For Professionals of the Probate and Trust Industry

Month: August 2022

Why I Launched the Probate and Trust Academy

Since the launch of my book “The Practitioner’s Handbook for Probate Real Estate”, I have been approached by numerous fiduciaries and attorneys to provide clarifications on real estate matters related to probate and trust situations. 

Through these conversations, I learned that some “established” real estate agents in the business are unaware of all the applicable laws, while others do not serve the best interests of their clients and the interests of their client’s clients.  I also learned that some fiduciaries and attorneys are unaware that their agents are not performing as they should.

I have had attorneys that aspire to get into the probate and trust field approach me for direction, as well as new fiduciaries seeking advice on getting started.

Given all of these encounters, I decided to launch the Probate and Trust Academy to help new fiduciaries, new attorneys, attorneys looking to change their specialization to probate and trust, and experienced attorneys and fiduciaries looking for another perspective on specific matters.

I recruited my husband and business partner, David Gadish, to help as well, and we are here to help you if you need help or seek an additional perspective.

We launched  The portal provides a lengthy list of courses covering three topics:  Real Estate, Business Development, and Technology Development.  These are not formal courses.  Rather, they are topics for conversation (30-60 minutes each).  Each course we offer is based on one of the books that David or I authored, based on our extensive multi-decade academic, professional, and business experiences. 

Each of us is happy to either zoom with you or with you and your team.  We can also visit with you at your office to cover any of the courses that interest you.

Best of all – there is NO cost to you if you are a fiduciary or an attorney in our field.

I hope you find at least one course of interest to you and reach out to schedule a time to meet via zoom or in person.

Does a Quick Sale Require Auction?

Some in our industry are under the impression that they must have the property auctioned when they need to sell a property quickly.

This is never the case. 

Before I explain why let me provide you with a quick background.  At Geffen Real Estate, we have experience conducting real estate auctions.  And so, if you wish to auction your property and have not done so with us before, you are welcome to give us a try.

However, if your goal is a quick sale, all you need to do is work with your real estate broker to price the property well below the comparables, and list it on the MLS with a relatively short deadline for offer submission, require that offers are cash only and are non-contingent.  You can also request a larger EMD, such as 10%, to weed out the weaker buyers.

The results are superior to those of an auction!  How so?

Either way, the property is listed on the MLS well below the comparables.

Either way, you can choose to accept cash offers only.  Just state so in the MLS!

Either way, you can define when a property will go under contract.  How?  Specify in the MLS a deadline for offers.

Either way, you can require a quick closing.  How?  Specify a 10-day closing in the seller’s counter.

So, what’s the advantage of not selling at auction if everything is the same?

Some people may not be able to attend the auction on auction day, but they all can submit their offers at their convenience by a specified date in the MLS!  And so, the pool of potential buyers is increased, as is the competition.

And if you think there is more pressure placed on buyers at an auction, remember that buyers are typically investors, and they have their limits calculated before arriving at the auction.  They can be pushed to the same limits via a set of counters if your agent is experienced and knows what they are doing.

Orit Gadish is a member of the National Auctioneers Association.