Probate ?

[James Peoples]

I mailed a letter to executor of an estate and received no response. I have their phone number from the case file, should I follow up with them with a phone call or wait a few days and send a follow up letter?

[William T.]

@James Peoples How long has it been since you have received no response? I would follow up with a post card or another yellow letter in 3 or 4 weeks. I have yet to see on BP someone calling an executor directly and you probably don't want to bother them with their busy schedule. I would search the forums to see if someone has contacted an executor directly without having prior contact. If you can schedule an appointment with the firm and offer to take someone out to lunch might help. Good luck...

[Rick H.]

If I understand you correctly, you mailed out one letter? Okay, we've all gotta start somewhere and you took action.

Should you wait to call? Your issue is timidity; a lack of confidence. There's nothing wrong with contacting an executor by phone IF you have good reason to call.

Here's my take on probate and sensitivity to an executor's grief: once someone has filed probate they're concerned with stuff (money, bills, heirs and ownership). In nearly twenty five years of working probates and speaking to literally thousands of people, I've only experienced two or three people who were so grief stricken that they had difficulty doing business.

May I suggest that you have a little script, some notes and a checklist of things that ought to be in an initial conversation. This would be a good use of time for both you and effective use of time for the executor. Focus on discovering what they need, not what you want.

My approach is to be professional and helpful. You never know how offering to do some small thing will lighten the load of an overwhelmed executor.

[James Peoples]

I have confidence. I want to contact the executor personally to build rapport to get an understanding of his situation. I've read the case file and in one of the probate notes it state that the house has been burglarized and that him and his two sisters have ready divided the personal property amongst themselves. The thing that's left for him to do is sale the house. The house is in grave condition it was built in 1920 it needs a total face lift

[Gary Parker]

Originally posted by James Peoples:
I have confidence. I want to contact the executor personally to build rapport to get an understanding of his situation. I've read the case file and in one of the probate notes it state that the house has been burglarized and that him and his two sisters have ready divided the personal property amongst themselves. The thing that's left for him to do is sale the house. The house is in grave condition it was built in 1920 it needs a total face lift

As always @Rick H. gives excellent advice. Based on your comments, call immediately and talk to them about solving their problems.

[Rick H.]

Grave condition?

While I don't have a rule book, @James Peoples, you'll probably get some good mileage by considering your choice of words before contacting the personal rep. (that is, if you want to do deals).

However, please continue to post on BP. I've had a trying day and double entendres always make me smile, whether intended or made in error.

[Doug Smith]

I remember when my grandfather, a farmer, passed away. I was out at the house with my grandmother the next day and a man pulled into the drive and began walking up to the house. He said he wanted to talk to my grandmother about buying the farm as he knew she couldn't run it without him. I chased him off of "our land" and am thankful that he seemed to be faster than me. I was really, really angry. My family settled that land in 1831 and my father farms it to this day. The moral of the story is be careful when you reach out to people. Some investors may not care if they hurt someone or not. I implore you to be sensitive. I still remember that day in 1993 and it ticks me off to this day.

[Steven J.]

My initial reaction is to sit tight as well. Calling does run the risk of someone being angry about calling and thinking of themselves. I personally would move on to the next possible lead. After all, you've sent your mailer to them, they could call you if interested and I think its your turn to wait for them to contact you.

If you think there is competition out there from others perhaps you send a second letter or do make that phone call simply reminding them you are there to help them through the process. I'd be nervous that I'd get yelled at on the phone so I'd maybe be glad to leave a message even.

[Darrell Shepherd]

I dont do a lot of probate, so would defer to Rick on his rec. Most of my experience here was a while back and I never really made it a big part of my business so take this for what its worth.

Saying that, sending one letter to one executor is no way to go about things...I guess if you have targeted one property, then you targeted one property and you need to be aggressive. Keep in mind that just because someone should be motivated doesn't mean they are motivated. If it were me, I'd be mailing a 5 stage mailout (at least) to lists and doing it regularly if I were working that market. If you are simply targeting one house, I'd say pick up the phone and call. My advice would be to tie in some sort of personal story to it, though. You definitely dont wanna come across as a shark that smells blood in the water like Doug experienced...you're dead in the water if you do.

Honestly, though, probate is a great niche if you work it right, I've bought multiple properties a number of times where the deceased had a small portfolio and the heirs had no desire to be real estate investors and viewed it as a huge headache. To them getting rid of everything in one transaction was a relief. Its also a pretty easy sale on sub2 if there's a loan with a good rate, they dont really have anything to lose leaving the loan in place.

