I like it … - Posted by Redline
Posted by Redline on April 08, 2006 at 15:43:42:
Good idea, for several different situations. Thanks JT!
Knowing this guy he’ll probably call to scream “You think you can buy me with a dollar!!!” lol …
And where do you get this idea that I’ve done crazier things anyway? 
RL
Re: Start mailing them a Dollar a Day - Posted by Walt Carey
Posted by Walt Carey on April 08, 2006 at 13:19:12:
That is one heckuva good idea, JT. It can be applied to all kinds of situations, not just probate.
You got a hunk 'a brain there!
Walt
Yes and no … - Posted by Redline
Posted by Redline on April 08, 2006 at 15:31:16:
I went to the heirs because I can buy one or more partial interests here to get an interest to be able to pay off the taxes and stop the foreclosure. I can then make probate happen. When the owners are dead, the heirs are the name of the game.
RL
Re: OK I Just have to vent … - Posted by Richard
Posted by Richard on April 08, 2006 at 08:54:48:
James,
So tell me, are you the one that had the foresight to buy it at the foreclosure for an 80% discount?
More like heiring your dirty laundry . . . (nt) - Posted by Joe Kaiser
Posted by Joe Kaiser on April 12, 2006 at 18:30:40:
Hey, I said NT!
Re: Red, - Posted by DaveD (WI)
Posted by DaveD (WI) on April 09, 2006 at 10:55:59:
I can only imagine…
“I thought I was buying a gated house. Come to find out it was only police tape…Doh!”
I hear the Polish countryside… - Posted by DaveD (WI)
Posted by DaveD (WI) on April 09, 2006 at 10:50:47:
… is beautiful this time of year! Maybe you should get on a plane. At the very least, FedEx goes there. Send them a check, or a bunch of singles per JT’s idea. Get your foot in the door, dude! You can bet they won’t be coming to the US anytime soon.
Another approach… - Posted by Rick Harmon (CA)
Posted by Rick Harmon (CA) on April 08, 2006 at 22:13:46:
Howdy Kristine!
Here’s how I’d approach this guy -
I’d walk him through the big issue(s) namely that:
He doesn’t own the property now, but rather the deceased owner does
That “probate and fast” should never belong in the same sentence
That since there are 5 heirs, it will be like herding cats to get everyone of his siblings to agree
That you’re potentially buying a “pig in a poke” and have no idea whether you will or won’t ultimately make a profit. That’s the risk part.
His puny 1/5 interest could significantly be reduced by decedent’s creditors or other claims against the estate.
All things considered, there may not be any gold at the end of the rainbow for you, him or anyone else. However, ask him if it would help if you offered…
This is your “wild money” that you offer 'cause you don’t do Vegas and your offer should still buy a lot of Polish kilbasa sausage (did I spell that right?).
Re: They get NOTHING. - Posted by JD
Posted by JD on April 11, 2006 at 09:47:36:
I’m thinking that the tax lien holder has worked out some kind of deal with heirs already. They let the property go to Tax Deed, the investor Deeds the property to the heirs for a $15K profit, the ‘heirs’ avoid probate thereby extinguishing the claims of one or more unpopular heirs. I have seen it happen before.
Uphill battle - Posted by Ben (NJ)
Posted by Ben (NJ) on April 09, 2006 at 08:41:42:
God Bless America- good time to be a tax lienholder in NJ! Seriously though, this sounds like way too much of an uphill battle. Even if you got every heir on board, you then face years of potential “heir-hunting” litigation with no guarantee of a victory (but a big guarantee of hefy legal fees).
I would move on to the next deal. Alot of these heirs also base their decisions on emotion and family animosity. I have acquired properties under similar situations and have literally heard heirs say “I don’t care if the lienholder gets 200k, as long as Aunt Sally doesn’t see a thin dime”. How can you reason with that?
Re: They get NOTHING. - Posted by Natalie-VA
Posted by Natalie-VA on April 08, 2006 at 20:46:40:
RL,
I know a guy who does a lot of that in NJ. Might be the same guy. It’s definitly a far cry from the way things are done down here. We rarely have any tax sale opportunities. On the other hand, we probably have more lender foreclosures since we are non-judicial.
–Natalie
Lawyers Are The Real Beneficiaries? - Posted by Walt Carey
Posted by Walt Carey on April 08, 2006 at 13:16:11:
Dave,
How is the lawyer a beneficiary, here? He/she’s not related to the deceased are they? Are you saying they’re a beneficiary b/c they performed WORK that squabbling children masquerading as adults can’t seem to do because they’re either too d*mn lazy to do it themselves or their greed glands are bulging out to their shoulder? That doesn’t sound like being a beneficiary to me, Dave.
Remember, the lawyer has to WORK for his fee. When I represent a client and bill them for my time, I sure don’t think of it as having become some sort of beneficiary. I provided a service. If I didn’t provide that service, I wouldn’t have received a nickel. Those “heirs” are getting money solely b/c they’re related on the consanguinity table of some person who died.
