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  • Selling sha property

    Just signed up and enjoying this site immensely! I am the co-executor of a will which contains an approx.10 acre property which has just been accepted into a 4th traunch SHA. Obviously the property will contine to rise in value as it progresses through the process. The other executor would like to sell now. Any ideas on the best way forward?

  • #2
    So it's land? Do you know who will buy it? Private developer or a state agency? I'd hang on to it 'land bank' so to speak and wait for the land around it to be developed and sold off - then sell - it will be worth more. However that's not an executors role is it - so you'll need to do what's stated in the Will or mem. of wishes I guess.

    cheers,

    donna
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    • #3
      How long will the SHA (special housing area) process take NewAtThis?

      I don't know much about the execution of wills/estates, but I think Donna might be right in that you can't hang around forever with these things.

      I guess the job of an executor is to distribute the assets in the will. So why does it have to be sold at all? Can't the beneficiaries just get an interest in the land each?
      Squadly dinky do!

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      • #4
        I am very keen to hold on to it until the project is completed and the entire area is on sold to developers however the other executor and two beneficiaries are very keen to sell now as there will be ongoing costs to continue the process. It is expected to be completed in June/July next year.

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        • #5
          Land with a 3 bedroom house, currently rented at $560 per week. There is no guidelines in the will. I am just not sure how/where to market it. Obviously its a bit beyond the average real estate agent :-)

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          • #6
            Originally posted by NewAtThis View Post
            Obviously its a bit beyond the average real estate agent :-)
            There are agents who specialise in land so not that hard.

            I have seen wills take forever to execute because one of the executors feel they will get a better price when the market turns etc.
            At the end of the day the proceeds may have been better off in the beneficiaries of the will sooner than later.
            Can be a hard call but that's why you get the big job :-)

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            • #7
              Originally posted by NewAtThis View Post
              Obviously the property will contine to rise in value as it progresses through the process.
              If it is obvious, why is the value not already reflected in the price?

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              • #8
                Can you recommend any???

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                • #9
                  Im not sure what you mean by this?

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                  • #10
                    Originally posted by NewAtThis View Post
                    Can you recommend any???
                    Not in Auckland.
                    Try a commercial agent like Colliers or other big ones.

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