Probate Investors Go Nutso!
I've written before about probate real estate investors -- people who attend seminars (like this one) and then try to launch careers buying real estate in probate for pennies on the dollar, flipping the real estate, and becoming rich.
Evidently this practice is more common than ever. I recently filed court documents to be appointed as the administrator of a Cook County probate estate (long story, but there's nobody else who wants to act). The court hearing is set for next week, and all I've filed with the Court is my Petition for Letters of Administration. Yet right after I filed the Petition, I received the following letter from two different individuals (I won't mention their names or the name of the decedent, who I'll call "Ms. X"). Here's how the letters (which are essentially identical) start:
Dear Joel,First, let [me/us] take a moment to offer [my/our] condolences on the passing of your loved one, Ms. X. While [I/we] know this can be a very emotionally sensitive period, [I/we] also understand you may be facing some serious decisions with which [I/we] might be able to assist you. The reason [I/we] are contacting you is often times...
Here the letters diverge a bit. Both letters talk about how they can help me and my family.
If you were teaching a seminar in acquiring probate real estate, wouldn't you tell people that they shouldn't send your form to every potential seller?
