Probate Los Angeles

Probate Sale California

There are always many ways to minimize the difficulties of legal problems, and fortunately, there are also ways to find the positive side and take advantage of Downtown L.A. real estate opportunities that are created by legal issues such as lawsuits, litigation and probate.

Probate Sale Los Angeles
Probate Sale Los Angeles

When a loved one has passed away, sometimes they did not create a living trust or will that are required to avoid probate court. When these important legal tools are lacking, a probate court judge must make decisions about the deceased person’s real estate sale before any potential heirs or debtors can be taken care of. ¬†#probate #california #losangeles

This is not legal advice. This article presents some of the basic terms and basics regarding real estate probate in California, based on one real estate agent’s limited understanding.

A trustee is usually the person who creates a trust. A successor trustee is commonly the inheriting offspring of the dead trustee.  Most siblings cannot even agree on where to get dinner, so when a probate sale is required, it is usually best to choose one person to represent all heirs so that there is no squabbling about all of the details.

When a parent dies and the offspring cannot be easily found, the probate court must use heir hunters, which finds heirs and gets to keep up to 45% of their inherited money for all of the trouble of locating them.

When there are no will and no trust, then there usually needs to be a grant deed and probate.  Only real estate owned by a trust can escape the delays and high costs of probate.

Authority
There are two types of authority: Most prevalent is full authority (Only when someone passes away). Ninety percent of probates are full authority.

Other factors can create the need for probate, such as medical incapacitation, dementia and Alzheimer’s disease. ¬†A conservatorship is done in probate court also. ¬†A¬†conservatorship is an example of limited authority.

Full authority is more flexible as there is no need for judge approval to sell. Instead of taking on average 9.5 months, full authority can sometimes reduce the process down to as few as 2.5 months to close escrow.

With limited authority, there is a case in court.

There is not need for court when the property owner obtains a trust and will ahead of time. A trust is a contract. A living trust says that if the property owner becomes incapacitated, a judge does not need to tell who to appoint as the conservator to take care of the incapacitated person’s affairs. ¬†The¬†trust document appoints the conservator.

If the deceased person had no estate planning package and no trust, then nobody knows which inheriting child to put in charge, so family membesr will need go to court to request to be conservator, and then a judge will hold a hearing to determine capacity and who to give the conservatorship to.

A Notice of Proposed Action must be issued when dealing with the sale of real property in a probate. The notice must be writing and sent to all interested persons, heirs, beneficiaries, anyone or any entity requesting information on the probate proceeding.

Trust documents (all 5 are required):
Trust – either revocable or irrevocable (most are revocable because things change)
Durable Power of Attorney – needed for when trustee has dementia etc only given to someone who is very trustworthy to have access to the incapacitated person’s bank, government dealings etc.

Advance Healthcare Directive РGive legal permission so that one or two authorized persons may access medical records and deal with doctors. A Pour-Over will eliminates need for clear intent to put items in trust. A pour-over will is a testamentary device wherein the writer of a will creates a trust, while decrees in the will that the property in his or her estate at the time of his or her death shall be distributed to the Trustee of the trust.

Trust Transfer Teed
–¬†Allows the property owner to grant the home they own to a grantee without an opportunity for the deed to be considered.

There are many other details that need to be considered and taken care of in a probate sale.  These include decisions on how to take title, how inheritances are taken, tax laws such as capital gains, minimizing delays, legal authority, starting the probate process, probate selling process, multiple offers, deposit requirements, over-bidding process, appraisal requirements, valuation and sub-trusts.

Legal issues such as probate sales, lawsuits and litigation can often reduce prices and create other exciting deals for home buyers and investors.

Get free information on legal issues including current and recent litigation and lawsuits involving Downtown Los Angeles loft and condo buildings. Fill out the online form:

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Probate Real Estate California
Probate Real Estate California

Copyright ¬© This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. This article is not written by a law professional, and does not constitute legal advice. It is provided to share one real estate professional’s limited experience and information on real estate issues only. For legal advice, consult an attorney. Buyers, sellers, landlords, tenants and all others who may be impacted by real estate or legal issues must do their own research and get legal information and assistance from a legal professional. For more information on real estate, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker. ¬†| ¬†QUESTION OR COMMENT

Tax Law Changes for 2018 – Will It Affect Los Angeles Real Estate and Property Taxes?