Easy solution here. If the heirs don’t want to get “the bone” as you put it, then round 'em up and hash out an agreement THEMSELVES. But that rarely happens. They’re usually too chicken to confront an issue so they get a hired gun like me and we slug it out for them.
I guess lawyers also s*ck b/c they take a third for PI cases too, huh?
Sorry for the rant, but I get sick of the lawyer bashing sometimes.
Walt
Re: OK I Just have to vent … - Posted by James Harris
Posted by James Harris on April 08, 2006 at 16:24:59:
Fraid not. That was a learning experience though. I realiize now that when certain class of people try to make a killing when it comes to thier homes, they will soon lose it. It happened again some time later, this is when I learned that lesson. 5 bedroom house with an out building on 3.5 acres for $120k. I had informed the sellers that I wa very interested and will agree to thier price and let thme rent the place for two years while thier child finished High School. Told them to get back with me when they decided that they can afford the rent payments. Never heard from them again. Found out through a RE broker that those people lost the place to foreclosure. Now ain’t that a shame?
Re: Another approach… - Posted by Jim V
Posted by Jim V on April 10, 2006 at 04:13:50:
Rick,
Since you asked, I think it’s “kielbasa”.
Subject to correction from those that may know more on the topic. But, I suppose the topic is really probate, rather than sausage. Probate, sausage, I always learn from your posts.
Thanks,
Jim
Re: Uphill battle - Posted by Redline
Posted by Redline on April 09, 2006 at 10:13:12:
When you’re right … you’re right. Obviously I’m not out to get the lienholder, I just hate passing up that kind of payday due to total stupidity.
As you say, on to the next.
RL
Re: Lawyers Are The Real Beneficiaries? - Posted by Jack
Posted by Jack on April 08, 2006 at 18:31:19:
How are the lawyers the beneficiaries, they get paid either way. Your nickle turns out to be a heck of a lot more than that. In this litigious society lawyers have almost become leaches on society. We need tort refor badly. If they would limit themselves to providing a service at a reasonable cost they might get a lot more sympathy. As Shakesphere said the first thing to do is kill the lawyers. If we would reduce the number of lawyers in our society by half and double the number of physicians, we as a whole would be in much better shape both fiscally and medically. My two cents.
Follow the money - Posted by DaveD (WI)
Posted by DaveD (WI) on April 08, 2006 at 13:58:18:
Walt,
I don’t think I was bashing lawyers (this time), although I’m not shy about doing that either.
Follow the money. The inevitable result of this mess is most of the estate value will end up in the lawyers pockets.
You are most likely correct about the heirs on both counts. Lazy AND greedy. Free money does that to you. Expect them to be crying in their beers a year from now when they forgo the ultimate wisdom in Redlines approach… to instead hold out for more money. They will end up with neither the house nor the money.
Best,
Dave
We can talk about the PI stuff when I see you in Atlanta
Before your next visit to the Doctor! - Posted by Innovator
Posted by Innovator on April 08, 2006 at 22:55:18:
This should make you think twice before your next visit to the doctor!!!
Doctors
Statistics courtesy of the Canadian Dept of Health & Human Services
Guns:
Statistics courtesy of the RCMP
So statistically, doctors are approximately 9,000 times more dangerous than gun owners.
Remember, guns don’t kill people, doctors do.
Please alert your friends to this alarming threat. We must ban doctors before this gets completely out of hand!
Out of concern for the public at large, I have withheld statistics on lawyers for fear the shock would cause people to panic and seek medical attention. Then we would be in real trouble.
Do I take that as a personal threat on my life? - Posted by Walt Carey
Posted by Walt Carey on April 08, 2006 at 20:11:12:
If you weren’t a coward hiding behind a false email, I’d answer your ignorance, but there’s no sense wasting time on a fool.
Everybody wants to go to heaven… - Posted by Rick Harmon (CA)
Posted by Rick Harmon (CA) on April 08, 2006 at 22:29:56:
…but nobody wants to die.
My experience is that heirs know how to add but not how to subtract. Therefore, their expectations are high and often not realistic.
Most probate lawyers that I know (and I can truly say that I’m associated with over 2,000, believe it or not!) would make the ideal next-door neighbor. They’re honest, thoughtful and considerate and most prefer to avoid any sort of conflict, let alone prospects of litigation. I’m not advocating for them, I just know that probate lawyers don’t typically fit the bill of the stereotypical aggressive PI attorney.
Heirs don’t get the gross amount of the decedent’s estate but rather the net amount at distribution. If they squabble about free money, money that they didn’t earn, and the disharmony results in a big chunk of the estate going for legal fees, what’s the difference between that and you or I trying to buy a property for a 30-50% discount? Who provides more perceived added value, me (the self-professed bottomfeeder) or the attorney (who sometimes is successful in administering an estate for minimal or statutory fees)?
Then again, sometimes I’m wrong. Sorry for the rant
P.S. - Hi Walt!