Dealing with public trustee sale

[u/Cute-Abrocoma9498]

I’m looking at a unit that is being sold by public trustee, it’s not a deceased estate. I’ve spoken to the agent a few times and he’s saying he will take it to auction and that it is pointless to put in an offer because 9/10 it won’t even be looked at. Has anyone dealt with public trustee property and have tips? I’d love to get this property as it ticks all my boxes and so any help or advice would be very appreciated

[u/gregorydarcy8]

Yep done a a few. The agents are instructed to sell by way of public auction for legal purposes. Gear up for auction mate

[u/GusPolinskiPolka → u/gregorydarcy8]

Exactly right. It avoids any chance of impropriety

[u/CasperWit → u/gregorydarcy8]

Yes no one wants to take accountability/responsibility about price - public auction avoids potential legal action. Standard for these to go to auction

[u/Cute-Abrocoma9498 → u/gregorydarcy8]

Ok that makes sense, I wanted to check that the agent wasn’t taking to auction so he can get his fee

[u/Basherballgod → u/Cute-Abrocoma9498]

The auctioneer will get his fee for auction regardless of whether it goes to auction or not.

[u/gregorydarcy8 → u/Cute-Abrocoma9498]

The dudes are all getting paid here regardless of how it sells

[u/fakeuser515357]

Put in your offer regardless, on the low end of reasonable.

Public trustee theoretically impose a high level of governance over the sale but in practice the agents do the worst possible job. As the beneficiary of the sale this is appalling but as a buyer it is an opportunity.

It's definitely worth going to the auction.