Probate questions - Posted by Steph

Posted by Mark on July 08, 2008 at 20:43:19:

Steph,

I’m currently working probate files in N. Ca. (Sutter, Yuba, Placer & Nevada counties)

In addition to sending letters to executors/administrators, I’m also sending to all heir’s that may have an interest in the property that the estate may want to liquidate including family members that are incarcerated.

i.e Folsom (FSP), Avenal (ASP), Terre Haute (federal)

Those incarcerated FAMILY!! members, how well did they get along with decedent and/or siblings.

Sorry that it sounds morbid but if you would like me to go into further detail, send me a separate e-mail…

Good luck,

Mark…

Probate questions - Posted by Steph

Posted by Steph on July 08, 2008 at 11:56:36:

Hello Rick the Probate Guy and other experts,

I’d like some opinions regarding handling probate leads. I read some of the archives on this topic, which helped a lot.

When sending letters, I know it’s best to hand address each letter and use a non-metered stamp. However, is it ok to send a typed letter or does a hand-written letter gain better results? I have heard conflicting info on this topic - some gurus insist on sending a hand-written letter while others say it’s ok to send a typed letter, as it seems more professional.

I also saw in the archives that there is much debate about whether or not to offer condolences in your letters. I know to some it can seem insincere, especially if you don’t know the person. Is it best to just mention that you purchase properties, including those in probate or estates? I just don’t want to come off too harsh, especially since I was once the recipient of an aggressive investor’s phone calls when my mother passed away, and it really turned me off.

Any other tips are appreciated.

Thanks,
Steph

Different Perspective - Posted by Jimmy

Posted by Jimmy on July 10, 2008 at 02:44:25:

here’s my view of probates, which comes from the probate atty’s side of the desk.

  1. probates are no more likely to yield a great deal than any other scenario. so why concentrate there? in the many probates I lawyered in CA, no one ever stole a property. I would not allow it. not saying it doesn;t happen, because sometimes it does. but its not the probate that makes the deal sweet. its distress.

  2. what you are really looking for are opportunities to buy properties for less than FMV. right? if so, you really want to find DISTRESS. distress comes in 2 flavors. people in distress and properties in distress. sometimes, you find both in the same deal—a wonderful situation.

  3. in today’s real estate market, finding people in distress is really easy. foreclosures are everywhere. why not concentrate there?

  4. you are looking for a way to cold call your way into deals. Personally, I consider this to be a lazy approach to finding opportunities. I prefer to have warm-to-hot leads before I pick up the phone or get out of my car. it takes hard work over a span of time to build a network of contacts that deliver opportunities. but it pays off nicely. everyone in my network knows what I want.

Re: Probate questions - Posted by Rick, the Probate Guy

Posted by Rick, the Probate Guy on July 08, 2008 at 16:24:35:

Since I hang around attorneys a lot, I learned the following response: “It depends.”

Frankly, I would just accept that there is no magic letter formula, nor will one successful campaign always work again if unchanged.

There’s always a tradeoff between mass-produced but cheap to mail, and highly personalized, time-consuming and expensive to mail pieces. I’ve never settled on any one system.

For you, I think it will depend on how many letters you intend to send out, how frequently, and whether you are going to hand address the carrier (envelope) yourself or pay someone else to do it. If you’re going to do it, you will eventually poop out and it won’t get done. I am a master procrastinator myself and would do a seminar on the topic, but I keep putting that off, too.

I’ve received some nice, typewritten pieces and some pretty cruddy handwritten stuff, too.

Forget guru’s, forget the experts, because sometimes it’s just better writing a letter like you would to a long lost cousin. Write like you talk. Keep it brief. Don’t get too personal. If you didn’t know the decedent, your letter shouldn’t suggest that you’re all torn up over their passing away. Acknowledge the death, keep it dignified, short and sweet. Forget condolence cards, too.

The simple truth is, in the great majority of time that I see someone has filed a probate case, they’re thinking about the stuff as much, or more than, the grief. Also, usually by the time you’re pull data from the court records, quite a few months (or more) have elapsed and the sting of grief, if ever present, has faded.

I would merely inquire as what plans, if any, they have for the property, and that you are interested in purchasing it should they ever consider selling.

The direct mailer’s mantra is: Test, Test, Test!

That’s about it.

Re: Different Perspective - Posted by Rick, the Probate Guy

Posted by Rick, the Probate Guy on July 11, 2008 at 08:26:17:

I agree completely. Just because the property is in probate doesn’t mean that the parties to the estate thinks there’s a problem to be motivated to sell on the cheap.

Also, my business model is overwhelmingly focused on referrals, not depending on letters to principals. I do mail, but not for the reason that some people think I mail directly.

It took a good solid six years for my attorney referral business to really get cranking.

That’s way too long for most people who’d lose interest by the end of the first month of “no deals.” But I’m in it for the long run.

I always enjoy reading your posts as a ‘recovering’ probate attorney. Keep comin’ back.

Re: Probate questions - Posted by Steph

Posted by Steph on July 08, 2008 at 18:36:02:

Thanks, Rick…great advice! I appreciate it.

Steph