PROBATE INVESTING: GETTING INSIDE THE MIND OF THE EXECUTOR SHARON VORNHOLT
The executor is named in the will by the deceased. In this
case the deceased has specified who they want to be in
charge of their estate. In the absence of a will the court will
appoint an administrator. Both the executor and the
administrator (also referred to as the PR or personal
representative
have
the
same
duties
and
legal
responsibilities. That person is the decision maker, so that is
the person you ideally want to be in contact with regarding
the sale of the property.
There are times however when one of the heirs will be the
one to show you the property. This is generally because the personal representative isn’t available. Maybe
they live out of town or they can’t be there for some other reason. This isn’t unusual, but you need to be aware
that they cannot legally sell the property unless the heir is also the executor or administrator.
Get in the habit of asking the person contacting you if they are the executor. If they say no, ask what their
relationship is (family member, heir etc.), and ask who the executor is and get their contact information.
The Typical Investor’s Mindset
If you ask the bulk of the investors out there why they aren’t
working in probates, they will tell you that they feel uncomfortable
since the property is being sold due to a death. Many will say they
don’t know how to talk to those sellers; they don’t know what to say.
Sometimes they will say probate investing is just plain “creepy”.
The truth of the matter is, these are just regular people that have a
problem. They have an estate to settle that involves selling
property. This whole process can be very confusing to the executor
or administrator. They aren’t familiar with the terminology or the
timelines. In addition to settling the estate, they have their own lives
to get on with. They have jobs, families and other responsibilities.
The last thing most of these people need is an unwanted property
they have to sell. When you can show up as the expert, they will be
so thankful for your help.