What are the pros/cons (if any) in purchasing a property offered by public trustees? Don’t know much about them, any comments?[cap]
Just like any normal sale as far as I am concerned. Usually the property goes to auction and sells at the highest bid on the day.
Robert Bou-Hamdan
Mortgage AdviserThere’s been a few articles up here in Qld. that if you want to sell at a good prie at auction, it’s in the vendors best interests to go thru the Public Trustee.
These properties seem to sell for more at auction thru them than they would with a normal agent. This is because of the “investors” turning up thinking they’re gonna get a bargain and bidding the property into the stratosphere chasing the “deceased estate” bargain buy.I didn’t think you could use the Public Trustee unless you were dead and had no appointed Trustee.
Robert Bou-Hamdan
Mortgage AdviserIn Qld, on the PT trustee brochures their services advertise that you can actually pay for them to auction your property and they also do rental management aswell.
You can check them out at http://www.pt.qld.gov.au
You dont have to be dead to get all the perks![skull]
That is good to know in the current market with a lot of people considering necking themselves after the downturn in the market.
Robert Bou-Hamdan
Mortgage AdviserRobert,
some people (including myself) have wills made by Public Trustee and than they administer the estate according the will.
Cheers,
DanielaEstate planning is not one of my strong points as I do not have kids. I merely have everything insured so no debt is left if I die and there is a chunk of money left over as well as all unencumbered assets. Everything I own just goes to my de facto until I need to make a more specific will. I was under the impression this is also supported by legislation. This may be naive but I expect to live FOREVER!!!
Robert Bou-Hamdan
Mortgage AdviserThanks all- some interesting input. I guess these properties are really no different, other than that they generally are auctioned off, I guess the reserve would be set at median market value?
Anyway, I have a better understanding of what goes on now, cheers.[cap]
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