[Dennis Lanni]

james, call the executor, you have the phone number. Why mail, everyone mails. On a different note see if there are loans on the property & if this home in "grave condition" has code violations. Also see how far they are with the probate (inventory & appraisal back, ect...). I would be have to help (I'm in sacto).

[James Peoples]

@ Dennis Lanni
They're pretty far along in the probate process. This is what the file states

Order approving first and final report and account of executor and petition for its settlement for allowance of compensation to executor, fees to the attorney and cost of administration, and final distribution.

[James Peoples]

Also I don't want to wait for inventory and appraisal because I'm seeing properties been listed on the mls right after proof of publication is issued to court

[James Peoples]

Dennis Lanni

I see your working on probate properties yourself located in Citrus Heights. Guess I'm late

[Dennis Lanni]

James just call, ask the executor what the plan is with the house. If it goes bad I'll buy you a beer & if it goes well you buy me a beer :) good luck & let us know what happens.

[Bill Larsen]

@James Peoples hey just curious... did you end up calling? how did it go? I am just getting into the probate game and like hearing other people's experiences. Some docs have e-mails of the executor and I sent a handful of messages out Friday and got back a couple pretty angry messages

[Rick H.]

I'm betting no further action was taken. Lots of 'what if this and what if that' but no follow through.

James, please, please, prove me wrong. Show these BPers exactly what actions you took, how you nurtured the prospect and converted it into a deal.

Find. Solve. Profit

[Junaid Subzwari]

@James Peoples, I'm rooting for you here too!! I'm getting started as an investor, and given how much feedback I've heard about how difficult it is to deal with the banks in NY for foreclosures, I'm trying to diversify my strategy to include probates. I would to learn from your experiences!

[Josh Miles]

Right, I have sent a direct mail and a postcard to the executive about the real estate and the assets they hold. I haven't had any responses at the moment, however I feel a phone call will give me a lead or will help me understand the situation. Do you know what I can say on the phone to the executive? Or is there a good script I could go by and use when I make the phone call ?

[Chris L.]

@Rick H., you said: "My approach is to be professional and helpful. You never know how offering to do some small thing will lighten the load of an overwhelmed executor."

That is so true! Could you give some examples of small ways you could offer to help an executor who is overwhelmed by their situation (other than buying their properties)?

@Darrell Shepherd @Sharon Vornholt do you have any suggestions for this, too? 

[Darrell Shepherd]

That's a tough nut to crack.  The executor/executrix is usually a family member and you will almost surely be perceived as an opportunist sending them stuff, thus your low response rate.

When I did it I'd send general correspondence to the house that would appear to be coincidence.  You can send stuff to the attys and follow up with a phone call, they're not emotionally involved.  I've known people who'll call executors and heirs, but I can think of a million things I'd rather do than be aggressive about picking up houses from people who just lost a loved one.  To each their own, and sometimes the best money is in doing stuff other people can't/won't do, but that isn't anything I'm gonna do, I'd rather keep raping banks.

[Rick H.]

@Chris L. This, of course, is a very old thread. 

I challenged the OP to follow through and report back however it appears he vanished, 

It's funny to me because much of what I do and how I profit is based on the human nature and lack if follow through. Something I can depend on as a constant source of opportunity. 

Those nay-sayers are rarely real players in RE. I was taught by my mentors to recognize that there are two roads and alone must choose which one to take. 

I lose no sleep from my choices. 

[Sharon Vornholt]

@Josh Miles - I would personally never contact someone by phone unless they have first contacted me as a result of my direct mail.  I think it's a common sense approach; they have lost a mom, a dad or someone else close to them in most cases.  These folks sell on their own timetable; in other words when they are finally ready to move forward.

The one thing that holds most folks back is cleaning out the house. I always offer to do this if that will help them move forward.  The executor and/or the heirs will often spend months or even a year going through the personal belongings in the home.  Most of them will get to a point where they lock the door and walk out of the house and be unable to finish the job.  It is just too overwhelming.  So offer to do that for them if they need help.

If you plan to rehab the house or keep it for a rental you would need to hire someone to do this so just figure that into your offer. The same is true if you will be wholesaling the house. Just put that cost into your repair estimates.  I hope this helps.

Sharon

[David Battle]

@Darrell Shepherd Can you elaborate on "raping banks" it sounds like niche I'd like to target as well as probates?