Personal representatives are often surprised by the deluge of phone calls and mail related to the estate for which they are responsible. While probate professionals understand the legal notice requirement, personal representatives are often overwhelmed. Some courts include a full list of creditors and beneficiaries, making expected private information very public.
There are people who watch for these notices and then contact the personal representatives. Before they can take a breath and learn the estate’s value, investors pop up offering to buy the property; perhaps looking to take advantage of a highly emotional situation.
One example is Marie, whose out-of-state grandmother died. An investor made contact with an offer that naturally was much more than the original purchase price for the home, but much less than current fair market value. As the only beneficiary, fast and easy was very enticing to Marie. She flew in to meet the investor at the property where he then told her all the things that were wrong with it and reduced his offer.
Marie’s attorney prepared her well and put her in touch with a Certified Probate Real Estate Advisor. She quickly realized that the investor’s offer was much lower than the open market. In fact upon closing, her net was $50,000 higher. Marie appreciated her attorney and Certified Probate Real Estate Advisor working together to guide and protect her.
Personal representatives are also contacted by real estate agents who often have little, if any, experience with probate. Key considerations when choosing a real estate professional:
Inexperience = “Unintentional Problems”
Knowledge = “Problem Solver”
Experience = “Problem Avoider”
There are options for personal representatives and their choices can make a considerable difference in the process. Choosing to work with a Certified Probate Real Estate Advisor means the personal representative gets an experienced “problem avoider” to lead, guide and protect them.