Hi guys…
It seems as though I may have stumbled upon a mortgagee sale. I have always wondered if they would start popping up their heads after the boom of late (in QLD anyway).
I’ve down a search of the forum topics and it all seems a bit hazey [blink]!
The advice seems to be:
Be careful, do your research and good luck.
Everything is true and I will do but has anyone got any suggestions for this one…
3br house on the market for 2 weeks, didn’t go to auction, has been reduced by 20k already and I think I’m not supposed to know that it is a mortgagee sale ie another salesperson let it slip. The listing agent isn’t giving any secrets away but “make an offer today” and “owner will consider all offers” are both in the listing ad…
i was hoping someone would have some suggestions like… offer 75% etc
i realise that the bank will have to look at fair market value – but they sound desperate don’t they?
The good thing is that you don’t have to worry about the venders ‘feelings’ in this situation and the agent probably has no loyalty whatsoever to the bank etc…
suggestions??? as crazy as they may be…[upsidedown]
Try this link, taz. I think the focus of the thread was on the person in financial difficulty.
https://www.propertyinvesting.com/forum/topic/11718.html
Here’s a thought: offer fair market value, and don’t take advantage of the vendor’s situation
kay henry
kay…
thanks for that… It has an interesting moral side to it (as do most things). I’m in this game not just for myself but for others, however not particularly at this end. I would like to Bless people. I think this thread raised a good point that perhaps it was greed in the first place that lead to the situation becoming ugly. It depends where your heart is at and what your intentions are I suppose.
I have just picked up a property that was part of a deceased estate that was being liquidated. I offered as much as I was prepared to pay – the liquidaters aren’t stupid – they get valuations done and compare your offer. Make it too low and you’ll get knocked back.
Hi Taz,
You have touched on a very “sensitive” debate here as far as property investing. That is the one of morality vs practicality (or other such terms). Many will argue that in business there is no place for emotion, hence morality or ethics play a small role (if any at all). Others will beg to differ and vehemently dispute this with their righteous claims for the protection of human decency.
I am not voting either way in this case, for I believe that at the end of the day, the decision has to come from the one involved in the transaction, and should be based on his/her views alone. Mortgagee or deceased estate sales are not opportunities to rip people off, rather they are merely a different set of circumstances that have led to the necessity of a property sale. How the purchaser goes about acquiring same, depends on (a) his/her financial capacity, and (b) mutually acceptable price exchange between him/herself and the vendor/representative. Simple!!!
Whichever way you go, as long as you are happy with your decision, who am I to act as judge and/or jury???!!
Jo
It may not be a mortagee sale. These usually go to auction. It maybe the agent just made an intention ‘slip’ just to suck your in and get your attention.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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