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  • Profile photo of CarmelianCarmelian
    Participant
    @carmelian
    Join Date: 2005
    Post Count: 3

    Hi
    Can anyone assist?

    Want to find out where I source information on Mortgage in Possession. In particular how do I ascertain whether a property up for auction or sale is repossessed?

    Is there a governement or financial agency that can assist?

    Agents generally dont appear to want to disclose that information.

    Appreciate any advice on web sites, books, telephone numbers, people – anything.

    Thanks in advance.
    Carmelian[inquisitive]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,173

    Why? Do you think you will be getting a bargin?

    There doesn’t seem to be any way to find this out other than to ask the agents. Sometimes they use this as a selling point trying to attract people who think they maybe getting a property undervalue, but it doesn’t really work like this.

    Terryw
    Discover Home Loans
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    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of manofactionmanofaction
    Member
    @manofaction
    Join Date: 2003
    Post Count: 80

    Carmelian,

    You will read a lot about “goin’ down to City Hall and looking up the defaults registers” in many books. But this is an Amercian thing that can’t be done in Australia because of strict privacy laws.

    There was a time when a lender would sellup a property and was only interested in getting enough from the sale to clear their problem (the money owed to them) but these days, they tend to make more of an effort to get a “fair” price due to legal issues about conducting “fire sales”.

    Now here’s the really funny thing… and this comes straight from a friend of mine who is a senior lending manager for a major bank…

    Most lenders don’t promote the fact it is a mortgagee sale because they are mindful there is a perception this will be a “fire-sale” (a hang-over from days of old) and worried if the property doesn’t get a good price ( as can happen to any property ), they might get sued… so they often dont feature it in the advertising.

    However, there is clear evidence that shows that put those words “Mortgagee Sale” / “Realisation Sale” etc up on the board and buyer interest goes through the roof… and when you combine lots of buyer interest with an auction, you usually get a much better price!

    So,back to your original question…. How do you find them?

    No lender is going to put you on their mailing list, so forget that one ( if they do, please put me on there as well!).

    The most obvious way is to look for boards and ads with those words “Mortgagee Sales”, “Realisation Sale” etc..

    The best tip however is to make an offer on the property BEFORE the lenders move in to sell it up.

    To do this, you need to build a solid relationship with the RE Agents in your preferred area(s).

    That’s because people who are going belly up financially typically get the property valued by RE Agents well before the lenders move in (or as a result of the lenders putting big time pressure on them).

    So the RE Agents can often get a heads-up on what is about to happen and might be able to say to the vendor.. “Hey, I’ve got a buyer who pays good money and pays fast, might be a better than having the lender sell you up”.

    Hope it helps.

    John Blackburn
    http://www.propertybooks.com.au

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Hi Carmelian

    Try:
    http://www.nmddata.com.au/index.php

    Good luck.

    Cheers, Paul

    Paul & Karen Dobson
    negative2positive
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    Profile photo of propertypowerpropertypower
    Member
    @propertypower
    Join Date: 2006
    Post Count: 312

    Hi Paul,
    That’s a very useful site.

    Carmelian,
    You can check the mortgagee or realisation sale by doing a keyword search on domain.com.au

    Regards
    Sanjiv
    *******

    “There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.” – Nelson Mandela

    Profile photo of JFisherJFisher
    Member
    @jfisher
    Join Date: 2007
    Post Count: 143

    Hi Carmelian
    There is a new website launching on 27/2/07 which is advertised on page 7 of the latest API mag. It is called ‘NMD Data’ and will exclusively list National Mortgagee and Deceased Estate data. http://www.nmddata.com.au.

    Hope that helps

    Julie

    Profile photo of InderInder
    Member
    @inder
    Join Date: 2012
    Post Count: 3
    Profile photo of MosicLandscapesMosicLandscapes
    Member
    @mosiclandscapes
    Join Date: 2010
    Post Count: 73

    I don't know how relevant this is given the age of this thread but I have seen some properties for sale for under market value that are the result of divorce proceedings. It looks like it's the new 'deceased estate'.

    Profile photo of Ephraem1Ephraem1
    Member
    @ephraem1
    Join Date: 2012
    Post Count: 17

    Thanks guys for the links! very helpful!

    Profile photo of SMSF101SMSF101
    Member
    @smsf101
    Join Date: 2012
    Post Count: 49

    Hi there!

    I'm not so sure about that kind of situation but I guess it is better to ask the agents as well because I think they're the ones who still know the ins and outs in that particular matter. But I'm not saying that you should just settle with what the agents would be saying. You may also look for other source of information which could assist you in deciding. At the end of the day, it is you who'll be the judge of everything you've heard and learned. All you need is a logical mind to weigh things in the most possible fair manner.  I hope I could be more of help but I actually don't know any sites from which you can get information about Mortgage Possession.

    Profile photo of SMSF101SMSF101
    Member
    @smsf101
    Join Date: 2012
    Post Count: 49

    Hmmmnn,… sounds interesting. Positive cashflow..

    Thanks for sharing the link Ephraem, Have you heard about the "Self Managed Super Funds"?.. I noticed that  "Self Managed Super Funds" are ideal investment vehicle if you are looking to maximize your wealth while maintaining complete control over your financial future and lifestyle.

    It sounds interesting that's why I really want to gather more  information about it.

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