Deceased and Mortgagee properties

Hi Guy,
What website / place has off market / deceased/ trustee /mortgagee in possession sales for Melbourne?

thanks

 

realestate.com.au etc
I doubt any would be off market

 

State trustees and mortgagee sales are req'd to go to public auction.

Deceased estate not being contested/has a beneficiary usually just go through whatever agency they get listed by.
Sure you could check the local funeral notices and might track down where a deceased was living and try to make an offer prior to being listed, but even then if there is more than one beneficiary they will usually put it to market !

I do the odd clean up for state trustee's, there is no inside angle to be had !
Everything goes to public auction to avoid accusations of "doing deals" or "it was worth way more than that".......

 

Thanks Terry & Stoffo.
There are people who claim to bring off market/deceased estates online, and I was
Not sure where they do it.
Has anyone tried www.realestatedealsaustralia.com.au

There are others in similar bracket so was wondering if I can get recommendations

 

Only $120 per year to access properties from 10 to 50% below market value and properties that only cost from $500 purchase price...!

Subscribe and let us know how it goes

 

Have a think if you really want to explore this level of murky ethics path

Real Estate Rescue's Dominique Grubisa: The dame selling distress

https://www.smh.com.au/national/pro...ourt-to-pinpoint-targets-20201127-p56iig.html

 

Interesting views.. My intention was not to get in murky though I have attentended Dominique free seminars and i saw some claims based on Corelogic customised searches.
I am just trying to figure out how to get in to off market territory instead of picking up post its advertised.

 

Off market is totally different to distressed, deceased, trustee and mortgagee. The latter are very regimented with various levels of duty of care procedures that have to be followed so are very rarely off market.
The best way to get off market is to network with real estate agents so you can be alerted to properties before they are advertised but it is still very hard to score a bargain this way but it might be less competitive.
It all depends on your strategy and what you are trying to buy and achieve.

 

Finding off market is easy, just contact heaps of agents in your chosen area! Just be ready to give them a healthy offer to secure something before it goes online

 

I get notified of pre-/off-market properties by all the real estate agents who have my property preferences on file. But why do you equate off-market = bargain? In my experience, you'd need a pretty compelling offer to convince a vendor not to go to market.

 

Talking about Melbourne: distressed, deceased, trustee and mortgagee - the only effect I see is the happy face of the vendor always getting more than what he was expecting. There is not a black market here, everything goes as per usual channels. Off-maket: the only pro is that you potentially have less competition, but still need to go with a solid offer in, otherwise the vendor will go to the market. Bargains - I would call them opportunities: the only ones I saw are properties with a lot of issues, bought by experienced investors able to fix the issues usually at a lot cheaper price than a person who is not from the industry.

 

I’m a bargain hunter and I buy 3-4 properties a year. My last property purchase was on the market for approx 6 months at $1.795 with no one interested. ( Can anyone check for me)
154 Sackville Ferry Road, South Maroota, NSW 2756
https://www.realestate.com.au/property-house-nsw-south+maroota-134405270
i went in with an offer of $1.795 after doing a 5 min due diligence and not even bothering to inspect the property.
1. Council advises 6 lot subdivision is possible.
2. All info for failed previous DA is available at council and becomes mine on settlement. It failed as they only applied for a 3 lot subdivision and it was not the best usage of the site, so DA was withdrawn!
3. Total expected cost of subdivision $850,000
4. Total Sales expected $4.2 million, so why bother making an offer?
So sometimes, people miss the best deals for a period of 6 months!

 

This^^^^

Many years ago I bought a house for $25k with a new kitchen in a regional. It wasn't listed for sale, the Agent called & asked if I wanted it. Bought it sight unseen & sold later for $40k.

 

https://www.smh.com.au/business/con...1-2-million-mehajer-loan-20210129-p56xox.html

 

So what are the benefits of a deceased estate/off market property and why would you seek them out? Are they generally cheaper? and if so why?

 

As has been mentioned in this thread it's probably hard to get any real discounts on them, however if it was the scene of some horrific murder then I bet that would be discounted. As someone that doesn't have a superstitious bone in his body, if I were looking for a long term PPOR and I was looking more at lifestyle and less about CG, I would definitely consider one if the price was right.

 

So in other words the idea of getting in on a deceased estate doesn't have any benefits. Probably other than the fact that in some cases it's probably the only way you're going to get something unrenovated in some markets I'm guessing.

 

I assume in the old days there were ways to get ahead of the curve. These days there are too many people sniffing around and too many tools to get this info. I suspect it was a strategy that once had merit, but the time has long passed.

 

Don't bother chasing deceased estate's in Brisbane at the moment... There are a LOT of people looking and they are selling over market value!

This was last week, one in the city and one in Logan.

 

I think the idea is you send out hundreds of letters to potentially distressed owners, deceased, divorced etc. You may get a few responses and if you're lucky you'll find someone who is vulnerable, hasn't had any legal or financial advice who is taken in by your willingness to listen to their problems, and 'help' them - so they accept your low, and/or risky (eg lease option, power of attorney) offer. That's called a "win-win".