Motivated Sellers Through Conservators!
I saw a house with the usual signs of neglect but I couldn’t seem to locate the seller. No matter how many letters I sent it just all came back. Time for a different approach.
Through my people locator skills I keyed into the some leads which resulted in one fact: the owner of the property was very elderly and the property was being cared from under by a conservator. A what? A conservator and thus started the journey and through the techniques I’ve developed, a truly great way to find a motivated sellers.
Let me back up here and give just some general information on this process. When someone is not able to care for themselves then generally speaking a “Guardian” is appointed for them. The guardian looks after their personal (physical) well-being and a conservator will attend to their financial assets.
The guardian and conservator can be separate or the same. You as a real estate investor simply want to find out the conservator of an individual simply inquiring if they have real estate that needs to be liquidated.
See, at times someone is still living while all of their children and relatives are not. Not really anyone with family ties to take care of them. So if they get to a point of being significantly incapacitated then the state will appoint guardian/conservatorship over a person. That is a long legalese drawn out explanation of the process which is not my intent to educate you on.
Exactly what happens here and what I want you to know is that people need other people to care for them when they are incapacitated. Your marketing skills should reflect contact to conservators that if they have real estate and need a quick and fair price then you are their answer.
There are many elderly people in nursing homes who have guardian and conservators looking out for their best interest. I’m not talking about direct mailing nursing homes seeking this information. What I am in fact advocating is taking an ethically minded approach with compassion and tact to those having the authority to act in the behalf of someone who needs a property sold to raise capital for the respondent’s living expenses.
Another reason why this approach in finding motivated sellers is so golden is that NO ONE ELSE KNOWS! See, most of the time the property is not in foreclosure and taxes are paid…..its just a house sitting there just waiting for someone to do something constructive with it like make a profit!
The bottom-line is that conservators will need a resource in which to sell property in order to raise capital for the necessary living expenses of the respondent (person being cared for). You as a real estate investor are badly needed in this area. This is NOT about preying on the misfortunes of others but rather creating win-win situations for all.
Key into these opportunities and just add to your growing knowledge of how to find all the motivated sellers you can handle!
Sounds good.
So how do you contact these conservators?
Thank you.
New board member. Ever get an answer to your question, Mike?
Scott, great post and you're right as rain!
I'd guess that in a large percentage of these "conservator" cases, a lack of cash money is a BIG factor and the REI could sure be the "salvor" of the C.
After all, if there's no money, and the only *****et is a seemingly dump of a house, who's going to supply the money it takes to house, feed & clothe the ward (the conservatee)?
The conservator is sure no RE expert, in most cases, and will welcome suggestions as to how turn a liability into $$$.
Scott, great post and you're right as rain!
I'd guess that in a large percentage of these "conservator" cases, a lack of cash money is a BIG factor and the REI could sure be the "salvor" of the C.
After all, if there's no money, and the only *****et is a seemingly dump of a house, who's going to supply the money it takes to house, feed & clothe the ward (the conservatee)?
The conservator is sure no RE expert, in most cases, and will welcome suggestions as to how turn a liability into $$$.