grants Program (FTHB) (209) 385-6863
Modesto Down Payment Assistance Program (DPAP) (209) 577-5310
Monterey County First Time Home Buyers Program (FTHB) (831) 786-1357
Monterey Down Payment Assistance Program (DAP) (831) 646-3728
Napa First Time Homebuyer Loan Program (FTHB) (707) 257-9543
National City First-Time Homebuyer Program (FTHP) (619) 336-4250
Nevada County Down payment Assistance Program (DAP) (530) 265-1388
Norco First Time Homebuyer Program (FTHB) (909) 270-5645
Oakland "Public Safety Officer/Teacher/Communications Dispatcher Down Payment Assistance Program" (DAP) (510) 238-3909
Oakland Mortgage Assistance Program (MAP) (510) 238-3344
Oroville First Time Homebuyer Program (FTHB) (530) 538-2495
Oroville First Time Homebuyer Program (FTHB) (530) 538-2495
Oxnard Historical Enhancement & Revitalization of Oxnard (HERO) (805) 385-7400
Oxnard Resale Housing Conditional Matching Grant Program (GRANT) (805) 385-7400
Palmdale Mortgage Assistance Program (MAP) (661) 267-5126
Pasadena Homeownership Opportunities Program (HOP) (626) 744-8316
Pasadena Neighborhood Housing Services Inc CalHome First Time Homebuyer Program (FTHP) (626) 744-4141
Paso Robles CalHome Program (CalHome) (805) 237-3970
Placer County First Time Homebuyer Assistance Program (FTHB) (530) 889-4246
Pomona Calhome First Time Home Buyer Program (FTHB) (909) 620-3630
Porterville First Time Low Income Home Buyer Program (FTHB) (559) 782-7460
Rancho Cucamonga First Time Homebuyer Program (909) 884-6891
Redding Down payment Assistance Program (DAP) (530) 225-4173
Redlands First Time Homebuyer Program (FTHB) (909) 884-6891
Richmond In-Fill Homeowner Assistance Program (INFILL) (510) 307-8151
Rio Vista First Time Home Buyer Program (FTHB) (707) 374-6451
Ripon Gap Down Payment Assistance Program (GAP) (209) 599-2108
Riverside CalHome Mortgage Assistance Program (MAP) (909) 341-6511
Riverside County Individaul Development Account (IDA) (909) 955-4900
Rocklin First Time Homebuyers Down Payment Assistance Program (FTHB) (800) 995-0431
Roseville First Time Homebuyer Program (FTHP) (916) 774-5446
Round Valley Indian Housing Homebuyer Assistance Program (HAP) (707) 983-6188
Sacramento CalHome First Time Homebuyer Mortgage Assistance Program (MAP) (916) 264-1522
Sacramento County and City First Time Home Buyer Program (FTHP) (916) 264-1524
Sacramento County and City Homebuyers Assistance Program (HAP) (916) 264-1524
Sacramento County MCC Expanded Teacher Home Purchase First Time Homebuyer Program (FTHB) (916) 264-1524
Sacramento County MCC Expanded Teacher Home Purchase Homebuyer Assistance Program (HAP) (916) 264-1524
Sacramento Mortgage Assistance Program (MAP) (916) 264-1522
Salinas First Time Homebuyer Down payment Assistance Program (408) 758-7334
San Diego County San Diego Neighborhood Housing Services CalHome Program (CalHome) (619) 282-6647
San Diego Down Payment Assistance Grant Program (DPAG) (619) 578-7491
San Diego Neighborhood Housing Services Cost Assistance Support for Homebuyers Program (CASH) (619) 282-6647
San Fernando First Time Homebuyer Program (FTHP) (818) 898-1233
San Francisco First Time Homebuyer Program (FTHB) (415) 252-3177
San Joaquin County GAP Loan Program (GAP) (209) 468-3157
San Jose Neighborhood Housing Services of Silicon Valley, "The Vernal Fund" Mortgage Assistance Program (MAP) (408) 272-2878
San Jose Teachers Homebuyer Program (THP) (408) 277-8486
San Leandro First Time Homebuyer Program (FTHB) (510) 577-6002
San Marcos Down Payment Assistance Loan Program (DPAL) (760) 744-1050
San Mateo County Start Program 2nd Lien (650) 802-5033
San Mateo County StartPLUS 3rd Lien (650) 802-5033
San Mateo Countywide Home Investment Partnership Program (CHIP) (650) 522-7223
San Mateo First Time Home Buyer Program (FTHB) (650) 522-7220
Sanger First Time Homebuyers Program (FTHP) (559) 876-6329
Santa Clara County Deferred Closing Cost Program (DCCP) (408) 299-5142
Santa Clara County Second Loan Program for Teachers (SLPT) (408) 441-4260
Santa Cruz County First Time Home Buyer Program (FTHB) (408) 454-2280
Seaside First Time Home Buyer Program (831) 899-6728
Shasta County Down Payment Assistance Program (DAP) (530) 245-6431
Simi Valley Closing Cost Grant Assistance (GRANT) (805) 583-6853
Simi Valley First Time Homebuyer Assistance Program (FTHB) (805) 583-6853
Sonoma County Employee Second Mortgage Program (ESMP) (707) 565-7500
South Lake Tahoe First Time Homebuyer Assistance Program (FTHB) (530) 542-6157
Stanislaus County Down Payment Assistance Program (DPA) (209) 525-6330
Stanislaus County Public Facilities Fee Deferral Program (PFF) (209) 523-6330
Tulare County First Time Homebuyer Program (559) 733-6291
Turlock First Time Home Buyers Program (FTHB) (209) 668-5610
Ukiah Down Payment Assistance Program (DAP) (707) 463-5462
Upland Primary Assistance Loan Program (PAL) (909) 931-4113
Vacaville Down Payment Assistance Loan Program (DPAL) (707) 449-5687
