Sale due to unpaid rates

Discussion in 'Property Analysis' started by neK, 4th Mar, 2016.

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  1. neK

    neK Well-Known Member

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    I've come across two properties sales (1 is a house on land, and 1 is just vacant land).

    Both are advertised as For sale due to unpaid rates and states the auction will be cancelled should the title owner pays all outstanding before the public auction.

    So what are things people need to aware of?
    I'm guessing the one with the house, the people can fight to stay? Where as with the land, its should be nice and clean?

    Thoughts?
     
    neK, 4th Mar, 2016
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  2. neK

    neK Well-Known Member

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    The contracts says vacant possession, so lets say if the person hasn't moved out, does this mean I don't need to settle (its the council who's selling it).
     
    neK, 4th Mar, 2016
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  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Check if the outstanding rates are payable from the settlement monies or on top of them.

    Owner is just as likely to pay up at the eleventh hour.
     
    Scott No Mates, 4th Mar, 2016
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  4. Propertunity

    Propertunity Well-Known Member

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    Correct.
     
    Propertunity, 4th Mar, 2016
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  5. Propertunity

    Propertunity Well-Known Member

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    Yes, I've seen this before, even where an owner paid up at the start of the auction (which was then called off).
    You can ignore the letters of demand from Council and their solicitors, sometimes for years without anything bad happening. But nothing focuses the mind like the impending sale of your property at auction. :eek:
     
    Propertunity, 4th Mar, 2016
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  6. wylie

    wylie Moderator Staff Member

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    I would also consider a situation that has happened to a family I know. One child (now 50 years old) has ongoing mental health issues (schizophrenia). The family has tried (successfully) in the past to get an "idea" of how much they need to pay to clear the rates that are unpaid, without any privacy really being breached.

    This owner will never be mentally well, so the big risk is that the rates will be unpaid and if the family isn't aware, the house could well be halfway through the process of being sold before anyone is made aware. Of course, the house could be sold without anyone in the family being aware.

    Depending on the extended family involved, or the owner, there could be the risk of the property being damaged as a "get square" or even the owner trying to get back into the house, drugged or paranoid.
     
    wylie, 4th Mar, 2016
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  7. neK

    neK Well-Known Member

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    Yea, i considered that.
    Anyway, true to Scott's prediction, 2 out of 5 properties have paid their rates, therefore no longer being auctioned.

    Interestingly, the one I am keen on (a unit) isn't even listed anywhere. I only saw it because the agent is auctioning off multiple properties on the one day and this was on the list.
     
    neK, 4th Mar, 2016
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  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    Interesting. I might see you there.
     
    Gockie, 4th Mar, 2016
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  9. neK

    neK Well-Known Member

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    The line to register to bid.
    Oh well.
     

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    neK, 5th Mar, 2016
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  10. Gockie

    Gockie Life is good ☺️ Premium Member

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    Holy moly. I decided to not go...
     
    Gockie, 5th Mar, 2016
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  11. neK

    neK Well-Known Member

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    And inside the room
     

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    neK, 5th Mar, 2016
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  12. Gockie

    Gockie Life is good ☺️ Premium Member

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    Definitely enough people for two rooms!
     
    Gockie, 5th Mar, 2016
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  13. Gockie

    Gockie Life is good ☺️ Premium Member

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    I guess there's no picking up of a bargain for unpaid rates in Ryde.
     
    Gockie, 5th Mar, 2016
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  14. neK

    neK Well-Known Member

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    Be interesting to see what people are prepared to pay without being granted access to see the property
     
    neK, 5th Mar, 2016
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  15. neK

    neK Well-Known Member

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    Holy f.......
    9 Johnson st melrose park
    1.3m

    3/19 cottonwood cres Macquarie park
    Started at 450
    Finished at $897k

    Purchaser was a young white guy with an Asian female friend. Appeared to be taking bids for someone. It is for an INVESTMENT!

    When some other young guy bid $600k, everyone already went "wooooooooooo"

    The underbidders were also asian (50-60s), not sure if they knew what it was worth or just counter bidding thinking if that guy is willing to continue bidding it must be worth something.

    Crazy.... I'm wondering if the person on the phone actually realized it was for a unit.
     
    neK, 5th Mar, 2016
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  16. neK

    neK Well-Known Member

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    neK, 5th Mar, 2016
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  17. Gockie

    Gockie Life is good ☺️ Premium Member

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    Is Cottonwood a 2br or 3 br unit? Because its completely overpriced if its 2.

    Is Melrose Park a house on land or just land?
     
    Gockie, 5th Mar, 2016
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  18. Scott No Mates

    Scott No Mates Well-Known Member

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    Didn't someone fall through the railing at one in Cottonwood a little while ago?

    Good location - near shopping centre & station.
     
    Last edited: 5th Mar, 2016
    Scott No Mates, 5th Mar, 2016
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  19. Gockie

    Gockie Life is good ☺️ Premium Member

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    My friend said "Linda, u should sell yours through council."

    Lol :)
     
    Gockie, 5th Mar, 2016
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  20. neK

    neK Well-Known Member

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    2 bed unit

    Other is a house. No idea how many bedrooms
     
    neK, 5th Mar, 2016
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