Estate Sales - Viable Off Market Strategy?

Question

Hi All,

Was at a networking event the other day and heard about sourcing deals from estate sales. The idea piqued my interest, but was curious to hear from others who've done it on their candid thoughts. Are there certain estate sales that are better candidates than others? How do you qualify which ones you go to? How do you make the pitch to the person who will inherit the home? What do you recommend in terms of sites or groups to go through?

Appreciate the tips as always!
Lucas

Bo Smith · Answer

Estate sales can work but timing's everything - you want the ones where they're selling stuff but haven't put the house up yet. I usually hit sales in older neighborhoods with decent property values, skip anything that screams flipper cleanout. Honestly the real move is building relationships with the estate sale companies themselves instead of bothering families who are dealing with loss. You thinking about hitting the actual sales or trying to get leads ahead of time?

Lucas Bernard · Answer

Thanks Peter, very informative, appreciate it.

Peter Mckernan · Answer

Hey! If you are talking about estate sales for belongings in the home, and everything to get it out before leasing or selling then that usually is fair down the road. I would cut these closer to the people that are actually talking to the heirs at first conversion. The trust/estate attorneys. These are the people that can really get you in front of the sellers. That being said, these people that are getting properties from a family member passing away either already have someone lined up, or if they do not, when they do they are getting a large amount of phone calls, mailers, and ads for them to call people to buy their home off market. You need to strike while the iron is hot and these people (wholesalers, investors, flippers and agents) are already marketing to these types of deals. You need to either build relationships with the attorneys, or pull lists from prop stream etc. on probate and more.