Ventura First Time Home Buyer Grants Program (HBAP) (805) 654-0038
Victorville Mortgage Assistance Program (MAP) (760) 955-5032
Visalia Homebuyer Assistance Program (HAP) (559) 738-3460
Waterford First Time Home Buyer Assistance Program (DAP) (916) 725-1181
Watsonville Down payment Assistance Program (DAP) (831) 728-6014
Watsonville First Time Home Buyer Program (FTHP) (831) 728-6014
Woodlake First Time Home Buyer Grants Program (HAP) (209) 564-8055
Yuba City First Time Homebuyer Assistance Program (FTHB) (530) 822-4697
Alameda Down payment Assistance Program (DAP)(510) 749-5824
Anaheim Home Program (HOME) (714) 765-4340
Anaheim Police Residence Assistance Program (PRAP) (714) 765-4340
Anaheim Second Mortgage Assistance Program (SMAP) (714) 765-4340
Brentwood Police Officer Recruitment Incentive Program (BPOAP) (925) 516-5195
California Gold Taxable MRB Second Mortgage Loan Program (SML) (916) 444-2615
California School Facility Fee Down Payment Assistance Program (DPA) (916) 322-1353
Campbell Deferred Second Loan Program (DSLP) (408) 299-5142
Chico Mortgage Subsidy Program (MSP) (916) 895-4862
Coalinga Down payment Assistance Program (DAP) (559) 935-1533
Concord First Time Homebuyer Program (FTHB) (925) 671-3325
Costa Mesa Homebuyer Assistance Program (HAP) (714) 754-5692
Culver City Mortgage Assistance Program (MAP) (310) 253-5780
Del Norte/Humboldt Yurok Indian Housing Authority Down payment Assistance Gift (707) 482-1506
Dinuba Homebuyer Assistance Program (HAP) (559) 591-5900
Dixon Down Payment Assistance Program (DPA) (707) 678-7000
El Cajon 120% First Time Homebuyer Program (FTHB) (619) 441-1768
El Cajon 80% First Time Homebuyers Program (FTHB) (619) 441-1768
El Monte Down Payment Assistance Program (DPAP) (626) 580-2070
Emeryville First Time Homebuyer Program (FTHP) Moderate Income (510) 596-4316
Fairfield City-Wide In-fill Housing Silent Loan Program (FSLP-2nd) (707) 428-7457
Fairfield City-Wide In-Fill Housing Silent Loan Program (FSLP-3rd) (707) 428-7457
Fremont Adams Ave Home Project Second Mortgage (SM) (510) 494-4520
Fremont First Time Homebuyer Programs (FTHB) (510) 494-4506
Fresno CalHome Mortgage Assistance Program (MAP) (559) 262-4292
Fresno County Down payment Assistance Program (DAP) (559) 262-4292
Fresno County- Economic Opportunities Commission Refugee Individual Development Account (IDA) (559) 263-1065
Fresno Downpayment Assistance Program (DAP) (559) 498-4815
Grand Terrace Affordable Housing Program (AHP) (909) 825-3825
Hanford Home Sweet Home Program (Home) (559) 585-2587
Hawthorne First Time Homebuyer Program (FTHP) (310) 970-7086
Hayward First Time Homebuyer Program (FHP) (510) 583-4244
Hesperia First Time Homebuyer Down payment Assistance Program (DAP) (760) 947-1907
Imperial First Time Home Buyer Program (FTHB) (760) 355-4373
La Quinta Home Purchase Program (HPP) (714) 541-4585
Lincoln Homebuyer Mortgage Program (800) 995-0431
Livermore Down Payment Assistance (DAP) (925) 373-5699
Livermore Down Payment Assistance Program (DAP) Ten Year Amortization Second Loan (925) 373-5699
Long Beach Housing Development Company Down payment Assistance Program (DAP) (562) 570-6949
Los Angeles County Home Ownership Program (HOP) (213) 890-7248
Los Angeles County Montebello Housing Development Corporation Calhome FTHB Mortgage Assistance Program (MAP) (323) 722-3955
Madera County Homebuyer Assistance Program (HAP) (559) 675-7821
Manteca City Manteca First Time Home Buyer Assistance Program (DAP) (209) 239-8427
Mendocino County Down Payment Assistance Program (DPAP) (707) 463-5462
Mendocino County Individual Development Empowerment Account Program (IDEA) (707) 462-0522
Mendota First Time Homebuyers Program (FTHP) (559) 655-3291
Merced County First Time Homebuyer Program (FTHP) (209) 385-7654
Merced First Time First Time Home Buyer Grants Program (FTHB) (209) 385-6863
Modesto Down Payment Assistance Program (DPAP) (209) 577-5310
Monterey County First Time Home Buyers Program (FTHB) (831) 786-1357
Monterey Down Payment Assistance Program (DAP) (831) 646-3728
Napa First Time Homebuyer Loan Program (FTHB) (707) 257-9543
National City First-Time Homebuyer Program (FTHP) (619) 336-4250
Nevada County Down payment Assistance Program (DAP) (530) 265-1388
Norco First Time Homebuyer Program (FTHB) (909) 270-5645
Oakland "Public Safety Officer/Teacher/Communications Dispatcher Down Payment Assistance Program" (DAP) (510) 238-3909
Oakland Mortgage Assistance Program (MAP) (510) 238-3344
Oroville First Time Homebuyer Program (FTHB) (530) 538-2495
Oroville First Time Homebuyer Program (FTHB) (530) 538-2495
Oxnard Historical Enhancement & Revitalization of Oxnard (HERO) (805) 385-7400
Oxnard Resale Housing Conditional Matching Grant Program (GRANT) (805) 385-7400
Palmdale Mortgage Assistance Program (MAP) (661) 267-5126
Pasadena Homeownership Opportunities Program (HOP) (626) 744-8316
