Public Trustee SellOffs

[Ric1]

From: Ric1 .


I've just returned from the Public Trustee to update my will, not having done so for 21 years! No major dramas there, but I did notice on a pamphlet there that they were advertising a website which included a list of property they had for sale. Unfortunately, on checking the web site, it is still under construction, so there was nothing to look at - but I was wondering if anyone else had experience of buying property from such institutions, and if so, were the prices paid competitive? In other words, can you get a good deal?

Ric

 

[paulzag]

Reply: 1
From: Paul Zagoridis


I've been to a few auctions "under instructions from the Public Trustee"

In Sydney, these are placed for sale by auction with real estate agents. Sydney has a relatively efficient market, so they normally go for market value (or above!)

Regards

Dreamspinner

 

[Robert]

Reply: 2
From: Robert Forward


The good old public trustee....

I've go very good dealings with the PT. Mainly cause my father works in their office and I find the really good deals before the go to auction. Aren't I a lucky one.

But anyway, currently there is very high demand for PT properties so you won't be getting the good deals you think you may be getting. Also depending on the state the PT will only sell through a Real Estate Agent. Others don't.

Other turns off's are you need to provide 5% deposit before they will start negotiating a price on the property. The restrictions are very tight for out clauses (near impossible), they are also allowed to be subject to gazumping.

And every now and then you find a place that I had The Wife look at for me that had what looked like a water stain on the polished floor boards. But in fact it was where the old guy had died and started deteriorating and that stain will never come out, and I'm not mentioning the smell.

Actually this place should have only been sold for $20k, but at auction it went for $50k and it was a complete dump where rats had eaten away at holes in the wall and the electrical wiring too.

But that is another story. And poor TW was wearing white the day I sent her off to look at this place. I still owe her money for replacing the shirt. Couldn't get the smell nor black out of the material.

hehehe.

Robert