Advice for Administrators Stuck in Probate with a Mortgage on the Property
I wanted to share this email with you from a conversation that I had with one of my students today.
I am very proud of him because of his activity and his choice to embrace the opportunity to be of service to the much-needed market going through probate.
As many folks have slowed down or altogether stopped their marketing efforts in real estate there is a group of people who have instead gone in a whole different direction.
Randy is one of them and not only is he producing results for himself, but he is thinking of what other things he can do to make the best of what is in front of him.
Ernie, Good morning! I hope you are having a terrific week.
I am talking with a few folks who are stuck. What advice might you offer them in a situation where they have not received letters, yet are concerned about the pre-forclosure status of the property?
It seems to me that if ever there was a time when someone might have the bank’s ear this is it.
Any examples or ideas?
yours – randy
That is such a great question.
As you know most of our probate property sellers are in serious need of our help during this Covid season.
Because the courts are closed most of these estates are stuck or are in limbo and as a result if they have filed after the local court cut-off date then their letters will not be up for court approval until somewhere between June and September.
If they are facing a foreclosure proceeding, they have a window of protection as all foreclosures are on temporary suspension.
However, this is not enough to bring a sense of peace to most people because they are still scared that these properties could be repossessed by the banks.
So what do you do?
The timing has never been better to position yourself as a source of help and support to both the attorneys representing probate and the personal representative themselves.
These attorneys are working from home and you have their attention all to yourself today!
Contact them, let them know what you can do for them and their clients.
- You can buy the house
- You can list the house
- Through the resources that we have in place you can also provide them with an inheritance loan
- You can care over/property manage since many of the sellers are out of the area or out of state.
You should approach these folks with a clear head and strong communication skills because if somebody’s in the middle of a foreclosure you could be that facilitator calling the bank and providing answers for the estate.
One of the things that I am doing for my executors and administrators going through probate is obtaining their letters of administration and testamentary for them if they were granted prior to the court’s closures.
You and I spoke about that a few weeks ago and you were able to successfully locate those letters for your seller which put you at the forefront as a service provider to that particular executor.
So make sure that you keep a diligent schedule in your marketing efforts to both the current Probate Leads that you are subscribed to from me and the past leads that you already have in your possession.
By the way great work on generating all of the positive lead flow and results that are moving you into escrow during this season when most others are watching from the sidelines.
Committed to your success,