Estate Work Question

[Bobby Bucks]

I’ve never done estate work, but have turned down assignments over the years from attorneys I personally know. Recently, I’ve started to reconsider. For those of you who do reverse mortgage closeouts, you may have noticed, that quite often, the in contact for access of the subject is the attorney’s office handling the estate. You’re already in their office with a reason to be there, plus, you’re soon to be in possession of data they will need for other purposes. In a way, I see soliciting in this setting as a form of ethical and tactful ambulance chasing if you will. Now before you witch hunters begin drooling, I don’t intend to use the Fannie form from the previous assignment.

The equity pinch appears like it will continue, appreciation will probably be anemic at best, the refi business will never bee what it once was, this may be an area to pursue in the future….. I also know a lot of attorneys already and can comfortable call on them at any time. Any thoughts?

 

[Terrel L. Shields]

Us baby boomers are retiring like mad. And when we start to pee green and talk simple we are shuffled off to the rest home where our money quickly runs out and Medicaid has to take over...and with it, they take your assets - the farm, the mineral rights, everything - and it needs valued. .Valued so the heirs can bail you out, buy you out or smuggle a loaded gun into your bed and hope you are looking down the barrel when it goes off....

You will find the trust department at the bank and the tax lawyers who specialize in this kind of thing will have more work than you imagine. I deleted all the bank related info in my reports, used the IRS definition of fair market value, and feedback from reviews and / or government agencies? I think honestly, especially for the mineral rights, the Dept. of Human Services (or whomever is administering your Medicaid program) are more than happy to accept reports and take that responsibility off their hands.

 

[Elliott]

I did my first 'reverse default' last week. The son was exasperated that it took him six months after mom passed to get a banker at Chuck Wagon to even talk about buying the property. The subject saw virtually no maintenance over the last 5 years, carpets shot, pipes froze one year and none of the damage was repaired. It is approaching a tear down because of its location. No equity here, so move on. I imagine the re-insurance companies will soon be raising rates.

I see working with attorneys like it use to be working with FNMA lenders. We were the adults in the room and took care of things and did what was best for the client.

 

[Howard Klahr]

Is there a question here somewhere?

 

[Doug in NC]

I would love to begin doing a lot more estate work. Many years ago when I had just started my own company, I dropped in on one of the big bank trust offices downtown. Unfortunately for me, they wanted narrative appraisals and I had no experience doing them at that time, so I lost out on that opportunity. I've emailed a few attorney offices, but that was a complete waste of time. According to Ann O'Rourke, you want to try to meet these lawyers at one of their industry gatherings. The nice thing about this work is it is relatively low liability, doesn't have to adhere to all of the govt constraints of lender work, no UAD, no MC required, pays a respectable fee, and there is no AMC involved either. The appraiser is treated as the expert and you don't have some 20s something kid overseeing your work and telling you how to do your job. With the legal contacts already in place, I say go for it Bobby!