Pasadena Neighborhood Housing Services Inc CalHome First Time Homebuyer Program (FTHP) (626) 744-4141
Paso Robles CalHome Program (CalHome) (805) 237-3970
Placer County First Time Homebuyer Assistance Program (FTHB) (530) 889-4246
Pomona Calhome First Time Home Buyer Program (FTHB) (909) 620-3630
Porterville First Time Low Income Home Buyer Program (FTHB) (559) 782-7460
Rancho Cucamonga First Time Homebuyer Program (909) 884-6891
Redding Down payment Assistance Program (DAP) (530) 225-4173
Redlands First Time Homebuyer Program (FTHB) (909) 884-6891
Richmond In-Fill Homeowner Assistance Program (INFILL) (510) 307-8151
Rio Vista First Time Home Buyer Program (FTHB) (707) 374-6451
Ripon Gap Down Payment Assistance Program (GAP) (209) 599-2108
Riverside CalHome Mortgage Assistance Program (MAP) (909) 341-6511
Riverside County Individaul Development Account (IDA) (909) 955-4900
Rocklin First Time Homebuyers Down Payment Assistance Program (FTHB) (800) 995-0431
Roseville First Time Homebuyer Program (FTHP) (916) 774-5446
Round Valley Indian Housing Homebuyer Assistance Program (HAP) (707) 983-6188
Sacramento CalHome First Time Homebuyer Mortgage Assistance Program (MAP) (916) 264-1522
Sacramento County and City First Time Home Buyer Program (FTHP) (916) 264-1524
Sacramento County and City Homebuyers Assistance Program (HAP) (916) 264-1524
Sacramento County MCC Expanded Teacher Home Purchase First Time Homebuyer Program (FTHB) (916) 264-1524
Sacramento County MCC Expanded Teacher Home Purchase Homebuyer Assistance Program (HAP) (916) 264-1524
Sacramento Mortgage Assistance Program (MAP) (916) 264-1522
Salinas First Time Homebuyer Down payment Assistance Program (408) 758-7334
San Diego County San Diego Neighborhood Housing Services CalHome Program (CalHome) (619) 282-6647
San Diego Down Payment Assistance Grant Program (DPAG) (619) 578-7491
San Diego Neighborhood Housing Services Cost Assistance Support for Homebuyers Program (CASH) (619) 282-6647
San Fernando First Time Homebuyer Program (FTHP) (818) 898-1233
San Francisco First Time Homebuyer Program (FTHB) (415) 252-3177
San Joaquin County GAP Loan Program (GAP) (209) 468-3157
San Jose Neighborhood Housing Services of Silicon Valley, "The Vernal Fund" Mortgage Assistance Program (MAP) (408) 272-2878
San Jose Teachers Homebuyer Program (THP) (408) 277-8486
San Leandro First Time Homebuyer Program (FTHB) (510) 577-6002
San Marcos Down Payment Assistance Loan Program (DPAL) (760) 744-1050
San Mateo County Start Program 2nd Lien (650) 802-5033
San Mateo County StartPLUS 3rd Lien (650) 802-5033
San Mateo Countywide Home Investment Partnership Program (CHIP) (650) 522-7223
San Mateo First Time Home Buyer Program (FTHB) (650) 522-7220
Sanger First Time Homebuyers Program (FTHP) (559) 876-6329
Santa Clara County Deferred Closing Cost Program (DCCP) (408) 299-5142
Santa Clara County Second Loan Program for Teachers (SLPT) (408) 441-4260
Santa Cruz County First Time Home Buyer Program (FTHB) (408) 454-2280
Seaside First Time Home Buyer Program (831) 899-6728
Shasta County Down Payment Assistance Program (DAP) (530) 245-6431
Simi Valley Closing Cost Grant Assistance (GRANT) (805) 583-6853
Simi Valley First Time Homebuyer Assistance Program (FTHB) (805) 583-6853
Sonoma County Employee Second Mortgage Program (ESMP) (707) 565-7500
South Lake Tahoe First Time Homebuyer Assistance Program (FTHB) (530) 542-6157
Stanislaus County Down Payment Assistance Program (DPA) (209) 525-6330
Stanislaus County Public Facilities Fee Deferral Program (PFF) (209) 523-6330
Tulare County First Time Homebuyer Program (559) 733-6291
Turlock First Time Home Buyers Program (FTHB) (209) 668-5610
Ukiah Down Payment Assistance Program (DAP) (707) 463-5462
Upland Primary Assistance Loan Program (PAL) (909) 931-4113
Vacaville Down Payment Assistance Loan Program (DPAL) (707) 449-5687
Ventura First Time Home Buyer Grants Program (HBAP) (805) 654-0038
Victorville Mortgage Assistance Program (MAP) (760) 955-5032
Visalia Homebuyer Assistance Program (HAP) (559) 738-3460
Waterford First Time Home Buyer Assistance Program (DAP) (916) 725-1181
Watsonville Down payment Assistance Program (DAP) (831) 728-6014
Watsonville First Time Home Buyer Program (FTHP) (831) 728-6014
Woodlake First Time Home Buyer Grants Program (HAP) (209) 564-8055
Yuba City First Time Homebuyer Assistance Program (FTHB) (530) 822-4697
Alberto Pacheco
Realtor Calbre Lic 01200694
818 481 9211
Keller Williams Porter Ranch
Real Estate Consultant
http://www.granadahills.kwrealty.com Real Estate News, Mortgages, Trends
Monday, September 27, 2010
Ten Reason To Buy A House Now on This Market
1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.
8. It's forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.
Home Buyers, Foreclosures, Mortgage Rates, House Values
Source Wall Street Journal, Brett Arends (9/16/10)
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.
