All Forum Posts by: Isaac El

@Tom Gimer ok that gives me a lot more information , so now I am trying to connect all the dots.

These two people passed, they didn't leave a will, and there is a reverse mortgage, the sibling cant get any info he is not on the mortgage, and can not locate other siblings

what is the step to connect him to become the PR?, or how does he prove he is their heir? (he is out of state) and I dont mind doing any leg work to get him whatever paperwork he needs or locate whatever is needed.

@Abel Curiel  The finding pieces of the puzzle make it a fun challenge (I know that could sound weird) my thing is I am kind of totally new to this, and want to make sure I am moving in the right direction.  Have you dealt with situation like mine, where one sibling is willing the others are no where to be found?

@Tom Gimer Hi Tom, got it, that makes a lot of sense, but then what about some people say "well what if the other siblings show up later..." then I am screwed?

@Jerry Puckett Hi Jerry, thanks a lot, and I was literally thinking to do "I saw your house is in bad shape or foreclosure, here is my number if you want to sell call me" but that seems very weak.

I saw some other sample letters like "I saw your house and I am interested in buying you, I will pay all cash, buy it as is so you don't need to do any repairs, and I am not an agent or broker so you don't have to pay any commissions, if your interested in selling or wondering what your house is worth, call me I can help, Sincerely, Isaac 555-1212)"

or would you say that is too long?

@Tom Gimer Hi Tom, I believe there is no will and from what I have gathered the parents were older, the 3 kids were out out of touch for 20  - 30 years, and they have not been in touch with eachother for 5 - 10 years, or have eachothers contact info or anything like that.

Is there any way to make this one hier that I am talking to, the one that is willing to work with me, the personal representative of the estate?  and then from there can he sell me the property?

@Jerry Puckett  - Hi Jerry, I love this post.  I am totally new to real estate and have been driving for dollars and making a list of vacant/distressed properties to mail.  Getting ready to do my first direct mail, you mention you send 4 to 5 letters then start again from 1.  My question is did you use a company to make the letter progression, or did you make up the letters yourself?  Any help is greatly appreciated.

@Brent Coombs -

Thats funny, reminds me of when I was in college and you would go to south street seaport and there were people doing that all over the place!!! Kind of easy to know its fake like you said somebody offering it for $100, but what happens when selling you the $100 watch for 80% of the real value (and not some random guy in the middle of the street in a suitcase, a watch store that sells new/used watches) and its a little harder to avoid getting screwed because it looks to be a lot more legit?? Again I am new to all of this, but I guess thats what title and title insurance is for?  To protect you in those situations?

@Tom Gimer - reading this post and yea sounds SUPER FISHY, some random guy coming up and offering a house like that, I heard before locally (some local people that are way more experienced and I told them I am getting into real estate - told me to watch out for that) for example what I heard is, lets say the house is under the name "John Smith" - they will go find somebody who is really "John Smith" or the person comes with fake id but kind of matches the age.... and selling the house at a little more believable price like 70% - but it sounded fishy so when they looked more into it they found out it was fraud called the police at closing (they showed up did nothing) the person just ran out of the room, and I have heard that locally there are scams like that to watch out for!

@Account Closed  - Hi James, this has been super helpful and informative.  Yes it is very complicated and with the post on here from you and others, it is started to make a little more sense.  So the way I look at it is like this, and I appreciate you pointing me in the right direction.  I am not going to spend all my time on this "deal" like I have the last 2 weeks.  My plan now is I am going to try a little more, mainly to find the other 2 siblings (not spend a ton of time) but find them and see if they are all interested in selling?

I did try to call the reverse mortgage company - but they really wouldn't speak to me, I will try and call again and see if I can get further. I have been going to foreclosure auctions for a few months now, which has been giving me some knowledge, see what other buyers are paying (which I have noticed at auction, at least here in NY most of the auction prices are pretty high, compared to what investors are paying when they buy a deal directly). But I am thinking if this goes to auction the upset price will be too high and like you said it will go back to the bank as an REO. What I have noticed here in NY (and saw some other posts here similar to it) is that once it goes to REO, it goes to agents that already have a relationship with the bank (obviously) but those guys give the deals to buyers they have been working with. For example, I see REO listed, call the day its listed, and every single time I get the exact same response "ohh we are already in contract" So I was hoping to buy this if it was possible before any of that.

The other reason I am very interested in learning more about this is, I have been "driving for dollars" as I read in the Bigger Pockets book and listened to on podcasts, and have been taking note on the distressed/vacant properties, and I have seen already a good number of them have them same situation as I initially mentioned.  So your right, this probably won't be my first deal, but I guess I should still work it a little for the learning experience?

Your right I have been hesitant to bring it to any real estate pro I have been seeing at auction or something, because they probably already have experience and will know exactly how to do this, and it took me some convincing even with this 1 heir that I found to even work with me, he told me "I get calls from real estate agents and brokers all the time" and I told him "look I am not an agent or broker, and I wont waste my time, I'll be upfront and work with you" so he is willing to try it out, but I see what your saying need to get all kids on board.

This might be a super stupid question, if I ran title on the property would it show all the heirs, like he is saying there is 3 siblings total, but what if there is really 4?

Kind of exciting, this is my longest post, appreciate all the advice!

@Joshua Hardy I really appreciate the advice, I looked up the property on property shark and the house is not under trust or corp (not sure if you can go by that - again I am very new to all of this) The listed owners and the personals.  So does it automatically go to probate? or is that something one of the kids needs to initiate?  and then it automatically puts that is a heir on the title? 

Again thank you for any information.