Best approach to Probate

9 Replies

Hello BP,

For those who have successfully marketed and close wholesale deals with probate: what approach worked for you? I've heard some send condolences, some don't; some mention the estate and still others market without ever mentioning someone died. I'm currently trying mentioning and not mentioning,  to see how it works for me; but I'd like to hear from those who have been there and seen something work. 

Thanks, 

Erin

In my opinion its the lowest form of marketing. stay away from probate.

Originally posted by @Rob Beland :

In my opinion its the lowest form of marketing. stay away from probate.

 Thank you for your opinion. 

I inherited a condo and I wanted to get rid of it. So I got into probates early in to help people just as I was. 

A person becomes the owner of a house with out wanting to be. I was just out of high school. What was I going to do with a condo in the city. 

When ever Ive mailed to an inherited property as I do with my other marketing the person is angry. I've even be cused out. Called a bottom feeder. But I realized they needed time. To come to terms with it. And to come to them as some one who not only know the process but has been through it. Some one has passed away. I send a condolences card. I like to let them know first I'm here to help you with the process and second "if" they want to sell it. I can buy it.

Now some times I'll tell them about BP or ezlandlordforms.com and just help them get started. 

Yes @Mike Watkins but at the end of the day you want to help them by either wholesaling their property or flipping it to an end user. Either way you are convincing somebody to take less money for their property than its worth. How are you helping?

We do the same thing with other properties. Do you pay retail for your rahabs?

If you don't buy it some one else will.

I wanted nothing to do with my dads car and condo. I wanted to just get rid of them  took the car to carmax. I knew I was getting less but I needed it gone more.

Plus you canted make them sign and if you wait 2 months they have grieved and are now level headed. These people aren't zombies that are sobing and crying or have a disorder that will make them sell the house for less. You have to negotiate just like every other deal

The original poster queried about the merits of what is essentially a copywriting question.

IMHO, condolence statements from strangers are inappropriate and insincere. Untimely, I do not believe they will produce the results the marketer desires. 

Mentioning the death of the decedent also seems to misdirect the attention of the reader and does not focus on the problems of the living. Yes, we know they're dead.

As a 40 year marketer and 25+ years in probate, I can tell you that the only opinion that counts is from a principal who responds as a lead, and turns into a qualified prospect, accepts your offer and closes. 

I've done hundreds and hundreds of probate deals with properties that were not retailed. Either because of time, disputes, title or condition, the person or people in charge made informed decisions that resulted in a practical resolution to a problem that listing wiuld not have provided. 

Pay attention to @Rick H.

, He is the master of the probate forum.  I send letters to the PR, and to the heirs as well. offering immediate advance payments and to help them sell/clean out the personal property, in addition to an offer to buy, or help them rent the house.

@dave metsker @rick Harmon @mike Watkins thank you all for your replies about this particular niche of investing.  My question to you now is to again ask an opinion.  We all know this is a sensitive niche. If the estate has put out creditor/debtor legal notices, do you think that is a 'good' time to begin marketing? At this point are they more focused on moving forward?  At what time in the probate process do you find the most favorable responses? 

Thank you, 

Erin

As soon as they make a public probate filing, they are in need of help.  Solve their problems, don't remind them of their loss, and don't give up after one contact/mailing.  Sometimes, the heirs are the most anxious to get money from the sale of the property.  That's why I include them in the mailings, and sometimes call them as well as the PR.