Foreclosures

Viewing 9 posts - 1 through 9 (of 9 total)

Sonja
Member
@sonja
Join Date: 2004
Post Count: 338
April 23, 2004 - 4:02 am
I keep getting e-mails advertising cheap property available through foreclosure sales. Problem is that they are in the USA. Do we have these sales or something similar in Australia?
Regards
Sonja
Salubrious
Member
@salubrious
Join Date: 2004
Post Count: 252
April 23, 2004 - 4:05 am
We sure do, very hard to find if you dont know someone in the know…….you know[blink]
“Dont be looking in your back yard for a four leaf clover when the opportunity of a lifetime could be knocking on your front door….” “Even though you may be on the right track, you can still get run over if you sit there long enough”
Monopoly
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@monopoly
Join Date: 2004
Post Count: 1,612
April 23, 2004 - 4:47 am
Look to your real estate sales listed as MORTGAGEE SALE; this is another way of saying the bank is chasing the vendor for their money!!!!
Jo
Derek
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@derek
Join Date: 2004
Post Count: 3,544
April 23, 2004 - 7:32 am
Hello Sonja,
Be aware that mortgage sales do not always = good buying price. Research still needs to be done.
Derek
[email protected]
Property Investment Support Available. Ongoing and never stopping. PM welcome.
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
April 23, 2004 - 11:41 am
Mortgage brokers often come across clients about to be foreclosen upon (ie the owners looking for a way out). If you get in quick you could make an offer to the owner before they are foreclosed on. Once the bank gets hold of the property, they usually go to auction – as their can be no (or less) arguements about them selling it at a fair market price. So as Derek said, they may not always be value for money.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 6:25 am
There is a mandate on banks to achieve market price on foreclosures.
There have been several cases where people have taken finance providers to court and won when the finance provider had sold a place quickly & below market rates. There’s even a case where a bank got in trouble for not adding a garage to a house to maximise the property’s market value for foreclosure.
So frankly don’t expect many great foreclosure deals in Australia.
Cheers,
Aceyducey
Julia
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@julia
Join Date: 2004
Post Count: 217
April 24, 2004 - 5:11 pm
Sonja,
I have heard the same about the UK with the explaination that their mortgagee in possesstion laws are much more liberal than ours.
Considering the bouyancy of the Aust$ I have sudenly become interested in these so by replying to your post hope to bring it up to the top again to get any extra input by possible current investors.
Julia
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
April 25, 2004 - 12:56 pm
Originally posted by Julia:
Considering the bouyancy of the Aust$ I have sudenly become interested in these so by replying to your post hope to bring it up to the top again to get any extra input by possible current investors.
I AM a current investor
Cheers,
Aceyducey
Julia
Member
@julia
Join Date: 2004
Post Count: 217
April 27, 2004 - 11:23 pm
Aceyducey
Please tell us more.
Julia