alifornia Probate: Full Authority vs. Limited Authority (1:10)
Chad E. asks about the probate timeline. He is in California, which has a lengthier probate process than other states. Chad Corbett describes how a personal representative with full authority can move forward with sale of property much faster. Chad also discusses how having a good probate attorney can streamline the process because they will seek full authority for their client.
See More: Ask The Expert – Everything You Need To Know About Working With A Probate Attorney to Grow Your Real Estate Business, With John Erik Fraker, JD
Can The Petitioner Get Letters of Testamentary At The First Hearing? (6:25)
Yes. Unless someone else has counter petitioned.
When Can the Personal Representative Sign a Listing or Purchase Agreement? (6:53)
As soon as a personal representative has the letters of testamentary, they can sign a listing agreement. If they have full authority, they can also sign a purchase agreement and close escrow. If there is limited authority, they will have to clear the overbid process.
Covid-19 Delays = Higher Estate Holding Costs. What Can You Do About This? (9:56)
Bill Gross from Los Angeles County, California jumps in the queue and adds that people who are filing today are seeing their first hearing date pushed back to the end of September/beginning of October, assuming no further backlogs occur. Bill discusses how this is exacerbating estate holding costs.
Chad summarizes progress courts are making in rolling out virtual proceedings to clear out the backlog faster. If you haven’t heard, the Supreme Court is already doing this, which will set a precedent and likely motivate other courts to get moving.
Working Older Leads (14:40)
Bill and Chad discuss calling older leads – how to approach them and how to monetize them.
Shaia’s Lead Needs A Short Sale (17:18)
Shaia is working with a personal representative who is dealing with a reverse mortgage on a property. Short Sale looks like the way to go.
Jim’s wife Pam Sullivan has handled thousands of short sales. For help with a short sale, call her at 954-584-0000
Helping a Personal Representative Break Out Of Another Contract (19:53)
Shaia got a call back from a lead he was helping, who almost accepted another offer. The personal representative called Shaia back with details about the offer and the contract. The contract looks nearly criminal and the personal representative wants out. A wholesaler put it under contract and came back trying to renegotiate the contract. They are still inside the 60-day inspection timeline within the 6-day window.
Chad advises. The wholesalers have sent it to a title company, but we don’t know if it is secured by a security deposit. The language of the deposit is shaky. A good real estate attorney can pick this apart. Chad advises Shaia on how to explain to the personal representative what’s going on and send the notice of default on contract in 6 days. Chad also discusses the importance of getting a contract ratified and recorded against the deed.
Prospecting Tips: “We Don’t Know What We Want To Do With The Property Yet” (25:13)
Caroline is building her strategy for leads that have tenants, aren’t sure if they want to keep the property to rent out, or aren’t ready to sell. Chad discusses how you can keep these leads in your pipeline by referring them to a property manager you have a good relationship with, that way you can stay in the loop and step back in when the homeowner realizes they are in over their head.
Exporting Probate Lists for Use in MojoDialer (29:20)
How can I export my list for use in a dialer? Chad describes.
Should Attorneys Pull Title? (31:28)
Attorneys can do this. Bruce describes how he will work with an attorney for a preliminary title search, and then bring any contract work to that attorney for that same listing.
Does The Personal Representative Need To Wait To Sell? (35:49)
Terri Myers has her first appointment. WOO-HOO! She got her foot in the door with an estate sales team. Terri describes how the personal representative expressed that she is being held up by the court. Chad describes how this is just a common misconception, and how waiting because of this misconception can be costly. Terri is in Texas, which has Muniment of Title – a sort of express lane for probate real estate sales.
Letters of Testamentary (40:31)
What exactly is a letter of testamentary, how does someone get one, and what does it mean?
Role Play: Investor Cold Call Script (41:12)
Gabriel asks to role play as an investor within the probate space. Chad hits him with the “Our Attorney Said We Can’t Do Anything, Call Us Back In A Few Months” objection. Chad advises practice to get those ums and uhs out and it will really land.
See More on Approaching: 3 EASY Ways To Improve Your Cold-Calling Script
Oh, You Have An Agent In Mind….But Do You Have An Investment Plan? A Plan To Prevent Probate In The Future? (47:06)
Arshi made some calls yesterday and got an appointment. However, after she sent her an email, the personal representative responded saying she already had an agent who works with probate. Chad advises.
Should I Send My Resume Before We Meet? (51:30)
No. Chad explains why.
Will Vs. No Will, Creditor Claims (54:40)
Kim Barber and Chad discuss how probate differs with and without a will, and how creditor claims come into play.