HI EVERYBODY..........
So here it is:
The property is a 'for sale by owner'. I called, got
an appointment to see it. The family is selling due to the death of mother....Daughter is exec. of the estate and says she has all docs to prove it.....but when it come negotiating the price.....she says the re attorney says she has to get a certain amount and can't go below it....because its in probate.....she says the house is free and clear (which I understand what that stands for)....what I don't understand is.....if it's free and clear...but in probate....why wouldn't she be able to go under her price? Could there be fees that I might not want get into? The research says the house is pd off, no back tx owed, and no liens......I couldn't fine not one judgement against it.
PLEASE SHARE WHAT U KNOW, Property is in Missouri.
THANK ,ERSIE
Not familiar with the probate laws in Missouri but it could be a couple of things. Could be a certain amount needed to satisfy creditors. Could be she has limited authority and the sale has to have court confirmation. Since she's the executrix, there is a will involved and there could be a stipulation in the will.
that she is just saying that to get a higher price which is always desirable. Maybe ask her to elaborate on the why, if she just says the lawyers says, then maybe she doesn't want you to know.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Also, if you are a member of your local REI, I'm sure there is someone in it who has handled probate properties before. It's always a great place to check.
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
These are some great thoughts and help....thank you
Have a great day
If I had my preference, I would always deal only with owners of FSBO properties. Why? Because you can ask questions to them that you can never seem to get answered when you are talking with an agent.
It has been said that the solution to any problem is found in clearly understanding the problem.
Do your best to understand every seller, build a rapport with them, and then kindly and with their best interests in mind, ask them questions to clearly understand why they are selling the property, and what their needs, wants, and desires are. We may not always be able to fulfill all their desires, but if we can fulfill their needs, and at least part of their wants, we stand a good chance of putting together a successful deal. Best wishes with this one, often there are constraints set by the heirs, or by the deceased on behalf of the heirs.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall
I have run into this and Most of the time is due to debt to hospital, nursing homes etc.
One case the nursing home had set the price of sale to satisfy the debt.
Seems crazy in this world that someone else can tell you How much you Have to sell for, but as reasons above makes you understand.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
As metioned above there may be outstanding debts that will need to be settled by the sale of the property. The court may also put a price that the property needs to sell for or the price will have to be approved be the court before it can sell. Probates properties can be a great deal, but like with all other properties run your numbers and make your offers accordingly. If it does not get accepted go on the next one.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Great comments from Reinvestor42, and from Eric, especially the advisement to run the numbers and make offers, and keep moving on.
There are a few methods that most people use to find available properties. Methods like probate lists, bankruptcies (Ch. 7), etc. are not among those. Just wanted to commend those who are thinking outside the box and including additional methods of finding properties that are not mainstream. If you want to consider another direction that is kind of affiliated with probate, think about people who are becoming infirm because of age and disease, who can no longer live independently. There is huge opportunity to assist these people in selling their properties, but how to access them?
I'd suggest making contact with the administrators and marketing directors of assisted living facilities and nursing homes. One of the biggest obstacles for a family trying to place mom or dad in such a facility is the disposal of their home, and the need for cash to afford the additional costs of aging. Let these administrators know that you specialize in helping seniors who need to sell a property quickly, and that you will pay them a referral fee, AND speed up the steps necessary for these families to make a commitment to assisted living care. Go meet them personally, and leave some cards with them, and let them know that they should contact you directly any time that one of these needs arises. Trust me, they will respond favorably--I was a marketing director at one of these facilities at one time.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall
Thank you so much for taking the time for your advice and help. It means a lot.
I'm a volunteer "daughter/grand-daughter" at a couple of the nursing homes, so I'm way ahead of it on talking to them on incoming patrons. Sent out a few letters to the senior living communities, also.
As for the probate situation goes, I've already been in contact with her again since I posted the blog above. She actually already had a contract on it, which she didn't tell me at the time.....but when I talk to her this time, she said that she wished she would have waited for me instead of the man she has the contract with......he scares her---how sad for her. I told her if things change for her, not to hesitate to call me.
But, that is not the only thing going on with me....after going through a bit of stuff(which I will not bore u with that)....I got my- 30 days book -back out....
-Got my goals set
-My "why" is in place
-Got my area maps
-I GOT MY REALTOR !!!!!!
-Got the emails from her in less 5 minutes (MLS)
-Mapped mls solds
-Going Monday to look at a couple in each area
-Have a few letters going out in the morning the the MLS solds.
I'm working..and I'm happy !!!!
AGAIN, THANKS, YOU GUYS R GREAT !!!!!
ERSIE
Ersie, so good to hear that you are making progress, and have appointments set. Take joy in the process, and in your ability to solve problems for people.
I have had the choice experience of having people I was NOT able to do business with actually bring me referrals. I believe that if we are really focused on assisting people with their problems that people will recognize that, and want to send business our direction. The fact that you have a seller who wishes they were doing business with you rather than the person that they are under contract with is indicative that you have created a good connection. I encourage you to take the same approach with your future negotiations. As I was taught, this is called having a "What's In It For Them" approach.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall
what I have encountered with the purchase and sale of probates, is that in some states the court has to approve the price at which the house is sold. The attorney/ executor will present the contract/offer to the court; and normally the court will not approve an offer that they think is too low...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...