Foreclosures

[drewsterMember@drewsterJoin Date: 2004Post Count: 13]

March 17, 2004 - 10:51 pm

How do you find out about property banks are selling due to foreclosing on a loan, and is there any point looking or do they still go for the same price as any other property in the area.

Thanks
Andrew

[Mortgage HunterParticipant@mortgage-hunterJoin Date: 2003Post Count: 3,781]

March 17, 2004 - 10:54 pm

This is very much an American strategy. Where they sell the property for what is owing on it.

Over here foreclosures are rare and when they occur the property goes to auction where they must achieve a fair market price.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

[drewsterMember@drewsterJoin Date: 2004Post Count: 13]

March 17, 2004 - 11:01 pm

Thanks for the info. I thought that would be the case.

Andrew