Hello fellow investors i've been wholesaling for about 2 years now and was i talking to a few other investors on how they get the leads. I asked them about going though Bankruptcy, Divorce & Probate attorneys i tried this once and all shot me down they spoke about about client & attorney priveledge info and they couldnt tell about their clients situation on their assest , I wanted to know if any has a sucess from calling these types of lawyers and what i can do to get them to call me. By the way i live in DC if you where wondering.
I think that you are more likely to get better responses by starting with principals. This means contacting heirs, beneficiaries and executors/administrators (personal representatives) directly and identifying the ones that are motivated to sell.
My experience us that probate attorneys, in particular, prefer to see their estate client list a given property prior to sale in order to give it maximum exposure to the market, presumably to reduce the risk if a disgruntled heir becoming dissatisfied with the sale price and terms.
This is not to say that it's impossible to buy starting with the attorney as the starting point, however you'll like continue to get the same response as in the past until you develop better business relationships with the BK and estate lawyers.
Early in my career I, before I discovered more fertile grounds (probate) I easily found BK attorneys eager to refer clients to me. However, I don't recall a single referral closing because they lacked equity. Of course, we're attempting o buy equity at a discounts. I suppose I could have become an expert at buying BK short sale properties, but that just seemed like there were too many moving parts and few rewards for the effort. I'm sure there are a few people out their laughing because they've unlocked that puzzle and will keep silent.
@Rick H. no laughs here! I know very little about this topic. I would even have to ask you, how does one find heirs, beneficiaries and executors/administrators (personal representatives)? I am imagining that the attorney isn't going to tell you, and that it is found with public records?
If you think of property ownership along a timeline of life events, it's easier to see when the opportunities (and triggers) might appear highest.
Using this concept, you'll have a better picture of buying property prior to, during or after probate. Part of the challenge for all marketers is identifying prospects that are reachable.
I know some people track obits, cross-reference decedents name with real estate records, then chase down surviving heirs, all prior to probate. This is not my style, however I see nothing wrong with this. This is especially true once you've had the opportunity to help someone who is a 'deer in the headlights' and uncertain what to do or who to turn to.
When I get these calls, I put business aside and see where to be helpful. I'll never forget how I felt when my own Dad died when I was a young guy. After all, what come around...
Thanks Rick for the info I did run into the loop holes you were speaking of i had came across a rental property through a chapter11 bankruptcy attorney but it wasn't enough equity to do the deal ,Not to mention out of a 156 unit property 51 were vacant the owner had missed payroll 2 months straight, The owner was motivated to sell but not at the price i was looking for. As we all know this is a numbers game.
News papers still print the divorce and obituaries for those chasing deals like that. They have a legals section in most papers. The principles are right there for you to see clear as day.
All you have to do then is match the name up on facebook or search engine or tracker or how ever you go by finding them. Most court records show address of plaintiff and defendant ect. The court house they have computers to look it up if you have case numbers but family stuff can be sealed it depends. An attorney could better answer this.
Yes the attorney client privilege is a hurdle in this matter.
Seems like there might be easier deals then the ones that involve bifurcation of a home via divorce. This sounds like deal in drama to me.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.