All Forum Posts by: Rick H.

There is no such thing as “no heirs.” 

Every one of us came from someone else (except that crazy lady some years ago who claimed she was impregnated by an alien…and that makes the alien’s family eligible).

It’s more accurate to TSG as “no known heirs.” But believe me, there are people who can and WILL identify and find them. 

Part of the skill in this business is to recognize a road block to an opportunity and decide if you want to pass or invest the time, money and effort to go deep. 

I’m with Mr Davido on this (mostly).

F + C Vacant properties have always fascinated me. QT via AP should never be the goal but anytime you work an opportunity, it’s best to preserve that option. 

There’s often a Black Swan unknown risk with these cases. If you breach the property and enter, you are exposed to all kinds of issues and claims of “missing silver, good and Picasso art.” 

Often, there are off-record legal actions already in the works in background that might show up with deeper research. 

Alternatively, you could find a firm that’s set up for working these with the right legal team in place (depending on the county).

You’ve been hinting these for a while. Kudos to you!

BTW, I’m rarely on these forums since there are so many imposters, frauds and newbies unwilling to do the real work.

The challenge many marketers have is biased perspective: assuming the prospect thinks like them. 
if you’re working open probates, for example, the typical PR is the alpha child, age 45+. Are they known and reachable? How do they want to be initially contacted (text, mail, call, text)?

I can assure you that no inherited property sale prospect wants a spammy text with a “yo dude” message. However, unsophisticated, cash-strapped heirs might respond. 

“Know thy target prospect and their preferred media.”

Brandon - reminder: real estate pro’s are in the problem solving business. I can assure you that, having complete thousands (yes!) of probate deals attorneys do not consider finding an agent in the San Gabriel Valley a problem! 

Most ALL attorneys find agents to be pests rather than welcome guests (true!).

I strongly suggest you focus on solving granular problems at the consumer level and develop your expert chops working tax defaulted and pre-probates. A great example is to use Property Radar or similar list to find properties currently in foreclosure. Reverse mortgages a perfect example. Make sure they have plenty of equity (because that’s what you’ll get paid from). 

Then, find one or two local probate attorneys in your farm area. Probably not the attorney that pitches the agents because I keep seeing bad stories about getting his clients into trouble. 

Study title research before probate. This will improve you capabilities. Few agents will bother and give up.

The money is in finding the pain points for clients.

Your “seller” needs to have standing, meaning capacity, powers and authority to pass marketable (insurable) title. 
I start with examining the “vesting” of title (this is the legal way to refer to how title is held). If you are a PropertyRadar subscriber, for example, you’d look at chain of transactions going back to acquisition and original deed.

I always insist on a certified copy of death certificate with decedent’s SSN and next of kin. Reviewing this will reveal other important clues, as well as potential for fraud. CA does not recognize Affidavit of Heirship but does have an Affidavit of Small Estate and other ways to avoid a formal probate. 

Lots of fraud popping up now. I’ve been in this since 1978 and know this is the stage  of each real estate cycle when people, desperately trying to find a deal, cut corners that they come to regret. 

While statutes vary widely between states, the basic element here is that you, as a payor, are considered a “volunteer” meaning, you paid a decedent’s secured debt without having any apparent claim or legal standing. 

Presumably, you do have possession. There are multiple ways to pass title. If there are no competing claimants or threats, I would decide if the current circumstances are acceptable to continue long enough to file an offset claim as a creditor and then open Probate or a Quiet Title Action.

Straight answer: follow your intuition. You are correct. 
Surviving spouses who live in a property are generally NOT good sales prospects.
Houses don’t have feeling; people do. You are prospecting for owners who are ready to sell a house that is, preferably, not their residence. 

Consider each property in terms of a ownership timeline (before, during and after) and life events that affect it. Think of probate as a title problem. However, merely filing probate is not a signal that a surviving spouse wishes to sell, let alone a distress sale.

To the contrary, look for estates with multiple, compounded issues (vacant, back taxes, foreclosure, multiple heirs or beneficiaries, etc.). After many thousands of probate deals since I started (1978) I can assure you that you will only do deals with    sellers who see you as solving their problem and have sufficient capacity, powers and authority to sell…PERIOD.

It’s very rare that I post in this forum anymore as I find some of the responses Miss the spirit of helpfulness. 

Unless you fully understand the chain of title, it’s always difficult to provide much insight.

@Charity Skore has come closest.

Title companies are in the risk business. They are not in the business of taking on risk (perceived or otherwise) for free.

In most states, Quitclaim Deeds are considered appropriate for release of interests but are not affirmative, meaning there may not really be an interest, as of a date. 

Resolving title via the courts is one great way to solve a problem, however it obviously costs money and takes time (maybe lots of time).

Another way title companies Transfer is by bonding and indemnification.
Savvy real estate investors learn how to take on risk (at a discount) and may make super-bargains in the meantime, all the while as agents and others watch in amazement with unknowing eyes.

We deal with this scenario fairly regularly (in CA).

Absent Possession of the trust document or a certificate of trust identifying the trustee or successor trustee currently on record title, the property is uninsurable in its current state.

possession of the trust document or a certificate of trust identifying the trustee or successor trustee currently on record title, the property is uninsurable in its current state.

I agree with Davido that your best course of action, given the tight timeframe, is a quit claim deed as your best course of action (for now). 
you will of course be taking on risk. If it were me I would want to structured my transaction in a way that reflects a suitable discount for that risk and release of funds Commensurate with that risk.

While there is money to be made by taking on the risk if you are uncomfortable or unwilling to except that level of risk here’s another plan:

While there is money to be made by taking on risk if you are uncomfortable or unwilling to except that level of risk here’s another plan:

consider advancing the defaulted property taxes to illuminate the pending time issue so that you can properly go through the court system and have an attorney File a petition for spousal order.

I Hope like hell your widow has full capacity. If it were me I would have her sign at a location that has audio and video tape of the signing, especially if you areTrying to buy the property at a substantial discount. Good luck

If you’re an active agent with more capacity to list and sell, and avoid probates because you’re worried they’re complicated and involve attorneys and courts, you are missing out out on of a massive market.

A few agents will “stick their toe” in a probate sale, repping a buyer but run like hell because they never bothered to study the process and put off by the unfamiliar forms and terms.

This is unfortunate. That’s because the largest transfer of wealth in the nations history is occurring right under the nose of the very people who would be excellent at finding these sellers and helping them. 

Surprisingly, only a handful of agents seem to make an effort to focus on listing probate estates and trusts. This is unfortunate because the markets are underserved and the clients truly need competent, caring representation. 

If you’re an experienced agent in CA who actually works in the field more than on a screen, we’ll help you find and get more listings on these forums and in our free Facebook group. 

Now, how can you best contribute?  What say you, @Mark Pedroza ?