Back Story – 1305 Iron Forge Road
I sent a “cold canvas” letter to my list of probate attorneys. Several days later I did a follow up call and got his secretary. She was polite and business professional. I set a “reminder” date to call back in my contact management software, Top Producer, and went about other business.
A week later I called his office in the early afternoon. His secretary put me through to Francis B. To my pleasant surprise, he was eager to talk to me and said so. “I’m so glad you called”, he said. He then explained the situation to me in detail and told me to call him Frank.
The property was in probate with no “heirs” appointed. He, Frank B, had been made the Personal Representative of the estate by the judge. He had say so over the sale of the house with some restrictions. The property was assessed at $280,000 but the mortgage on it was only approximately $20,000. Of course my antennae went up. The holder of the mortgage had not been paid and would soon be starting foreclosure proceedings I was told.
I told Frank I could find a ready, willing, and able buyer. He was glad to hear that. I told him I needed access to the house to determine its “marketability.” He authorized me to gain access and sent me a letter via email to state that.
I went to the property with an associate and had a locksmith change the locks. I took copious photos of the interior and exterior of the house.
The house was full of furnishings and was dated. The kitchen and baths were old and would need remodeling. There was also a water leak in the basement. I estimated the renovations to cost around $35,000. Of course this was based on my experience alone. I would need a contractor to give me precise numbers.