I have recently read Rolf De Roos' book, "52 Homes in 52 Weeks". In it he devotes a chapter to discussing how to find motivated sellers. In it he states, that he receives a Notice of Default (NOD) list every day from a title company that he does a lot of business with. He also states that he receives such lists from real estate agents. Can this be done in Australia also,
or is it another example of "only in America".
In the USA banks will sell a house for whatever the loan is that is owed to them. In OZ, if someone is in foreclosure, banks have a duty of care to sell at "market value" not below. That means that they can recieve their owed mortgage and if there is any equity, it belongs to the vendor.
Title companies are American! Bankruptcy's and foreclosures in Australia are not publicly advertised and I don't think anyone is going to be sending you a list of people in financial difficulties!
The privacy act would make sure of that
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