I want to buy property from a deceased estate (idea to; buy at under value market price), give a quick face lift to and resell.
Does any one have any experience in this field.
Would appreciate any advice.
Thanks
Pretty much all deceased estates managed by the state tustee, goes straight to Auction (unless the people who inhert want to sell it privately).
I guess you could scan the obituaris, find the names and then ring up those people. But I don’t think you would get a good response at all. There are no registers of deceased estates to my knowledge.
Rgds.
Lucifer_auAndrew
I am not sure what state you are from, but in Brisbane if you call the Public Trustee they quite often advertise deceased estates. Maybe you could also place a wanted classified ad in the paper as I have seen deceased estates advertised there as well. One of the guys I work with has purchased property through the public trustee before so if you have any specific questions I could ask him. Another idea is to contact solicitors that specialise in deceased estates and register your interest in buying property.
Cheers
KarinaA quick search revealed the site for the public trustee in Queensland (in relation to house austions). Not sure on other states though.
http://www.pt.qld.gov.au/auctions/houses.htm
Hope that helps.
Yes, scanning the obituaries is a charming way of finding properties. Ring the bereaved and cut the small talk. Just say, “Hello Mrs Blah? I hear your husband died. Must be lonely living there for you now. Tell you what- I’ll buy the house from you and help you out… What’s that? Oh, cut the crocodile tears, will you? This will be win/win for both of us!”
kay henry
Down here in melbs, the underworld are killing each other off.
You might be able to get a tip from anyone in the mobster game of upcoming places.[curtain]lifexperience
Maybe follow ambulances?[drummer]
lifexperience
Work for the Ambulance, we get there first!!
CastleDreamer
CD,
Are you an ambulance worker? (bit personal, you don’t have to answer)[eh]
lifexperience
At the risk of sounding like an ambulance chaser, let me let you in on a little secret I thought up, and worked hard at for a number of months.
Firstly, good reasons for houses on the market? Divorce, deceased, mortgagee in possession, job transfer, etc.
I thought that if relatives were out of area, there would be a better chance of them wanting to sell, wheras if they were local, they might be wanting to move in . Therefore, although the local paper had a hundred probate notices a week, I only looked for sydney lawers, with central coast addresses.
Scan the smh back pages for probate notices.
Circle all central coast properties (where I live)Ring up solicitor. Ask to deal with the solicitor handling the estate of Mr Jones. Introduce myself as wanting to buy a place in that area, dont like dealing with REA, and would the owners be interested in a private sale (assuming I want the place, $’s etc)
This would lead to three responses.
i) Are you a REA touting for business. Absolutely not, I am wanting to buy a place, and your clients may like to save 10k commission by avoiding the agent. Politely leave my name and number.
ii) I will discuss that with my clients, may I have your contact details please? Politely leave details, remind them of saving 10+k commission if all turns out well.
iii) (the most common response) (in a very rude tone) I would never discuss any clients details with a stranger. And my trump card to this? Absolutely, I understand, as a Dr myself on the confidentiality of your client. May I leave my details, so if your client specifically asks to contact me, then they may do so? After all, if they were to sell, they may have a quick sale, at a fair price, and save over ten thousand dollars on the rea commission. Politely leave details.And the results?
A lot of work, a hell of a lot of phone calls, about 150+ phone calls. The third time I had left a number, I had the vendor ring me up very excited THAT SAME NIGHT!. Unfortunately, her daughter (who was the owner), was handicapped, and a suitable place needed to be found for her, numerous issues dragged on, and she decided to stay.
Another three rang back, but unfortunately I had just signed on an ip, with no cash left!
Moved soon after, with a different phone number.
PS forget the public trustee, they are like dealing with multilisted unmotivated vendors!
I hope that lifeX, castle dreamer and Kay realise that this is far from ambulance chasing and morgue crashing.
Am not in the market, but it is worth a try. But, first, you will make many, many calls for each retuned. If you dont have good manners, you will sound like a weirdo, and, worst of all, you are not in control, as you have to wait for probate, etc, . Still, if you only wanted to pick one or two up a year, could be worth a try
Interesting wrappack!
(Good to see you approached the layer rather than the victim, I’m mean widow (L0L @ kay henry) – only ribbing u wrappack ([tongue][wink2]).
The public trustee is just another bureaucracy!!
I try and avoid the State Gov. like the plague!!Anyway I guess the biggest prob. was finding out their assets – for example did they live in Mosman or Blue Mountains. It would be good if you could target specific areas….
Keep this up wrappack, and I’m sure you’ll one day get a phone call: “are you the guy who buys dead peoples houses??”[blink][laughing]
Rgds.
Lucifer_auwrappack,
Nice story!
Personally I prefer the human sign approach.
You write on the sign “Want to sell a dead person’s house real cheap? I want to buy from YOU!” and walk around cemetaries looking for funeral parties.
You get plenty of attention & don’t have to pick up a phone.
Cheers,
Aceyducey
PS: Funnily enough I’ve found that it’s the live vendors who are more prepared to negotiate a good price than the dead ones.
You write on the sign “Want to sell a dead person’s house real cheap? I want to buy from YOU!” and walk around cemetaries looking for funeral parties.PS: Funnily enough I’ve found that it’s the live vendors who are more prepared to negotiate a good price than the dead ones.The previous comments are uninformed drivel, rude, derogatory, arcane, stupid comments from a brain dead moronic dickhead of a person. Which probably explained why I nearly pissed myself while reading them[thumbsupanim]
Anyway I guess the biggest prob. was finding out their assets – for example did they live in Mosman or Blue Mountains. It would be good if you could target specific areas…It is pretty easy to target specific areas. Pick up the local paper, contact the local solicitors. This will keep you really busy. My theory is that if someone dies in potts point, there is a better chance of potts point real estate than mount druitt. Personally, I trimmed things down by searching only the smh for city based legal firms where the deceased was in my area. My theory was that the executer was more than likely to be selling, than if the solicitor (and, hence, likely the vendor) lived down the road and decided to move into grannys house.
I want to buy a deceased estate as well but the problem I have is the mother-in-law is still alive(?)
PeterOriginally posted by wrappack:The previous comments are uninformed drivel, rude, derogatory, arcane, stupid comments from a brain dead moronic dickhead of a person. Which probably explained why I nearly pissed myself while reading them[thumbsupanim]
THanks Wrappack glad you enjoyed them
I saw the first bit you quoted in a US site about buying decreased property….may see if I can find the URL again.
The second bit is all mine.
Personally I dislike the fervour with which some people chase deceased property. If you’re going to do it, do it professionally and sensitively. Ensure everyone is satisfied in the deal & ensure it’s repeatable (so whoever sold to you calls you when other old people in their family die).
Personally I find all the deals I want using other mechanisms & have generally over the years found that those who are interested in the deceased estates option have spent a lot of time reading US books & sites and not enough researching the Australian market. We are different!
Cheers,
Aceyducey
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