8. It's forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.
Home Buyers, Foreclosures, Mortgage Rates, House Values
Source Wall Street Journal, Brett Arends (9/16/10)
Sunday, September 26, 2010
Quote of the Dayh
Our character is but the stamp on our souls of the free choices of good
and evil we have made through life.
John C. Geikie
Sunday, September 12, 2010
12724 Mercer St Home Video Tour
Clikc on the Home Address To Watch The Video Tour on That Home
Click On The Link Below To Access Homes For Sale
http://www.stoppayingrentinla.com/ Foreclosed, Probate and Short Sale Homes For Sale
Friday, September 10, 2010
Quote of the Day
The average person puts only 25% of his energy and ability into his work. The world takes off its hat to those
who put in more than 50% of their capacity, and stands on its head for those few and far between souls who
devote 100%.
Andrew Carnegie
Van Nuys Real Estate, Homes For Sale, Foreclosures, Probates and Short Sales
Thursday, September 09, 2010
City of Pacoima California Home Sales Statistics As of 09/05/10
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| The Median Single Family Home Price as of 09/05/10 is $ 254,729 |
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| With Market Action Index at 23.11 Pacoima is Currently a Buyers Market |
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| The Average Property in Pacoima has been in the Market for about 142 Days |
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| The median price per square foot in Pacoima as of 09/06/10 is $ 182 |
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| There are 307 Properties in the Market in Pacoima as of 09/05/10 |
City of Pacoima California
It is located on the North East Corner of the San Fernando Valley and is Neighbooring Arleta, San Fernando, Mission Hills, Lake View Terrace and Sylmar. The freeways that run through are the Freeway 5, The 118 and the 210.
It was colonized by the Spanish who built the San Fernando Mission, Charles Maclay purchased 56,000 acres of land equivalent to 227 square kilometers which he subdivided into agricultural parcels where they grow: critus, nuts, beans, wheat and vegetables. In 1950 the urbanization of the San Fernando Valley arrived in Pacoima and changed from farming area to a industrial and residential area.
You don't see homeless people in Pacoima streets, some major companies hold their headquarters like: Natural Balance Pet Foos, Juicy Couture. Pacoima landscape have changed over the years, in 1994 one third of Pacoima's residents lived in public housing complexes. According to the 1990 Census most of the residents were under 18 years of age. In 2009 Los Angeles Times provided the following statistics for Pacoima: Population of 75,014 with median household income of $ 49,066. The population is predominantly Hispanic.
Local Govenment , County as well as Federal have representation like: Los Angeles Police Depatment, Fire Department, Health Services, United States Postal Service and is served by Los Angeles County Metropolitan Transportation Authority and have a local airport named: Whiteman Airport.
Parks: Gonzalez Park, Ritchie Valens was Pacoima's Resident so a park and recreation center was named Ritchie Valens Park and Recreation Center and there is an annual festival named Ritchie Valens Fest, by the way his remains are at San Fernando Mission Cemetery in Mission Hills.
The Following schools serve Pacoima residents: 6 Elementary Schools, 2 Middle Schools and 3 High Schools, plus Vaughn International Studies Academi, Discovery Charter Preparatory School and Berth Corona Charter School and it have a Public Library.
It was colonized by the Spanish who built the San Fernando Mission, Charles Maclay purchased 56,000 acres of land equivalent to 227 square kilometers which he subdivided into agricultural parcels where they grow: critus, nuts, beans, wheat and vegetables. In 1950 the urbanization of the San Fernando Valley arrived in Pacoima and changed from farming area to a industrial and residential area.
You don't see homeless people in Pacoima streets, some major companies hold their headquarters like: Natural Balance Pet Foos, Juicy Couture. Pacoima landscape have changed over the years, in 1994 one third of Pacoima's residents lived in public housing complexes. According to the 1990 Census most of the residents were under 18 years of age. In 2009 Los Angeles Times provided the following statistics for Pacoima: Population of 75,014 with median household income of $ 49,066. The population is predominantly Hispanic.
Local Govenment , County as well as Federal have representation like: Los Angeles Police Depatment, Fire Department, Health Services, United States Postal Service and is served by Los Angeles County Metropolitan Transportation Authority and have a local airport named: Whiteman Airport.
Parks: Gonzalez Park, Ritchie Valens was Pacoima's Resident so a park and recreation center was named Ritchie Valens Park and Recreation Center and there is an annual festival named Ritchie Valens Fest, by the way his remains are at San Fernando Mission Cemetery in Mission Hills.
The Following schools serve Pacoima residents: 6 Elementary Schools, 2 Middle Schools and 3 High Schools, plus Vaughn International Studies Academi, Discovery Charter Preparatory School and Berth Corona Charter School and it have a Public Library.
Alberto Pacheco
Realtor Calbre Lic 01200694
818 481 9211
Keller Williams Porter Ranch
Real Estate Consultant
http://www.granadahills.kwrealty.com Real Estate News, Mortgages, Trends
Open House on 091110 From 12N to 3P at 12724 Mercer St Pacoima Ca 91331
I Invite All of You To My Open House This Coming Saturday Sep 11/2010 From 12N to 3PM
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12724 Mercer St Pacoima California 91331
Hi!
I want to introduce this listing that I have in Pacoima, California is Listed at $ 269,900, Spacious Home.it has 3 Bedrooms, 2 full Bath, Large Living Room, Fireplace, Formal Dining Area, New Garage Door, Freshly Painted Inside Out, Landscaped and has a Avocado Tree and Apricot.
