Probate question

10 Replies

I would love it if I could get some insight on a question I have from some Probate experts on this forum.  I have followed Sharon Vornholt and Rick Harmon as they seem to be experts in this field.  I reached out to some probated recently and an agent called me responding on behalf of the executor.  I did read a similar thread before and it seemed like people suggested straying away from dealing with the real estate agent but was wondering if I should pursue this.  They had to have just received the letter today and she called me first thing this morning which makes me believe perhaps there is some motivation.  The real estate agent left me a vm saying that it has not been listed yet and asked if I would like to come take a look at it before she puts it on the market.

I would like to reach out to gauge the motivation level, but definitely would appreciate any feedback from those with success with probates.

Thanks!

Any time you can get access to a property prior to it being listed on the MLS, run, don't walk. The best opportunity is always prior the seller contacting a real estate broker, no matter what the lead source is. The challenge with working with a listing broker is, most seem to think the best offer is the one that appears to be the highest price to the seller. Often, your cash offer, although lower, gives immediate payment to the seller, which is often of high importance to the heirs of a probate estate.

Also, if the listing broker sells to you, without another selling broker involved, their commission is twice as much.

Quick advise - quit thinking like a "flipper"

start thinking like a marketing guru!!!   increase your marketing streams

listing agents and attorneys build our marketing funnels

we get 2 to 3 deals per month from our listing agents and attorney data bases

learn to share the wealth - and this business gets easier

focus on hitting singles and the home runs will come

If the agent has a fiduciary responsibility to the Seller (the Estate?), how does that work?

@Dave Metsker  

Great point, so just to clarify are you saying I should try to connect with the real estate agent and heir since this could potentially help the heir?

@MICHAEL YBARRA  

I like your train of thought, my only question is what would be the best way to approach the realtor in trying to establish a solid relationship that could benefit both parties further down the road.

@Joseph Ball  

I'm assuming it all depends on the heirs train of thought.  If he/she is looking to rid of the property as soon as possible to continue with daily tasks in their lives than this could be an easy solution.  However if the heir has no problem with waiting and trying to get top dollar for the home than this obviously wouldn't be the best solution. (not sure if I completely understood what you were saying).

My point was this. If the agent's job is "Highest and Best", how does that serve your interests? Your job is probably "Lowest and Worst." 

@Joseph Ball  

I completely understand.  I guess my only point would be, what if the probates main goal is indeed to get rid of the property as quick as possible and just didn't know they could go about it this way?  This may not be the case but if it is wouldn't it be worth at least inquiring with the agent?

Maybe, but don't hold your breath. There is lower hanging fruit.

@Joseph Ball  

Absolutely, I couldn't agree more.  I don't see this as low hanging fruit at all, would definitely be a stretch.  Definitely appreciate all the feedback!

Thanks,

Corey

You will find your most motivated sellers when it is a property that needs a lot of updating or repairs, or the heirs just want quick cash.

The folks that inherit really nice houses will list them on the MLS. These are 2 very different groups of sellers. You are looking for executors that have houses that need work. They are your low hanging fruit.

Sharon

Originally posted by @Sharon Vornholt :

You will find your most motivated sellers when it is a property that needs a lot of updating or repairs, or the heirs just want quick cash.

The folks that inherit really nice houses will list them on the MLS. These are 2 very different groups of sellers. You are looking for executors that have houses that need work. They are your low hanging fruit.

Sharon

 I totally agree with Sharon - but the majority of houses we walk thru (probate leads)

have deferred maintenance, and need upgrades,, makes it sweet for fix n flips.

But - i love nice houses as well - I then turn over the lead to my wife - she is a Realtor,

she will charm them to get the listing. The lesson - build a team, listings are great as well

for us in SoCal.

Michael Rae

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