Forums / Property Investing / Help Needed! / buying a mortgagee in possesion

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  • Profile photo of andrewandrew
    Participant
    @andrew15
    Join Date: 2016
    Post Count: 7

    Hi,

    I just made an offer for a property which is currently a mortgagee in possession. The agent had told me that since we are dealing with the bank as the seller, it will be sell as it is. I asked the real estate agent if we can do a building and pest inspection before the offer but he declined and told me that we can’t do that in this transaction. I would like to know if this is legit? If there will be any supporting reference to my claim?

    Kind Regards,

    Andrew

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

    See this thread, another guy with the exact same question:
    https://www.propertyinvesting.com/topic/5037398-buying-a-mortgagee-in-possesion-2

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of David HallDavid Hall
    Participant
    @wiggles2
    Join Date: 2014
    Post Count: 65

    I am currently offering on one of these right now for a client. Its a nice little destroyed home that the owner has smashed up when she was high. There is not much left.

    In my offer, I have accepted the property as is, but it is still subject to undertaking due diligence to my satisfaction. I will not be able to request that the seller pays for any repairs, but if inspections turn up a major issues that I have missed, I can walk.

    I have explained that I am concerned that Meth may have been made in the house. If it tests positive, I have told them that I will walk. In reality (with the knowledge that by law, this has to be disclosed to any potential buyers) I’ll try to hit them up for a discount. If this doesn’t work we will then walk.

    They can always reject the clause. In these situations the agent is nothing more than a middle man. He has no input into the process.

    Good luck

    David Hall | Momentum Wealth
    http://www.momentumwealth.com.au/
    Email Me | Phone Me

    Buyers Agent

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