For more info go to: http://www.stoppayingrentinla.com/
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Tuesday, August 31, 2010
La Crescenta California Home Sales Statistics For May 2010
New Listings: 41
Average Listing Price: $ 684,482
Listings Under Contract: 9
Average Listing Price: $ 567,977
Sold Listigs: 11
Average Listing Price: $ 579,581
% Sales Price Versus Listing Price: 101.59 %
% Sales Price Versus Old Listing Price: 98.25 %
Average Days on The Market: 138
Average Listing Price: $ 684,482
Listings Under Contract: 9
Average Listing Price: $ 567,977
Sold Listigs: 11
Average Listing Price: $ 579,581
% Sales Price Versus Listing Price: 101.59 %
% Sales Price Versus Old Listing Price: 98.25 %
Average Days on The Market: 138
Monday, August 23, 2010
Inglewood California Home Sales Statistics For July 2009
New Listings: 86
Average Listing Price: $ 250,826
Listings Under Contract: 48
Average Listing Price: $ 246,653
Sold Listigs: 27
Average Listing Price: $ 217,222
% Sales Price Versus Listing Price: 100.05 %
% Sales Price Versus Old Listing Price: 96.57 %
Average Days on The Market: 79
Foreclosed Homes, Condos and Townhomes in Los Angeles County
Average Listing Price: $ 250,826
Listings Under Contract: 48
Average Listing Price: $ 246,653
Sold Listigs: 27
Average Listing Price: $ 217,222
% Sales Price Versus Listing Price: 100.05 %
% Sales Price Versus Old Listing Price: 96.57 %
Average Days on The Market: 79
Foreclosed Homes, Condos and Townhomes in Los Angeles County
Saturday, August 21, 2010
Quote of the Day
Our doubts are traitors, and make us lose the good we oft might win,
by fearing to attempt.
William Shakespeare
Wednesday, August 18, 2010
Loa Angeles Area Home Sales Plunged Last Month July 2010
Home sales in Southern California plummeted 21.4% last month from July 2009, the largest year over year drop in more than 2 years, as federal tax credits expired, The six county region saw 18,946 sales last month, compared with 24,104 in July 2009, this is according to dataquick. Also last July sales were down 20.6% from 23,871 in June .
The median home price in Southern California declined 1.7% to $ 295,000 last month comparing to June $ 300,000. Los Angeles county sales fell nearly to 6515 which is 20% from 8082 in July 2009, the median home price rose more than 5% during that period, from $ 321,000 to $ 339,000.
Ventura County sales drop 10.5% from 837 to 749 while prices dipped from 4 375,000 to $ 370,000.
Homes Sales Statistics, Tax Credit, Property Tax Value Declined, Alberto Pacheco
The median home price in Southern California declined 1.7% to $ 295,000 last month comparing to June $ 300,000. Los Angeles county sales fell nearly to 6515 which is 20% from 8082 in July 2009, the median home price rose more than 5% during that period, from $ 321,000 to $ 339,000.
Ventura County sales drop 10.5% from 837 to 749 while prices dipped from 4 375,000 to $ 370,000.
Homes Sales Statistics, Tax Credit, Property Tax Value Declined, Alberto Pacheco
Monday, August 16, 2010
Foreclosed Homes in July 2010
The number of homes in the US lost to foreclosure surged in July, since the lenders are moving quickly to take back properties from homeowners behind their mortgage payments.
Lenders repossessed 92,858 properties last month, up 9% from June, an increase of 6% from July2009.
Banks have stepped up repossessions this year to clear out the backlog of bad loans. July makes the eighth month in a row that the pace of homes lost to foreclosure has increase on an annual basis. The number of properties receiving an initial notice of default rose 1% last month from June, but tumble 28% versus July 2009.
More than 1 Million American households are likely to lose their homnes to foreclosure this year. 325,229 properties received a foreclosure warning in July, 4% up from June, that translates to one in 397 US Homes. All this is according to Realty Trac Inc
Lenders repossessed 92,858 properties last month, up 9% from June, an increase of 6% from July2009.
Banks have stepped up repossessions this year to clear out the backlog of bad loans. July makes the eighth month in a row that the pace of homes lost to foreclosure has increase on an annual basis. The number of properties receiving an initial notice of default rose 1% last month from June, but tumble 28% versus July 2009.
More than 1 Million American households are likely to lose their homnes to foreclosure this year. 325,229 properties received a foreclosure warning in July, 4% up from June, that translates to one in 397 US Homes. All this is according to Realty Trac Inc
Friday, August 13, 2010
Quote of The Day
Opportunities are usually disguised as hard work, so most people don't recognize them.
Ann Landers
Find Short Sales, Foreclosures and Probate Home Listings On This Website
Wednesday, August 11, 2010
Quote of the Day
The only way of finding the limits of the possible is by going beyond them into the impossible.
Arthur C. Clarke
Sunday, August 08, 2010
Inglewood California Home Sales Statistics For June 2010
New Listings: 82
Average Listing Price: $ 240,795
Listings Under Contract: 39
Average Listing Price: $ 280,166
Sold Listigs: 37
Average Listing Price: $ 249,243
% Sales Price Versus Listing Price: 99.65 %
% Sales Price Versus Old Listing Price: 97.86 %
Average Days on The Market: 62
Los Angeles County Foreclosed Homes, Condos and Tonwhomes For Sale
Average Listing Price: $ 240,795
Listings Under Contract: 39
Average Listing Price: $ 280,166
Sold Listigs: 37
Average Listing Price: $ 249,243
% Sales Price Versus Listing Price: 99.65 %
% Sales Price Versus Old Listing Price: 97.86 %
Average Days on The Market: 62
Los Angeles County Foreclosed Homes, Condos and Tonwhomes For Sale
Inglewood California Home Sales Statistics For May 2010
New Listings: 77
Average Listing Price: $ 230,683
Listings Under Contract: 57
Average Listing Price: $ 242,143
Sold Listigs: 30
Average Listing Price: $ 262,997
% Sales Price Versus Listing Price: 98.07 %
% Sales Price Versus Old Listing Price: 99.03 %
Average Days on The Market: 72
Los Angeles County Foreclosed Homes, Condos and Tonwhomes For Sale
Average Listing Price: $ 230,683
Listings Under Contract: 57
Average Listing Price: $ 242,143
Sold Listigs: 30
Average Listing Price: $ 262,997
% Sales Price Versus Listing Price: 98.07 %
% Sales Price Versus Old Listing Price: 99.03 %
Average Days on The Market: 72
Los Angeles County Foreclosed Homes, Condos and Tonwhomes For Sale
Saturday, August 07, 2010
Quote of The Day
The future depends on what we do in the present.