REAL ESTATE NEWS

Substantial changes have been made to the federal tax code for the new year. The new law almost doubles the standard deduction for 2018, but personal and dependent exemption deductions are eliminated. This will benefit some taxpayers and harm others. The Tax Reform Bill will have some effect on housing.  #taxreformbill #propertytaxes #millsact

Tax Reform Effects on Real Estate for 2018
Tax Reform Effects on Real Estate for 2018

The L.A. Loft Blog offers this article on the points that could affect Los Angeles real estate the most:

1. Exclusion of gain on sale of a principal residence
2. Mortgage Interest Deduction
3. State and Local Taxes (SALT)

Get more details in this special update  that covers the evolution of the tax reform changes since its original proposal and its impact on residential real estate. TAX REFORM AND HOUSING:  FREE REFERENCE GUIDE

The most popular tax break for Downtown lofts continues to be the Mills Act property tax savings. Get a free list of Mills Act lofts in Southern California. Fill out the online form:

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New Tax Code Changes for Real Estate 2018

Copyright ¬© This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

How L.A. Loft Blog Readers Became 1700% Wealthier This Year – Real Estate and Bitcoin

REAL ESTATE NEWS

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More millionaires and billionaires were made in 2017 than any other year in history. Some of them right here in Downtown Los Angeles. ¬†For the L.A. Loft Blog, this has been our best year ever. ¬†But, when opportunity knocks, the average person does not usually hear it. ¬†While those with rising wealth always have a eye out for possibilities, the average middle class and struggling person is too busy trying to survive. ¬†They are focused on living for today or just making next month’s rent, so they pass up on the opportunities for rapid growth. Personal growth is also limited by negative thinking. That is why changing our thinking is always the first step to making a quantum leap in personal wealth. The 2nd step is positive action. #realestate

When the L.A. Loft Blog foretold of real estate that was so cheap that homes purchased in 2011 would turn out to be the closest thing to a free home, a few took advantage and purchased Downtown lofts for around $150,000 that have nearly tripled in value to $400,000 just 6 years later. For one’s net worth, that kind of equity growth is much better than a free home. ¬†In another instance, when the L.A. Loft Blog started the new year on January 2 by informing of the Top 10 best real estate investments followed by the Top Ten non- real estate investments, a few took advantage and purchased the #1 investment on the list, Bitcoin. ¬†Those who did saw each $1,000 turn into today’s $17,000. Let’s rejoice in one of the best investments in history! #bitcoin

Even so, some still think it’s a bit crazy and disconnected to discuss Bitcoin and real estate in same blog post. ¬†Their thinking will of course prove to be short-sided as Bitcoin and real estate are already coming together. ¬†This year, the first recorded Bitcoin real estate transaction took place in Texas. ¬†Some websites are now listing real estate for sale with Bitcoin asking prices.

Today, our research shows that a major price adjustment is likely very soon for Bitcoin, so we are informing L.A. Loft blog readers that it is smart to invest just a little to learn about quickly evolving cryptocurrencies. #millsact

The tangible, useful benefits of real estate cannot be replaced by a Bitcoin, but in the future, a single Bitcoin will buy a beautiful home. That same home will later prove to be a better investment for the super long term as the original Bitcoin will return to its origin near nothingness.

Today, we are also informing that home prices will likely show some kind of plateau or down correction in the coming years, but home ownership will still be a much better deal and a far better investment than renting for the vast majority as the net worth of home owners has skyrocketed.

El Dorado Lofts Historic Core
Historic Mills Act Lofts Property Tax Benefits

Those who prefer to rent can still take advantage of Bitcoin and real estate.  Several Loft Blog readers have taken advantage and purchases multiple rental income homes across the U.S. under $50,000 each.

The window of opportunity is always open somewhere, this is especially true in the revitalizing neighborhoods of Downtown Los Angeles.

Opportunities are knocking in Downtwon Los Angeles!

Investors and first time home buyers don’t want to miss new construction, Mills Act, distress sales, bank owned, for sale by owner, expired, foreclosures,¬†REO, company owned, estate sales, probate sale,¬†escrow fallouts,¬†cancelled contracts, expired listings, listings on hold,¬†vacant homes, divorce sales,¬†auctions,¬†pre-auctions, pre-foreclosure, raw loft,¬†off market,¬†private listings, unlisted lofts, pocket listings,¬†need-to-sell now homes and unclaimed homes. Other homes have big advantages with low HOA dues or reduced property taxes.

There are still some underpriced Mills Act homes in Downtown Los Angeles that offer big property tax benefits for helping to maintain beautiful historic buildings. Get a free list of Mills Act lofts. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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SEARCH LOFTS FOR SALE:  Affordable  |  Popular  |   Luxury
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

In Escrow Great Deal on a Loft

Copyright ¬© This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com ¬†Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Corey Chambers SoCal Home Newsletter December 2017 Gift of a Holiday Guarantee

The Gift We Are Giving

newsletter-socal-home-corey-chambers-referral-j

Is It Really the Most Wonderful Time of the Year?

