Real Estate Investor · Member since 2010 · 25 posts · 0 votes
I heard in the forums that in some areas the probates are advertised in the paper. In my local paper I see, “Notice of Trustee’s Sale†is this it? Listed in the description it says the property is going to be auctioned off. I would imagine it would no longer be able to be sold to a private party unless I wanted to show up to the auction, right?
Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes
15y
Mike,
What you're looking for in that Notice to creditors is 1) the deceased's name, 2) the Executor's, Administrator's, or Personal Representative's name and address. You will have to crosscheck the deceased's name with the county tax records to see if there was any real property. And many times the Executor's address will be that of an attorney. As to the timing, I would not wait too long after the filing of public notice.
@Realtyman, yes it does have an outward appearance of ambulance chasing. However, there is also a need to be fulfilled. Death, sadly, can not be avoided, and so many leave without having their affairs in order. It would only take one time seeing the relief in the face of an heir who's problem you just solved ("what do you mean there are taxes to be paid? How much? How are we going to....) to relieve you of any gruesomeness.
Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes
15y
Hi Mike,
No, a Trustee sale is quite different. What you're looking for is a Notice to Creditors, and it's usually found in a legal paper. When an estate enters probate, a notice has to be given so that any one with a claim against the estate can settle up.
Many times any real property must be sold in order to pay the creditors and back taxes. That's why a quick sale usually benefits the family. When you find the notice to creditor, you'll also find the executor of the estate. That's the person you need to deal with.
Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
15y
Sounds kind of gruesome like ambulance chasing. However, if in the business - it would not hurt to get to know a probate attorney who may have numerous deals come through their office. Let him know you are there to help the heirs get their cash so they can get back to their own jobs.
Real Estate Investor · Member since 2010 · 25 posts · 0 votes
15y
Thank you for the quick response and great answer. I have the "Notice to Creditors" listed in the paper as well. Since I have this listed in my paper would this be sufficient to use for data ILO going to the courthouse to get the data? I am not trying to be lazy just trying to work smarter. If I don't have to waste time I don't want to.
I heard that probate mailings are most affective approx 4 months after the filing of probate. Is the "Notice of Creditors" about the same time is the filing for probate?
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
15y
Originally posted by Mike Normandin:
.... In my local paper I see, “Notice of Trustee’s Sale†is this it? Listed in the description it says the property is going to be auctioned off. ...
Trustee's Sale = foreclosure
The Notice of Trustee's sale announces that the property will be sold off to pay the debts owed - this is carrying out the foreclosure.
Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes
15y
Mike,
What you're looking for in that Notice to creditors is 1) the deceased's name, 2) the Executor's, Administrator's, or Personal Representative's name and address. You will have to crosscheck the deceased's name with the county tax records to see if there was any real property. And many times the Executor's address will be that of an attorney. As to the timing, I would not wait too long after the filing of public notice.
@Realtyman, yes it does have an outward appearance of ambulance chasing. However, there is also a need to be fulfilled. Death, sadly, can not be avoided, and so many leave without having their affairs in order. It would only take one time seeing the relief in the face of an heir who's problem you just solved ("what do you mean there are taxes to be paid? How much? How are we going to....) to relieve you of any gruesomeness.
Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes
15y
:pissed: <--- (probate lawyers) :lol:
Mike, in my experience I have found probate lawyers not to be particularly helpful. Unless as Realtyman expressed, you can develop a relationship with one. Or several!
I have gotten pretty creative with trying to find the executors mailing address. But when all else fails, I mail to the property address. Since the executor or PR is now in charge of the estate, sooner or later they will get the mail. UNLESS...your detective work turns up multiple properties, or the deceased had a different mailing address from the real property, which would indicate income property. You'll find these things out as you query the tax database.
Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes
15y
Hi Terry,
Didn't mean to keep you hanging. I have come across probate deals through out of area owners mailings as much as two years after the fact. So I am not claiming anything other than it being a good idea to get your marketing into the hands of the decision maker asap. Left to themselves, they tend towards listing because many folks have no earthly notion on how to sell other than listing with a Realtor.
But many times the property MUST be sold in order to settle all the affairs of the estate. When you come in with a cash offer and close quick, you're the hero. When you mail early, you position yourself as the one with the solution.