So how does this work?
I mean the owner passes away and it goes up for sale by the bank? The deceases family?
Am I allowed to ask what is owing on the property and offer that
Browse Forums Real Estate Re: Deceased estate sale 2Feb 05, 2009 12:51 pm I dont know....
Is the bank selling it? My brother bought his house as a mortgagee and got it for peanuts. The RE wouldnt say how much was needed, but he offered about $40k below the Auction amount listed and it was accepted Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! Re: Deceased estate sale 3Feb 05, 2009 12:54 pm I agree with Bam, bank (or isn't it state trustees selling it??) is looking to cover any debts and the rest goes to the kids - make an offer and see what happens...
Annie A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Deceased estate sale 4Feb 06, 2009 8:26 am We bought one property from the Public Trustees - it was put to an auction so it went for market value.
Our other property that we are now building on was DH's grandfather's home. He had passed away and left the property divided equally among FIL and his two sisters. We then had independant valuations done and paid out the two sisters. The Bank will never divulge how much is owing if they are in fact selling - goes against every grain of the Privacy Act. The real estate should be able to give you an estimate price range however if it is going to auction you can either (a) make a pre-auction offer or (b) wait until the auction day and see what the market dictates. Some things are worth waiting for. Re: Deceased estate sale 5Feb 06, 2009 9:16 am Thanks guys.
It's weird because it's been on the market since mid-December and it's not an auction. Price indication from the agent was 800's which to me is way over priced for the current times in Sydney. Re: Deceased estate sale 6Feb 06, 2009 9:26 am So it is sounding as if it may not be a mortgagee sale then. It sounds like our property. The beneficiaries in our case first tried an auction to guage the market (since it was such a highly unusual property) then it went onto the market. When it didn't sell 6mths later we then approached the other two and made an offer.
The estate is obviously not in a massive hurry to sell - ie they mustn't be hurting for money. So in that case all you can do is make an offer - possibly have an independant valuation done - and then approach the real estate with the evidence of what they have come back with. Some things are worth waiting for. Re: Deceased estate sale 7Feb 06, 2009 10:11 am kyton So it is sounding as if it may not be a mortgagee sale then. It sounds like our property. The beneficiaries in our case first tried an auction to guage the market (since it was such a highly unusual property) then it went onto the market. When it didn't sell 6mths later we then approached the other two and made an offer. The estate is obviously not in a massive hurry to sell - ie they mustn't be hurting for money. So in that case all you can do is make an offer - possibly have an independant valuation done - and then approach the real estate with the evidence of what they have come back with. Thanks. Sounds like a valuation is needed. The owner passed away half way through renovations so hopefully that will really drive the price down |