Dose anyone know where you have to shop to find properties been sold by bank from people not paying there morgages?
Hi Mad cat,
I’m in the game and its just as hard for me, try realestate.com.au or perhaps your local community paper.
Most of them will be at Auction though.
Cheers,
Joseph Scarcella
prime real estate agents
property management specialists E: [email protected]it really is an american thing – doesn’t happen here. MIP sales are put to agents and sold with absolute transparency.
cheers
Brendan Heagney
Mortgage Broker
07 3240 4815Foreclosures don’t really happen here. They do happen in the US but mainly because their are a whole set of circumstances wich allow them to happen (and foreclosures only happen in some states).
Usually houses are given straight to the RE agent for auction.
Rgds.
I thought the agent auctioning a MIP was bound to declare it as such?
There shouldn’t be too many up for auction yet as it usually takes around 12mths for a lender to get that far along. Tis not a great look for lenders and they usually try all other avenues to recoup the money before a MIP auction.
If you want to get out of a hole, first stop digging.
Oi Mad Cat
I’ve yet to look myself, but I was told to try the Council – am doubtful myself, but could be worth a try
Cheers
Many people have explored this strategy after reading articles and books from the US.
We don’t operate like that here in Australia – thankfully. The owners have to receive fair market price for their home if it is repossessed.
They are sent to auction and advertised as a normal auction with the words mortgagee sale or such.
This means they attract the bargain hunters and often sell for more!
I think a better strategy might be to look for homes that have been on the market too long and make low offers.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
This is my first post here, so here we go.
From what ive heard you can look in the government gazette for rates default auctions. Also ring a few councils, they only have them a every now and then, and they should be able to tell you.
Im not sure if rates default auctions are the same, as bank foreclosures, but they seem the same.
Hope that helps.
Adam
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