IM A NEWBIE!!!! home owner died without a will...... I NEED HELP!!!

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IM A NEWBIE!!!! home owner died without a will...... I NEED HELP!!!

Michael DuVentre
Member since 2014 · 61 posts · 5 votes

IM A NEWBIE!!!!! I recently just mailed my first few direct mail letters last Friday and to my surprise I got a phone call today. I was still sleep this morning when my phone rang. Anyway I answered and it was a gentleman who received my direct mail.

He told me that the homeowner of the home had died some time ago and he was either the administrator or executor of the estate (I was half sleep when I talking to him this morning). He also told me the home owner had died without a will and their where some heirs still around. He pretty much gave me a gloomy story and then we got off the phone.

I REALLY WANT TO MAKE THIS WORK FOR ME!!!!! What are the questions that I need to ask him!?!?!? What do I need to do!?!?!? I really want this property

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Mike Hepburn
Flipper/Rehabber · Toronto, ON · Member since 2011 · 122 posts · 26 votes
12y

Hi sounds like the probate process maybe finished. (some time ago, owner said) Don't concern your self to much with the probate, they want house sold and title company will check liens for you.

Ask homeowner what is the least in all cash he will take for the house. Tell him you are networked with some cash buyers and you are sure if it is priced right one of them will buy it. Some of them are now on summer vacation, can you give me a little time on this?

I can give you a list of cash Buyers in Memphis and a 10 page comp report, but would need the address. Its your deal, don't worry I have no one on the ground in Memphis.

You have little time, to send post card to cash buyer, you will have to try and contact them by phone. I will give you a couple hundred. You will also need a Title Company in Memphis to help you with contract. You will need 2 of them. I know a good source to buy a blank contract. They gaurantee it to be accepted in each state.

First and for most you have to get his price and find out how much under market value it is. If the discount is enough the buyers will come like bees to honey.

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  • Michael DuVentre
    OP
    Member since 2014 · 61 posts · 5 votes
    12y

    Can someone give me a step by step process that I should do!!! I really want this property! But Im such a newbie BUT I BELIEVE IN MY SELF!!!

    0Reply
  • Nereo Mendoza
    Investor · Vienna, VA · Member since 2013 · 41 posts · 14 votes
    12y

    Hello Michael 

    I suggest you to look here in BP using phrases including "probate", i just tried and found some interesting stuff like this post 

    http://beta.biggerpockets.com/forums/56/topics/984...

    read a lot before jumping into this and I also suggest to run your number to asses if it will worth all your time and effort

    best luck

    0Reply
  • Michael DuVentre
    OP
    Member since 2014 · 61 posts · 5 votes
    12y

    Thank you Mr. Mendoza!!! greatly appreciated!!!

    0Reply
  • Michael DuVentre
    OP
    Member since 2014 · 61 posts · 5 votes
    12y

    What info do I need to get from the gentlemen that called me earlier this morning!?!?! It seems as of right now he is the lead!!

    0Reply
  • Mike Hepburn
    Flipper/Rehabber · Toronto, ON · Member since 2011 · 122 posts · 26 votes
    12y

    Hi sounds like the probate process maybe finished. (some time ago, owner said) Don't concern your self to much with the probate, they want house sold and title company will check liens for you.

    Ask homeowner what is the least in all cash he will take for the house. Tell him you are networked with some cash buyers and you are sure if it is priced right one of them will buy it. Some of them are now on summer vacation, can you give me a little time on this?

    I can give you a list of cash Buyers in Memphis and a 10 page comp report, but would need the address. Its your deal, don't worry I have no one on the ground in Memphis.

    You have little time, to send post card to cash buyer, you will have to try and contact them by phone. I will give you a couple hundred. You will also need a Title Company in Memphis to help you with contract. You will need 2 of them. I know a good source to buy a blank contract. They gaurantee it to be accepted in each state.

    First and for most you have to get his price and find out how much under market value it is. If the discount is enough the buyers will come like bees to honey.

    2Reply
  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    12y

    I am glad you are sending out mailers but you should be doing your homework in the meantime bc now you have a potential lead and no idea what to do.    

    How do you know if you want the home or how do you even know if its a good deal?

    You need to find out what other homes are selling for that are similar in the neighborhood, how much work does it need, etc...

    Good luck

    Curt Davis - KAIZEN Realty538 Reviews
    WebsiteView Page
    1Reply
  • Rick H.
    Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    12y

    I agree with Curt. You went fishing off an ocean pier, have a bite, and don't know if it's a whale, a shark, a barracuda or an old boot. Here's your format:

    Property

    Equity

    Title

    Interest(s)

    Opportunities

    0Reply
  • Mark Pedroza
    Real Estate Agent · Sacramento/Placer ~ San Francisco Bay Area counties · Member since 2012 · 1k+ posts · 743 votes
    12y

    @Michael DuVentre  Probate laws differ from CA - OR and TENN. Run with your lead and and follow Rick Harmon's P-E-T-I-O.

    Keep us posted and good luck!!!

    Mark (N-CA)

    Sac/Placer counties

    1Reply
  • Michael DuVentre
    OP
    Member since 2014 · 61 posts · 5 votes
    12y

    @Rick Harmon thanks for the advice.

    As far as "P.E.T.I.O" is concerned, how can I educate myself on this! Can you suggest material I can read on this!

    0Reply
  • Mark Pedroza
    Real Estate Agent · Sacramento/Placer ~ San Francisco Bay Area counties · Member since 2012 · 1k+ posts · 743 votes
    12y

    Michael - Access Rick Harmon's website; 

    http://RickTheProbateGuy.com for more info on;

    P-roperty

    E-quity

    T-itle

    I-nterest(s)

    O-pportunities

    Warm regards....

    1Reply
  • Mike Hepburn
    Flipper/Rehabber · Toronto, ON · Member since 2011 · 122 posts · 26 votes
    12y

    Michael DuVentre

    said the deceased died awhile ago. No will

    The judge may have already decided who gets the estate. if so no concern about Probate. Sell the house and the probate attourney disburses the funds.

    If it is on going or disputes, contesting judges decision or heir says yes there was a will I will find it. Any of those issues, for a Newbie I would walk away . To time consuming and complicated

    1Reply
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