All Topics / Help Needed! / Deceased Estate

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  • Profile photo of theresajleachtheresajleach
    Participant
    @theresajleach
    Join Date: 2006
    Post Count: 24

    My father passed away nearly 3 months ago.
    Currently his estate including a property is going through the probate solicitor.
    The solicitor has indicated for me if I wish to send a written proposal to him
    with a view to my buying out my brother and sister. We are all equal beneficiaries. We have about $30k cash coming to us and
    the property is worth about $500,000 or maybe more.
    He (solicitor) will present my wishes to my sister who is the nominated Executor of the proposed estate.
    Both my siblings have personality disorders and are difficult to engage in a business like way.
    This is partly why the solicitor is assisting me.
    I am highly interested as the property is in a very good suburb in Adelaide where I live. The house is very run down though.
    My situation is a bit tricky but also some good aspects as well.
    I am on Centrelink (overcoming a disability) but have two subdivided and rented properties earning about 10% return, one of which I have for sale right now at $185,000. It is in a country town so may be a bit slow to sell.
    I have a mortgage of $133,000 and have now been to three banks to see what they can do for me. The best loan offer
    I have so far is that of $200,000 if I rented out my father’s property for at least $250 per week. I would seriously need to do repairs and major clean up of the my father’s house to make it habitable.
    Do any of you more experienced property investor people have any ideas on what would be my best course of action in all of this?

    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992

    Hi Theresa. Condolences for your father passing, hope you find comfort from friends and family.
    Been in this situation. Suggest you need at least several written quotes but kept simple to help family members understand.
    Simple scenario layout of Valuation minus repair costs = your offer. Might help to have a REA appraisal or 2 so they know what you’re offering relative to market price.
    Hope it runs smoothly for you.
    Good luck
    Cheers
    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

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