Mahatma Gandhi
Find Probate Home Listings On This Website
Friday, August 06, 2010
Quote of The Day
We are on the second half of the year
Discipline is the refining fire by which talent becomes ability.
Discipline yourself and others won't need to.
Coach John Wooden
Find Foreclosed Homes, Probates, Short Sales, Mortgage Calculator and More
Sunday, August 01, 2010
Inglewood Home Sales Statistics For April 2010
New Listings: 77
Average Listing Price: $ 230,683
Listings Under Contract: 57
Average Listing Price: $ 242,143
Sold Listigs: 30
Average Listing Price: $ 262,997
% Sales Price Versus Listing Price: 98.07 %
% Sales Price Versus Old Listing Price: 99.03 %
Average Days on The Market: 72
Los Angeles County Foreclosed Homes, Condos and Tonwhomes For Sale
Average Listing Price: $ 230,683
Listings Under Contract: 57
Average Listing Price: $ 242,143
Sold Listigs: 30
Average Listing Price: $ 262,997
% Sales Price Versus Listing Price: 98.07 %
% Sales Price Versus Old Listing Price: 99.03 %
Average Days on The Market: 72
Los Angeles County Foreclosed Homes, Condos and Tonwhomes For Sale
Thursday, July 29, 2010
Quote of the Day
Men's best successes come after their disappointments.
Henry Ward Beecher
Find Foreclosed Homes, Mortgage Calculator, Real Estate News
Tuesday, July 27, 2010
City of Hollywood California Home Sales Statistics For June 2010
New Listings: 6
Average Listing Price: $ 1,270,503
Listings Under Contract: 3
Average Listing Price: $ 838,938
Sold Listigs: 4
Average Listing Price: $ 1,207,705
% Sales Price Versus Listing Price: 89.21 %
% Sales Price Versus Old Listing Price: 89.21 %
Average Days on The Market: 1
San Fernando Valley Foreclosed Homes, Condos and Tonwhomes For Sale
Average Listing Price: $ 1,270,503
Listings Under Contract: 3
Average Listing Price: $ 838,938
Sold Listigs: 4
Average Listing Price: $ 1,207,705
% Sales Price Versus Listing Price: 89.21 %
% Sales Price Versus Old Listing Price: 89.21 %
Average Days on The Market: 1
San Fernando Valley Foreclosed Homes, Condos and Tonwhomes For Sale
Alberto Pacheco
Realtor Calbre Lic 01200694
818 481 9211
Keller Williams Porter Ranch
Real Estate Consultant
http://www.granadahills.kwrealty.com Real Estate News, Mortgages, Trends
City of Hollywood California Home Sales Statistics For May 2010
New Listings: 4
Average Listing Price: $ 1,039,212
Listings Under Contract: 2
Average Listing Price: $ 787,000
Sold Listigs: 1
Average Listing Price: $ 275,000
% Sales Price Versus Listing Price: 110.00 %
% Sales Price Versus Old Listing Price: 91.67 %
Average Days on The Market: 80
San Fernando Valley Foreclosed Homes, Condos and Tonwhomes For Sale
Average Listing Price: $ 1,039,212
Listings Under Contract: 2
Average Listing Price: $ 787,000
Sold Listigs: 1
Average Listing Price: $ 275,000
% Sales Price Versus Listing Price: 110.00 %
% Sales Price Versus Old Listing Price: 91.67 %
Average Days on The Market: 80
San Fernando Valley Foreclosed Homes, Condos and Tonwhomes For Sale
Monday, July 26, 2010
Quote of The Day
Humility leads to strength and not to weakness.
It is the highest form of self-respect
to admit mistakes and to make amends for them."
It is the highest form of self-respect
to admit mistakes and to make amends for them."
John J. McCloy
Foreclosed , Probate and Short Sale Homes For Sale
Friday, July 23, 2010
Quote of The Day
A man has three names: the name he inherits, the name his parents give him,
and the name he makes for himself.
and the name he makes for himself.
Monday, July 19, 2010
Quote of the Day
Do not wait; the time will never be "just right". Start where you stand, and work with whatever tools you may
have at your command, and better tools will be found as you go along.
Napoleon Hill
Thursday, July 15, 2010
Hollywood California Home Sales Statistics For April 2010
New Listings: 6
Average Listing Price: $ 633,996
Listings Under Contract: 0
Average Listing Price: $ 0
Sold Listigs: 3
Average Listing Price: $ 733,333
% Sales Price Versus Listing Price: 99.89 %
% Sales Price Versus Old Listing Price: 82.46 %
Average Days on The Market: 145
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 633,996
Listings Under Contract: 0
Average Listing Price: $ 0
Sold Listigs: 3
Average Listing Price: $ 733,333
% Sales Price Versus Listing Price: 99.89 %
% Sales Price Versus Old Listing Price: 82.46 %
Average Days on The Market: 145
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Quote of the Day
Chance favors only the mind which is prepared.
