Probate Estates

4 Replies

whats the best way to find a Probate Estate? 

I've been to the city courthouse records, but i reallu didnt understand what i was looking for. 

What would you do with one if you found it? 

Do you have a criteria? Do you know the legal process? Do you understand title?

What would make a deal that you could monetize?

i plan on flipping the estate. I dont know what you mean by criteria, but it would really be helpful if you could fill me in on it. 

Thanks,

Jaleen 

@Rick H.

I believe what 

@Rick H. is subtly trying to say is, would you know what to do with the deal if you found one? Just based on the fact that you plan to "flip the estate" tells me you are probably very new to real estate. Probate isn't as much as a lead source as  it is a convergence of multiple lists or situations.  It is one of the more complicated and intricate ways to make money in real estate. A certain amount of basic and advancedvknowledge is needed in order to adequately provide a service to the PR. 

If you can learn how to work with estates and how to solve the myriad of complex issues that can come up on title with a probate related deal then you will define lye position yourself to be an authority on something that very few people understand. When you decide to reach out to people who've files probate to buy their house then you've got to have some thick skin and be armed with experience on how to address their specific issues. Estate related sales make up some of our most profitable transactions so I would never discourage anyone from going for those deals. The caveat though is that you're reaching out to people who may or may not have a property (for sure). Those who do have RE to sell may be eager and happy to hear from you. Others may keep your number for later and then there are those too that will call you an ambulance chaser or scream and yell at your through the phone. All of these are just scenarios you grow accustomed to in this business but your best chance of coming out of these instances with a new contract in hand is to familiarize yourself with solutions for the various other problems these sellers may have. Some are as simple as needing help organizing an estate sale and others have complicated third generation title problems that have only just been made worse by a poor attempt to settle an estate without an attorney. You can read a lot about how to work with leads and buy/ sell/ wholesale great probate leads and it's true. But learn everything you can about what sort of scenarios you're likely to encounter when the person you're looking for actually answers the phone. Even basic info like "what is an affidavit of heriship" and "does my state recognize a guardianship that was filed in a different state" will give you so much credibility with sellers. You can never go wrong by becoming an expert on probate issues when you're out there buying houses. Remember people don't just sell because of price - they sell because they believe in the person their selling to.

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