Selling Deceased Estates

Client Story – Deceased Estate

Jupiter St Caulfield South

The Brief

The property was part of an estate that the family had decided to sell.

The Strategy

It was advised by the solicitor acting for the estate to involve an independent third party to co-ordinate the agent selection, manage the process and keep all parties informed as to the progress of the sale.  It was agreed that an experienced third party would be in a better position to manage the process to achieve the most positive outcome for all involved.

The Execution

Once the agent appraisals were completed, Synergy conducted thorough research to ensure that the pricing of the property was accurate.  From here the family made their decisions and Synergy organised the painting and carpeting of the property so that it was ready to present to the market.

The property was appraised at $460,000 to $500,000 with a price in the vicinity of $470,000 being acceptable to the beneficiary.  Synergy’s research indicated that similar properties in the area had sold in the vicinity of $440,000 to $490,000.

The campaign was conducted very well with a large number of people inspecting the property.  There were 6 second inspections throughout the campaign and 5 requests for the contract of sale prior to auction.  All parties arrived on auction day feeling confident of a positive result.

The Result

On auction day rain resulted in a small crowd of about 20 people with the property being passed in to the highest bidder at $450,000.  This offer was negotiated to $463,000 which was very close to the beneficiary’s reserve price.

Due to the strong interest shown prior to auction it was unusual that more of the interested parties did not bid.  The agent was very keen for the offer to be accepted, however, Synergy advised that at this level it felt the property was being slightly under sold and that it may be better to put the property up for private sale to obtain a higher offer.

Three days after the auction two separate written offers were obtained.  The property sold for $490,000.  The beneficiary was thrilled and greatly appreciated the advice that was given on auction day.  The feedback was that had Synergy not been involved the beneficiary would have accepted the lower offer and the independent advice gave them the confidence to make an informed decision.

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