Louis Pasteur
http://www.sfvalleyhotproperties.com/ Find Forecloses, Probate and Homes on Short Sale
Monday, July 12, 2010
Highland Parlk Home Sales Statistics For June 2010
New Listings: 12
Average Listing Price: $ 354,066
Listings Under Contract: 8
Average Listing Price: $ 308,225
Sold Listigs: 5
Average Listing Price: $ 281.400
% Sales Price Versus Listing Price: 99.28 %
% Sales Price Versus Old Listing Price: 85.97 %
Average Days on The Market: 57
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 354,066
Listings Under Contract: 8
Average Listing Price: $ 308,225
Sold Listigs: 5
Average Listing Price: $ 281.400
% Sales Price Versus Listing Price: 99.28 %
% Sales Price Versus Old Listing Price: 85.97 %
Average Days on The Market: 57
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Highland Park Home Sales Statistics For May 2010
New Listings: 11
Average Listing Price: $ 345.172
Listings Under Contract: 2
Average Listing Price: $ 262.450
Sold Listigs: 7
Average Listing Price: $ 325,728
% Sales Price Versus Listing Price: 99.84 %
% Sales Price Versus Old Listing Price: 99.84 %
Average Days on The Market: 26
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 345.172
Listings Under Contract: 2
Average Listing Price: $ 262.450
Sold Listigs: 7
Average Listing Price: $ 325,728
% Sales Price Versus Listing Price: 99.84 %
% Sales Price Versus Old Listing Price: 99.84 %
Average Days on The Market: 26
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Highland Park Home Sales Statistics For April 2010
New Listings: 14
Average Listing Price: $ 326,117
Listings Under Contract: 4
Average Listing Price: $ 339,750
Sold Listigs: 3
Average Listing Price: $ 295,666
% Sales Price Versus Listing Price: 102.54 %
% Sales Price Versus Old Listing Price: 102.54 %
Average Days on The Market: 10
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 326,117
Listings Under Contract: 4
Average Listing Price: $ 339,750
Sold Listigs: 3
Average Listing Price: $ 295,666
% Sales Price Versus Listing Price: 102.54 %
% Sales Price Versus Old Listing Price: 102.54 %
Average Days on The Market: 10
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Quote of the Day
In a Buyers market, Sellers are often goin through the five stages of grief: a) Denial b) Anger
c) Bargaining d) Depresion then e) Acceptance
My Job is to Counsel them through it, so they can accept the actual market.
Sunday, July 11, 2010
Saturday, July 10, 2010
Quote of The Day
You Need To Double Your Efforts To Grown
That Doesn't Necessary Mean Doubling The Time Spent
It Means Doubling The Focus and The Intensity, So You Are More Efficient and Effective During The Time Spent
Chris Heller
Sunday, July 04, 2010
Monday, June 28, 2010
Pacoima California Home Sales Statistics For May 2010
New Listings: 40
Average Listing Price: $ 231,374
Listings Under Contract: 35
Average Listing Price: $ 193,858
Sold Listigs: 43
Average Listing Price: $ 201,842
% Sales Price Versus Listing Price: 101.18 %
% Sales Price Versus Old Listing Price: 102.18 %
Average Days on The Market: 41
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 231,374
Listings Under Contract: 35
Average Listing Price: $ 193,858
Sold Listigs: 43
Average Listing Price: $ 201,842
% Sales Price Versus Listing Price: 101.18 %
% Sales Price Versus Old Listing Price: 102.18 %
Average Days on The Market: 41
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Pacoima California Home Sales Statistics For April 2010
New Listings: 75
Average Listing Price: $ 220,113
Listings Under Contract: 44
Average Listing Price: $ 306,186
Sold Listigs: 32
Average Listing Price: $ 193,960
% Sales Price Versus Listing Price: 99.74 %
% Sales Price Versus Old Listing Price: 96.30 %
Average Days on The Market: 43
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 220,113
Listings Under Contract: 44
Average Listing Price: $ 306,186
Sold Listigs: 32
Average Listing Price: $ 193,960
% Sales Price Versus Listing Price: 99.74 %
% Sales Price Versus Old Listing Price: 96.30 %
Average Days on The Market: 43
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Pacoima California Home Sales Statistics For March 2010
New Listings: 73
Average Listing Price: $ 192,445
Listings Under Contract: 48
Average Listing Price: $ 193,833
Sold Listigs: 42
Average Listing Price: $ 206,654
% Sales Price Versus Listing Price: 101.96 %
% Sales Price Versus Old Listing Price: 101.24 %
Average Days on The Market: 47
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 192,445
Listings Under Contract: 48
Average Listing Price: $ 193,833
Sold Listigs: 42
Average Listing Price: $ 206,654
% Sales Price Versus Listing Price: 101.96 %
% Sales Price Versus Old Listing Price: 101.24 %
Average Days on The Market: 47
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Sunday, June 27, 2010
Encino Home Sales Statistics For May 2010
New Listings: 76
Average Listing Price: $ 1,198,372
Listings Under Contract: 26
Average Listing Price: $ 581,740
Sold Listigs: 36
Average Listing Price: $ 636,000
% Sales Price Versus Listing Price: 92.97 %
% Sales Price Versus Old Listing Price: 86.19 %
Average Days on The Market: 79
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 1,198,372
Listings Under Contract: 26
Average Listing Price: $ 581,740
Sold Listigs: 36
Average Listing Price: $ 636,000
% Sales Price Versus Listing Price: 92.97 %
% Sales Price Versus Old Listing Price: 86.19 %
Average Days on The Market: 79
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Friday, June 25, 2010
Encino Home Sales Statistics For April 2010
New Listings: 102
