Due Diligence Deposits and Big Wins! | Probate Mastermind #344

Recorded Live on September 09, 2021

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

Call Re-cap:

00:00 Introductions

Jim and Bruce share general updates. 

03:00 First Win 

Jim shares a win from some participants that couldn’t make it to the meeting. Stating that a subscriber made the best of a tough situation by picking up adjacent counties and getting an excellent ROI on their leads.

05:45 Call Frequency 

Mary asks about Probate Mastery and whether or not calling daily is too frequent. Bruce explains that very few subscribers call daily but that he encourages calling often when the leads are fresh but to space them out as the lead ages. Jim adds that attentive agents that call often also show good work ethic and initiative to the potential clients. 

13:01 How To Avoid The “Bait And Switch” 

Listener states that probate has been the single best lead source that he has ever had. The listener also shares a story with the Team where he helped their client navigate a tricky situation for their listing when the buyer tried to perform a classic “bait and switch” maneuver. Bruce explains that his local market uses a “due diligence” deposit to curb buyers from trying to lock property up under contract when they don’t have the intention of buying. 

Bruce and the listener discuss tempering one’s expectations to be prepared to work a lead for five to six months. Tim comments that out of town leads (PR’s) are often neglected and are in fact one of the best chances to provide value and help them through the probate process by acting as a local solutions provider. 

38:05 Scott’s Win From Probate Foundations 

Scott from Atlanta shares a tale about a win where a lead turns from “cold” to “hot” after he applies what he learned from Bruce’s Probate Foundations course. Taking the property under contract quickly and even earning himself an extra listening from the family in the process. 

44:52 Trusts And Probate

Listener asks about the relationship between trusts and probate. Jim offers a best guess on the situation where a trust may be unfunded and made mostly meaningless by not including all of the decedent’s assets (also encouraging the listener to contact an attorney in his state for further clarification). Bruce states that it may be possible to sell the property in North Carolina without probate needing to be closed. 

Listener asks for suggestions on dealing with a PR that is also an attorney. Bruce explains to lead with questions like “do you have anyone that helps with property cleanouts on your team?” or “who do you typically refer?”. 

55:34 Tax Implications 

Scott from Atlanta asks about tax implications when dealing with the sale of property from a trust. Bruce tells the listener he believes that talking to a CPA may be the best course of action to resolve his question.

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