Christmas FamilyYou know the song, the one that says it’s the most wonderful time of the year. Well, there is something to it. The current year coming to a close, celebration of Christmas and other Faith Driven Holiday Celebrations, all mean different things to different people, but most always represent joy, peace, gratitude and hopefulness. If you look around, you will notice a giving spirit exists unlike at other times of the year. Why can’t it be that way everyday of every year? I think it can. It just takes effort. Here is what we are doing and how you can help.  Many home owners wanting to really enjoy this Holiday season are less than enthusiastic because they feel trapped. They are desperate to exit their current home and give themselves a big Christmas Gift Рa NEW place to call home.  #coreychambers #newsletter

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The great generosity of our coaches! Toys given with LOVE that will bring warmth and a smile to so many children this Christmas!

 

In This Issue:

‚ÄĘ The GIFT we are giving
‚ÄĘ Your (and Those You Know) Holiday¬†Season Guarantee
‚ÄĘ How Your Referrals Help the Kids at¬†Children‚Äôs Hospital Los Angeles
…and More!!

toys-chldrens-hospital-baby-rattle-j-800
Chambers Team donated 30¬†spectacular baby rattles, gifts to the¬†youngest infants in Children’s Hospital ¬†this Christmas.

As a result of working with thousands of people over a 15-year time span and through good times and¬†recessions, we have developed a special program to quickly get an acceptable “cash” offer on any¬†home for market value. So, we are giving Home Owners wanting to make a move a very special gift¬†this holiday season.

For the month of December, we will guarantee, in writing, a CASH Offer within 24 Hours at a Price Acceptable to any Home Owner wanting to sell the place they call home*. I know there is some risk on my part to make such an incredible guarantee like that, but we are selling just about every home we list for the market value price, sometimes even more, so there is no reason for area home owners, your friends and family, to fret about selling right now.

This is where you come in…

If you or anyone you know is considering making a move, we would like to offer them a FREE No-Obligation to Move Consultation to discuss just how they can make their move, get what they want and do it with the least hassle. Just like we are thankful for you and your business, I am confident your referrals will be thanking you for steering them in the right direction on getting their home sold!!!

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Thank you to those who have helped to raise money for the kids at the Children’s Hospital

AND remember, YOUR referrals help the Kids! ¬†We are making progress on our goal of raising $25,000 for Children‚Äôs¬†Hospital Los Angeles this year. We do this by donating to them a portion¬†of our income from homes we sell. As you know Children‚Äôs Hospital Los¬†Angeles does leading edge work in helping kids fight through and survive¬†nasty life threatening diseases like cancer, Non-Hodgkin‚Äôs lymphoma,¬†leukemia and others. As well as being a leader in Spinal Cord Injuries and¬†Early Diagnosis of Autism. Last year they served over 1,000,000 Kids¬†around Greater Los¬†Angeles. Chances are your¬†family or someone you know¬†has benefitted from the¬†great work they do.¬†Children‚Äôs depends on¬†Sponsorships and Donations¬†in order to provide their¬†lifesaving work and keep¬†families medical bills¬†down to a minimum. So When¬†you hear me say ‚ÄúYOUR¬†REFERRALS HELP THE KIDS‚Ķ‚Ä̬†they really do.

Who do you know considering buying or selling a home you could refer to my real estate sales team?  Not only will they benefit from our award winning service, you can rest assured we are also donating to a very worthy cause.  I want to make it easy to refer your friends, neighbors, associates or family members considering making a move. You can go to www.ReferralsHelpKids.com and enter their contact info on line or forward the link to who you know considering a move. Of course you can always call me direct as well at 888-240-2500. Over the last decade of helping thousands of families sell their home and/or buy another, we have met some wonderful, loving, caring people. People like you! I hope you and your loved ones have an extra special Holiday Season filled with much joy and happiness.

With all my appreciation.

Corey Chambers, Realtor / Broker Associate
Realty Source, Inc.

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P.S. Read the following story of this young person. It may cause you to look at your loved ones differently. It did me. Check it out.

Over the last decade of helping thousands of people to find a place,¬†sell their home and/or buy another, we have met some wonderful,¬†loving, caring people. People like you! So your referrals, those you¬†know considering a move, that we help ‚Äď you can rest assured that¬†not only will they get the award winning service we are known for and¬†the guarantee to back it up, but that a solid portion of the income we¬†receive from the transaction will go toward a very worthy cause.¬†Again, it‚Äôs easy to refer your friends, neighbors, associates¬†or family members considering making a move: ¬†You can go to www.ReferralsHelpKids.com and¬†enter their contact info on line or forward the link to who you¬†know considering a move.¬†Of course you can always call me direct as well at¬†888-240-2500.