deceased estate help please

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From: Ashley Jessen


Just need some help if possible. I am thinking of buying a deceased state but I am not sure how the whole thing works. The deal is looking to go through next week so I need some help quickly. I really want to find out how the process works from valuation to selling price and who has control over the final price.

Can it be altered by the person with Power of attourney etc. How does the bidding process begin and finish? Do you need to be there in person to accept the offer?

I have some further questions but they will come later. Just if there is a reponse then that would be great.

Kind Regards,

Ashley J
 
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Reply: 1
From: J Parker


Ashley, I assume that you are purchasing the house through a real estate agency? Are you going to bid at an auction for it? As far as valuations are concerned, the lender that you are using will get one done, as it's all part of the lending process.

You need to clarify what bidding process you are referring to here, as I am unsure.

I do know that when my brother bought a DE house, it was through the normal channels of a real estate agent. The power of attorney was the deceased man's son and, being the vendor, he haggled over the negotiating table just as hard as his father would have done, if he had been alive!

Hope some of this has helped anyway.
Cheers, Jacque :)
 
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Reply: 2
From: Robert Forward


Hi Ashley

Within Australia Deceased Estates are dealt with differently. In most states they are sold through RE Agents, others are dealt with by the public sector (and as a matter of fact this is what my father does).

The persons who have the final say in the price is the benefactors, being those that recieve the monies, usually it isn't the person holding the power of attorney if it is being sold by the public trustee. As they MUST have an agreed price with the benefactors.

And it gets even more complex, cause it the benefactor is a minor the property is NOT allowed to be sold for anything less the 5% of market value. Though this may change from state to state.

In making an offer it works just the same as any other Real Estate purchase. There will be now difference.

I hope this is what you need.

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
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Reply: 2.1
From: Ashley Jessen


Robert,

Thank you very much for your help. I have taken that information and hopefully I will be able to use creating a win win situation. Ideally this will keep all people happy and no one losses.

If I am the son of one of the benefactors I have been told that I cannot bid a price lower than market value. Can anyone shed any light on this? Being in this position can that hinder any way in the bidding process (being a son of the person with power of attorney)?

It sounds like a tricky issue but I am sure there is a reasonable solution that works for everyone.

I am putting together my finance as we speak to secure it and would also like to know (maybe a question for Robert)

how is payment made on the property?
Do they take a deposit and then settlement over a couple of days?
As the property is in QLD, is there a cooling off period?
Do I need to physically be there when the place is open for sale or do I tell them I will secure the property at market value?

As I mentioned before I would have a few questions coming up as it progresses. Sounds all exciting but the details are important, not the excitement.

Looking forward to a reply.

Ashley J
 
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Reply: 2.1.1
From: Robert Forward


From what you are saying, there is no reason why you can't put an offer in below FMV. Ask them to show the piece of law that states that you must pay FMV. And really FMV is only what someone is willing to pay.

Can you tell me who the trustee is that is trying to sell the property on behalf of the benefactors? Cause if you place a written offer in they MUST present it to the benefactors for consideration. All dealings with deceased estates during sales are the same as any other Real Estate transaction, so yes you will place down a deposit (which is negotiable) and then you have up to 45 days to settle (again which can be negotiated). I'm unsure about a cooling off period though, but there is no need to be there when it goes on the market, just have them ring you when it does or just ring them twice a day until it does.

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
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Reply: 2.1.1.1
From: Ashley Jessen


Thanks again Robert, I will have the information you need shortly when the person I need to call gets home. In the mean time if you could tell me a little about the The Sydney "Freestylers" Group then that would be much appreciated.

Thanks again,

Regards,

Ashley J
 
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Reply: 2.1.1.1.1
From: Robert Forward


Hi Ashley, you can find out lots more about freestylers at the following website.

http://www.freestyler.net.au/

There is quiet a number of people that are members of this forum that are members of Freestylers too.

I think it's best to get there opinions about it to.

Cheers
Robert

The Sydney "Freestylers" Group Leader.

PS: "Be Not Afraid Of Growing Slowly, Be Afraid Of Only Standing Still."
 
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