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Dianne and Clark’s Journey

The target property was an older style renovation project which the clients had spotted. The property was a State Trustees property and for those who don’t know, State Trustees handle and arrange the sale of the assets on behalf of deceased estates for the Victorian Government. A large number of these properties are in a state of disrepair and sometimes require full renovations or other cosmetic work. Some of the general public view these sales as bargains similar to mortgagee sales but this is not always the case and a lot of due diligence is required prior to bidding at one of these auctions. In most cases the State Trustees are very unwilling to bend on the traditional auction rules despite a completion of a thorough due diligence. Fortunately, in this instance they did and we were able to arrange a small deposit to be payable on the day with the balance being payable the following business day, if we were successful.

Finally for us, the auction day arrived and as expected it was extremely well attended for all the reasons we mentioned above. To get started, we took a strategic vantage point where we could view all of the crowd to see just where the bids were coming from. The bids were thick and fast from investors, developers, even the next door neighbour was in the action. However, we had done our homework on the comparable sales and had a handle on the true value. After knocking out most of the competition it was between us and a very well-known local estate agent/developer whom was doing his best to try and be the successful purchaser. When he started to waiver after making ten or fifteen bids we secured the property under budget and on the terms we wanted – to our clients’ delight.

Our clients intend on undertaking a full renovation and extension in the very near future (plans are already drawn up), and will be extremely happy to move their young family into their dream location. More importantly, they will enjoy all the delights that come from such a life changing experience for many years to come whilst building significant wealth and capital growth far into the future and provide financial freedom for the family.

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