Average Listing Price: $ 1,100,881
Listings Under Contract: 43
Average Listing Price: $ 670,246
Sold Listigs: 40
Average Listing Price: $ 700,355
% Sales Price Versus Listing Price: 94.31 %
% Sales Price Versus Old Listing Price: 92.21 %
Average Days on The Market: 69
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 1,100,881
Listings Under Contract: 43
Average Listing Price: $ 670,246
Sold Listigs: 40
Average Listing Price: $ 700,355
% Sales Price Versus Listing Price: 94.31 %
% Sales Price Versus Old Listing Price: 92.21 %
Average Days on The Market: 69
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Sunday, June 20, 2010
Sherman Oaks California Home Sales Statistics For May 2010
New Listings: 166
Average Listing Price: $ 834,402
Listings Under Contract: 28
Average Listing Price: $ 584,516
Sold Listigs: 52
Average Listing Price: $ 668,984
% Sales Price Versus Listing Price: 97.05 %
% Sales Price Versus Old Listing Price: 94.28%
Average Days on The Market: 68
Find Foreclosures, Short Sales, Probate Homes, Fha Loans and More
Average Listing Price: $ 834,402
Listings Under Contract: 28
Average Listing Price: $ 584,516
Sold Listigs: 52
Average Listing Price: $ 668,984
% Sales Price Versus Listing Price: 97.05 %
% Sales Price Versus Old Listing Price: 94.28%
Average Days on The Market: 68
Find Foreclosures, Short Sales, Probate Homes, Fha Loans and More
Sherman Oaks Home Sales Statistics For April 2010
New Listings: 148
Average Listing Price: $ 725,222
Listings Under Contract: 50
Average Listing Price: $ 649,252
Sold Listigs: 55
Average Listing Price: $ 673,534
% Sales Price Versus Listing Price: 97.20 %
% Sales Price Versus Old Listing Price: 94.75 %
Average Days on The Market: 92
Find Foreclosures, Short Sales, Probate, Fha Loans and More
Average Listing Price: $ 725,222
Listings Under Contract: 50
Average Listing Price: $ 649,252
Sold Listigs: 55
Average Listing Price: $ 673,534
% Sales Price Versus Listing Price: 97.20 %
% Sales Price Versus Old Listing Price: 94.75 %
Average Days on The Market: 92
Find Foreclosures, Short Sales, Probate, Fha Loans and More
Sherman Oaks Home Sales Statistics For March 2010
New Listings: 135
Average Listing Price: $ 780,943
Listings Under Contract: 55
Average Listing Price: $ 829,056
Sold Listigs: 59
Average Listing Price: $ 764,978
% Sales Price Versus Listing Price: 98.04 %
% Sales Price Versus Old Listing Price: 92.63 %
Average Days on The Market: 81
Find Foreclosures, Short Sales, Probate, Fha Loans and More
Average Listing Price: $ 780,943
Listings Under Contract: 55
Average Listing Price: $ 829,056
Sold Listigs: 59
Average Listing Price: $ 764,978
% Sales Price Versus Listing Price: 98.04 %
% Sales Price Versus Old Listing Price: 92.63 %
Average Days on The Market: 81
Find Foreclosures, Short Sales, Probate, Fha Loans and More
Thursday, June 17, 2010
Los Angeles County Home and Condo Sales Statistics as of 06/14/10
Single Family Residence
Time Period Number of Sales Median Sale Price
Apr 2010 4,578 $335,000
Apr 2009 4,382 $303,000
Mar 2010 4,659 $340,000
Mar 2009 4,166 $300,000
2010 YTD 22,044 $335,000
2009 54,225 $324,000
Condominium
Time Period Number of Sales Median Sale Price
Apr 2010 1,410 $315,500
Apr 2009 1,358 $326,000
Mar 2010 1,662 $325,000
Mar 2009 1,307 $325,000
2010 YTD 7,516 $323,000
2009 18,387 $336,500
Foreclosures, Probates, Fha Mortgage Loans
Time Period Number of Sales Median Sale Price
Apr 2010 4,578 $335,000
Apr 2009 4,382 $303,000
Mar 2010 4,659 $340,000
Mar 2009 4,166 $300,000
2010 YTD 22,044 $335,000
2009 54,225 $324,000
Condominium
Time Period Number of Sales Median Sale Price
Apr 2010 1,410 $315,500
Apr 2009 1,358 $326,000
Mar 2010 1,662 $325,000
Mar 2009 1,307 $325,000
2010 YTD 7,516 $323,000
2009 18,387 $336,500
Foreclosures, Probates, Fha Mortgage Loans
Monday, June 14, 2010
City of Encino California Home Sales Statistics For March 2020
New Listings: 119
Average Listing Price: $ 862,235
Listings Under Contract: 26
Average Listing Price: $ 482,170
Sold Listigs: 46
Average Listing Price: $ 544,376
% Sales Price Versus Listing Price: 96.94 %
% Sales Price Versus Old Listing Price: 94.75 %
Average Days on The Market: 60
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 862,235
Listings Under Contract: 26
Average Listing Price: $ 482,170
Sold Listigs: 46
Average Listing Price: $ 544,376
% Sales Price Versus Listing Price: 96.94 %
% Sales Price Versus Old Listing Price: 94.75 %
Average Days on The Market: 60
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Wednesday, June 09, 2010
FORECLOSED HOMES IN ENCINO CALIFORNIA
Public Notice: Encino, California Bank-Owned Homes for Sale Must Sell Quickly 3 and 4 Bedrooms Homes in Encino from $300,000 New Website has all the Details Click Here ENCINO FORECLOSURES |
Wednesday, June 02, 2010
Encino California Home Sales Statistics For January 2010
New Listings: 90
Average Listing Price: $ 1,121,340
Listings Under Contract: 29
Average Listing Price: $ 555,337
Sold Listigs: 27
Average Listing Price: $ 736,107
% Sales Price Versus Listing Price: 94.33 %
% Sales Price Versus Old Listing Price: 77.89 %
Average Days on The Market: 73
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
Average Listing Price: $ 1,121,340
Listings Under Contract: 29
Average Listing Price: $ 555,337
Sold Listigs: 27
Average Listing Price: $ 736,107
% Sales Price Versus Listing Price: 94.33 %
% Sales Price Versus Old Listing Price: 77.89 %
Average Days on The Market: 73
Foreclosures, Short Sales, Probates, Mortgage Calculators, Maps, Fha Loans
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