Browse Forums Real Estate 1 Jul 31, 2015 9:22 pm Hi all, I'm new here and am hoping for any advice from people who may have some experience with this stuff. A property we are interested in purchasing is going to auction by public trustee. It is only open this coming Tuesday at 11am which is pretty much impossible for our work commitments. The next time it is open is the auction day, three weeks later. Why is it not open or not having inspections by appointment? It is vacant. In Queensland, agents never provide a price guide so we really have no idea what this might go for, if it sells at all. We attended the auction for this same property back in late 2010 and missed out by $40k. It sold for $362k to a rather odd man. Prior to this sale, it was bought in 1982 for $170k. We assume it will be around $340k-$370k now as the Gold Coast property market, though improving, is still very slow. My question thus is, seeing as there is no cooling off period for auctions (even public trustee ones?), are we supposed to obtain a title search and building inspection before auction? Even if when we attend, it may go way above our budget? The other thing is we are interstate while the auction is on. We would have an agent attend for us and bid (if applicable) up to our max, which is around $350k. Do we need to fill out a form giving our authority to this agent before the auction? My final question is...for this property to be suitable for us, we would need to convert the internal access / attached single garage to a study / office. I assume we need council approval for this. But how on earth would we get it before we even buy it!? And how long would it take to get it once we did apply, if we purchased the property? I've heard horror stories of six month timeframes. We could not move in until the conversion was complete. Thank you for listening to my rambling! Re: Public trustee auction...potential issues? 2Aug 01, 2015 9:51 pm The public trustee just looks to fulfil their duty to administer a deceased estate- including the sale of property if applicable. They seemingly don't care too much about maximising the sale price- we went to one today and everything had been kept basic, presumably to keep costs down. If you are having an agent or third party bid on your behalf you will need to complete an authority prior to the auction and get it to the real estate agent before auction day. You need to make all relevant enquiries about the property prior to auction. That includes pest and building inspections if required, and should also have a solicitor review the contract. Unfortunately this may come at a cost but the cost is well worth it to avoid any issues. M Y C U S T O M C O R A L B R O N T E 43 ...............Kitchen! 16 Nov 2016 https://forum.homeone.com.au/viewtopic.php?f=31&t=79581 Re: Public trustee auction...potential issues? 3Aug 09, 2015 1:57 pm Thank you. I just started another thread about how to get a copy of the contract prior to auction in order that a solicitor can review it when the agent is only required to make it available 30 mins prior to the commencement of the auction. Cupcake.girl This really depends on your local council. Each one has different definitions and ways to calculate contributions. This is called a contribution… 1 3576 All 3 items listed are defects and are of concern. Please seek qualified independent inspector and/or legal advice for your state. 1 8203 |