Acceptable procedure for pursuing abandoned property in an estate

Acceptable procedure for pursuing abandoned property in an estate

Lender · Tampa, FL · Member since 2015 · 63 posts · 44 votes

I found an abandoned property while "driving for dollars" and after some research I found out that it's owned/in an estate because the owner must have died. After more research I believe I've found a landline phone number and address of the daughter. I've been looking through the information for probate deals, and from what I've seen this is a little different because it's not technically probate. 

I've seen some back and forth about whether you should call or only send letters to get initial contact with heirs/estate holders (out of privacy or respect I suppose?). What are your feelings? If I've found a phone number, is it fair game? 

Also, and the more important question/request, could you please provide a link or give me a run-through of how such a conversation should be handled? I'm mainly curious about questions like, "How did you get this number/find information about my property?"

Thanks in advance, everyone.

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  • Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    11y

    While you are pacing back and forth, talking yourself into and out of calling and debating this in your head, someone else may be taking action.

    The funny thing is that the Daughter may be hoping, no make tgat praying, that someone will come along and help her.

    Pull the trigger. Write, call AND knock. 

  • Lender · Tampa, FL · Member since 2015 · 63 posts · 44 votes
    11y

    Thanks for your post, @Rick H..

    I did call her a few days ago (took a couple times to get ahold of her). Developers are also interested in the property, and her family and lawyers are in the process of splitting the (double) lot into two. 

    Developers apparently gave an offer with the single lot, but they came in "so low that it wasn't even worth it." She doesn't know what the real value is, but is thinking along the lines of $275K per lot (for the land, because it's a pretty prime neighborhood in Tampa -- Bayshore Beautiful, ~$500K+/- per home). I'm sensing that:

    MotivationToSell < WantToMakeAsMuchMoneyAsPossible

    I'm going to show it to some more experienced wholesalers I know in my area and see if they know how we could go on it, but it sounds like a bidding war that may not be worth it, at least not to a wholesaler. 

    Please express any further thoughts! 

  • Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    11y

    Have six (6) solid prospects that you are working at all times. 

    These should include leads that you are circling tightly, have researched, have a problem or problems that trigger their motivation and sufficient equity to make a deal possible.

    If one drops off for any reason, you must endeavor to replace it. 

    Using this approach will maximize your assurance that deals will close and you will make money. 

    Obviously, there us more to thx business than just driving around and talking to people however I'm focusing on increasing your odds. 

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