I have a friend who purchased a morgagee house for 200K in Sky Vic and it is a 5 Bd/rm 3 Bth/rm dinning, lounge, need’s a good 40k to finish gardens and kitchen.
I was wondering where do I go to find out when these auctions are on.
If there would be any problems turning a house like this into a poss/property and with the fix up making an overall gain on it on sale (eventually)[trigger]Warrick,
I would ask you friend where he found out about the auction.
If you were to purchase any property at below market value, there would be an oppourtunity to make a quick turnaround and profit.
With renos, there is the possibility to make good $$ if you can do a lot of the work for yourself and buy cheep as well.
If the property was bought for fair market value, then it may be a while before your capital gain will result.J
Your Saturday newspaper will carry auction details.
Some advertisement may mention that it is an mortgagee sale.
It will take work attending lots of auctions until you’ve found something.
Pisces
Not all Morgagee sales are auctions, check you papers regularly and you’ll see them advertised from time to time.
Good Luck.
warrick,
Look out for phrases in property ads along the lines of “Under instructions from state trustees”, “Bank says sell” or “Mortgagee in posession”.
Good luck,
Steve.“Knowledge is Power”
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