All Topics / Help Needed! / Repossessed properties

Viewing 20 posts - 1 through 20 (of 24 total)
  • Profile photo of Ambo72_2Ambo72_2
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    @ambo72_2
    Join Date: 2004
    Post Count: 102

    Hi there,

    Does anyone know if it is possible to find houses that are being sold due to repayment defaults etc, before they get to real estate agents??

    Thanks,

    Ian

    Profile photo of Fast LaneFast Lane
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    @fast-lane
    Join Date: 2004
    Post Count: 527

    Not really, the banks who foreclose because of morgage defaults just simply refer them to an agent to sell. I am not aware of anyone being privvy to this information or obtaining this type of information before the reposessed house hits the market.

    Profile photo of Ambo72_2Ambo72_2
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    Profile photo of GordenGorden
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    @gorden
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    Have to agree with G7 although it is possible to get a contact for repossessions…but not generally part of the ‘industry’…..for example, I used to get info from a lawyer who worked for a major bank and would know of repossessions…this was legal but not exactly legitimate..

    Profile photo of SalubriousSalubrious
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    @salubrious
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    I get regular listings, the latest to sell were 30 X 2 bed units in “Sydney Metro”, Value 400k sold 280k. These are direct from the bank, we charge a 8% fee per sale price or lead fee, call it what you will.

    So I guess the answer to the question is yes, you can! The above properties had to be foreclosed as the developer got into some hot water. When the bank has had enough, it has had enough.

    We are all made from Stars

    Profile photo of foundationfoundation
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    @foundation
    Join Date: 2005
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    Originally posted by Gorden:

    I used to get info from a lawyer who worked for a major bank and would know of repossessions…this was legal but not exactly legitimate..

    Depending on the actual status of the repo, this could constitute a breach of the federal Privacy Act and therefore the law…

    Profile photo of SalubriousSalubrious
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    @salubrious
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    We get ours via an accountant.

    We are all made from Stars

    Profile photo of GordenGorden
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    @gorden
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    “Depending on the actual status of the repo, this could constitute a breach of the federal Privacy Act and therefore the law…”

    Hehehe, I don’t think it breaches new privacy Act but I’m sure we could find a law it breaches.

    I don’t know why repossessions are so poorly advertised, as the banks do have a duty not to step on their customers (too much)

    Profile photo of widemouthfrogwidemouthfrog
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    @widemouthfrog
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    Salubrius

    Is the regular listings that you get common knowledge? Or is it a private thing.

    If its common, where is that sort of information found? A website or specific business type?

    I am not trying to “steal” your listings, just get an idea of where to look myself

    Thanks

    Frog

    Profile photo of FFCommFFComm
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    @ffcomm
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    Usually it is very difficult to get info about foreclosures and if you ring up the bank they will tell you to go elsewhere, so you really have to find a kink in the system (e.g. a lawyer who is told about alot of the banks foreclosures). It would be a very niche play.

    FFComm

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
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    Even if you could find these properties, they would likely be auctioned and would sell at market value.

    If you could find out before foreclosure, then you may be able to go in and make an offer to purchase. You could make it appear you are randomly contacting owners in that area, so they won’t know where you got their details…

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of wealthseekerwealthseeker
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    I thought there was a register kept with the local chamber magistrate or sheriffs office.
    Sheriff would be private i imagine but i thought the chamber magistrate held a list which was public knowledge???
    Not sure but that’s what i’d heard

    Profile photo of 1Winner1Winner
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    @1winner
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    Originally posted by cathnniv:

    I thought there was a register kept with the local chamber magistrate or sheriffs office.
    Sheriff would be private i imagine but i thought the chamber magistrate held a list which was public knowledge???
    Not sure but that’s what i’d heard

    Something like that… but it applies to the US

    _________________________________________
    “What you want in your life occasionally shows up…
    what you must have… always does.”
    – Doug Firebaugh

    May God Prosper you.[biggrin]
    Marc
    http://www.chosen4u.com/?ace

    Profile photo of FFCommFFComm
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    @ffcomm
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    To my knowledge their is no database kept of bank foreclosures that is available to the public. I think that the banks would be loathed to be seen helping people comming ou of the wood work and taking advantage of desperate people.

    I am sure ACA/TT would do excllent TV programing and Gov. would be forced to act.

    Usually though people are really put under presure to sell before the banks has to repossess.

    FFComm

    Profile photo of SalubriousSalubrious
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    @salubrious
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    I have some hot property on the blocks for those that have waited, you can email me at [email protected] 15% off value already tenanted, Harris Park Sydney.

    Also, new apartments in NZ

    Dont know what the story is, if you like what you see just contact the dealer direct and tell him I sent you for a reduction.

    Cheers,

    Graham

    PDF file’s 1.9 meg and Excel 80k

    Profile photo of SalubriousSalubrious
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    @salubrious
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    I dont know if I am allowed to do what I have just done regarding the posting? If it is taboo then you know what to do.

    Sorry if it is unacceptable I was not sure.

    We are all made from Stars.

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    Originally posted by Salubrious:

    I get regular listings, the latest to sell were 30 X 2 bed units in “Sydney Metro”, Value 400k sold 280k. These are direct from the bank, we charge a 8% fee per sale price or lead fee, call it what you will.

    So I guess the answer to the question is yes, you can! The above properties had to be foreclosed as the developer got into some hot water. When the bank has had enough, it has had enough.

    We are all made from Stars

    I am wondering… do you also get single dwellings from families who went bust and sell them below market price?

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

    Investor Links

    Profile photo of SalubriousSalubrious
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    @salubrious
    Join Date: 2004
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    No, I don’t, would you like me too? I come across developer’s property. I would also like to say that you are becoming a tad unprofessional Robbie, that was a cheap shot. Hope you got a giggle from it at my expense yet again.

    We are all made from Stars.

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    It was not meant to be a cheap shot. Maybe I should have worded the question better. Do you get PPOR properties and sell them at below market in the same manner you were offering the units? I really want to know.

    Cheap shots may come at a later stage dependent on your answer. :)

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

    Investor Links

    Profile photo of SalubriousSalubrious
    Member
    @salubrious
    Join Date: 2004
    Post Count: 252

    Some of my colleges do a few flips etc in regards to PPOR’s I really don’t like to get involved in peoples misfortunes such as the average mum and dads of Australia.

    We just get deals past the table from time to time and pass them on for a dollar or two. As long as they are good value. The lad who passed this particular lot by me does this kind of stuff for a living full time. He sniffs them out one-way or another, I don’t know how!

    We offer large portions of these hot deals to our existing clientele for their perusal unlike a lot of other companies trying to offload new developments for 25k commissions we like to provide a valued choice if that makes sense.

    I like your last post too mate, I give in you win! But I will provide the details as they become available for that particular loan; all I can say is that it is a true rate that someone that knows someone negotiated for me, all BS aside.

    The reason I remain anonymous at this stage is a personal thing, as you know with certain industries one thing can lead to another and before you know it you are looking for another job if you get my drift. So at this stage I shall remain behind the iron curtain until it is safe to enter the woods again.

    I do apologize if I have offended you Robert, all BS aside; I like a stirring and a laugh just like most Australians! I hope you enjoy it as much as I.

    Peace Mate

    Graham

    We are all made from Stars.

Viewing 20 posts - 1 through 20 (of 24 total)

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