Probate situation - best way to approach and close the deal

1 Reply

Hi BP Nation

I'm looking for some feedback on how to approach and close this deal!

Situation:

  1. Met with 2 executors of an estate located in a nice east side suburb.  They are not related to each other or the deceased property owner.  I toured a property and I'd like to purchase it for rehab/flip.  
  2. The property is full of belongings which are outdated but in nice condition, maybe some antiques - not sure.
  3. The executors will not have final approval to sell the property until the beginning of May and there's a possibility there'll be new people involved in the decisions making added at that time. 
  4. Motivation to sell is average - they say don't need to sell asap but they would prefer to get rid of it.  They are older and live about 25 min away from the property.
  5. They are pushing for an offer this week that includes the contents.
  6. I educated them on local sale prices and homes that are updated vs homes needing repair, but a realistic rehab sale price will be a tough pill for them to swallow. 

Questioning... 

  1. ...whether to to make an offer now even though the "players" wont be finalized until May?  I want to lock it down asap and not become a source of comps and info as they get other offers or put it on the market.  Realtors are giving them inflated estimated sale price.  They want to meet with me in 2 days.              
  2. ...what to do about the property contents.  I don't know what its worth and I don't have the time to get bogged down in trying to pricing it all out.  I know they want an offer (higher) with contents included.  I lost a deal last year to an estate liquidation company that came in to give an estimate and made an offer on the home and contents - don't want that to happen again!         

Thanks  

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Welcome to the BP online community!

I think I'll hold off posting about your probate queries until you identify yourself better, complete your profile and upload a face pic. It's all about relationships, whether in your town or online. 

Maybe others will be more resoonsive to a stealthy post.

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