HI guys,
I have heard that these are a great place for a bargain, can anyone varify that?
Regards Josh
Josh,
Under Commercial Law, banks have to sell the propert at “a fair market price”. It a mortgagee auction falls under reserve the bank does not have to sell the property. Real Estate agents are now refusing to market them as mortgagee sales as it brings out the bottom feeders and time wasters/
The other way to see the marketing is that promoting it as such brings out all sorts, the agents don’t care they sell to so this generates interest because of the myth that they are still a bargain.
The up side is that you are pretty well assured that it will sell on the day. As the vendor can’t argue![xx(]
Cheers
Leigh K[
]Carve your own path and lead the way …
hi all,
Thanks for your replies and i agree i think it is the marketing machine trying to bring out ‘all sorts’
Thanks
Regards Josh
How do you know if its a mortgagee auction?
I’m assuming that they would advertise it as such, but is this always the case?
If not how do you find out, ie can you get on a notification list or something to find out?Hi there,
About 10 years ago, MA’s would spark excited First Home Owners into action…
A good idea catches on quickly
However, the more people who think it’s a farce, the more that will stay away… that’s when you can enter.Cheers
Soosh []When a problem is created the solution is created simultaneously
Thought I’d pass on our ‘mortgagee sale’ experience. We recently purchased 13 acres of land with about 650 producing mango trees north of Ayr in Qld. A bank was mortgagee in possession and wanted $70k. The property had failed to sell at auction and had been on the market for ages – we offered $50k and the agent said the bank wouldn’t accept less than $60k. We said no but I had a feeling they’d come back which they did a few days later when they accepted our offer. With $10k of irrigation equipment included in the purchase price, a manager living on the property next door and a guaranteed return, it was a good buy and a diversification of our residential portfolio.
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