Written proposal for review by Attorney and Probate Court ???

Question

Hi Guys,

OK so finally getting some momentum with my weekly Direct Mailing campaigns and got a reply from a company earlier this week which said:

"Please provide written proposal for review by Attorney and Probate Court:"

Can anyone throw some light on this statement, in particular - what they require to be included and how it might need to be laid out for submission etc?

Thanks in advance.

Steve G. · Answer

@Rick Harmon - many thanks !

For some reason I'm not getting email notification of replies on BP - I'll need to check that out with support.

The "Lead" turned out to be another wholesaler looking to steal deals - so that one went in the bin after wasting a few days trying to get in touch with her! But the information I've received from this post alone was well worth the effort many times over !

I'll post back when I've done my first Probate deal!

Thanks all, and hopefully I'll be able to offer similar help on the forums elsewhere.

Regards

Rick H. · Answer

Here is a stripped-down version of a proposal format that you can start with:

1. Property identification

2. Price

3. Terms

4. Possession

5. Inspections, if any

6. Other conditions

7. Title insurance and closing agent (escrow)

6. Buyer vesting

Obviously, there are many details to fill in and an agent expecting a commission would be left out in thus format. However, absent a state specific real estate for or one provided by the FL court system (DOJ) this will give the estate seller a clear idea of what you are will to pay and the terms you will pay.

Steve G. · Answer

@Wayne Brooks - thanks for the company search info at Sunbiz.org - the site says it's down at the moment, but I'll keep checking until I find the info I need.

@Fred Boyd - Thanks also for outlining your experience. Very relevant & valuable info - the Probate process is starting to come together for me now!

@Michael Kevorkian - Thanks for the info you provided via email - read through it with great interest last night, very insightful indeed and incredibly educational !

Fred Boyd · Answer

Steve-

We bought a property out of probate a few months ago- there were no heirs, the owner had been institutionalized and the property was being liquidated to provide for his support.  There was a listing agent, a trustee and the judge with the judge having the go/no go decision power.  Our proposal was a P&S agreement through the broker with standard inspection amendments.  It took longer than normal, but the deal went through.  I think we got a better price than we might have with a smoother process but there was also an opportunity for another offer to be made at the hearing which could have put us out of the money.

Learn as much as you can about the seller's needs, as always, to satisfy those needs and save some money.

Wayne Brooks · Answer

@Steve G. To check on FL companies, go to.  Sunbiz.org, then, search our records.

Steve G. · Answer

@Wayne Brooks - Not sure of the situation with the heirs, but you could very well be correct that there are problems.

The email came from a company which (after some Google searching), does not appear in any results, and also (interestingly) do not appear on the SEC Company Filings page :

https://www.sec.gov/edgar/searchedgar/companysearc...

The lady signs off as "Personal Representative"

Wayne Brooks · Answer

Since you say it's Fl, if they want an offer for review by the court, seems there may be some dissension among the heirs.  Also, odd that you said "got a reply from a company...".  What type of "company" would be involved in this, a real estate brokerage with a listing?

Rick H. · Answer

I give thanks to my friends Ellis San Jose and Gordon Moss for the "Buy Rick Coffee" idea.

Steve G. · Answer

@Rick Harmon - just checked out your page "Buy-Rick-Coffee" (your recent post comments fully understood now- Lol - !!!!)

Thanks again, appreciate your input on this post!

Steve G. · Answer

@Rick Harmon - Lol - I'm sure we could swap "relevant" quotes all day, but I get the picture and appreciate the comments!

Actually, it's not Kiwi-Law info I need (I've got a daughter who's just completed her Masters in Law for that), the Probate leads came in from Florida, so I'll need to do my research there.

I'll checkout the class too - might be a good reason to make a visit to the USA & buy you and Mike a coffee & lunch!

Have a great weekend & appreciate the help & advice everyone!