does anyone know where I can source non-mortgeable/habitable or bank receiver sales?
i have cash and would like to take advantage of being able to move quick without needing a mortgage.
in the uk many of these properties with issues sell in auctions to buyers that can move quick at a discount. The cash buyer buys, fixes issues then can sell on normaL financeable market (obviously there is risk and they get rewarded if it pays off) There is also a wide bridge lending market outside of conventional mortgage market that supports this type of investment ar much higher rates.
where can I find these type of deals in victoria. I cant seem to find the medium. Agents keep telling me it doesnt exist as conventional lenders will always lend. Surely there must be properties not habitable or mortgeable due to issues. Where do I find these properties, which in principle should be discounted due to lack of finance or forced bank sale.
- This topic was modified 9 months, 1 week ago by propertyboy.
Good Day Propertyboy,
So few ways, one constantly watching Realestate & domain.
Better than that, is to build relations with local agents & explain your a cash buyer & your criteria.
I get your saying some agents say it doesn’t exisit, it does as the building I am in right now was a forced sale.
Spend the time & study, TBH unless your looking Australia wide it isnt always a weekly thing but there are deals every week.
(this is not advice)
Thanks Jaxon, however I don’t believe realestate and domain would be the best way to source these deals.
In my view this is where fair value properties are advertised where the end buyer is able to raise conventional mortgage debt. I am looking to buy properties with problems that need fixing or being sold in distress situations. Sellers looking to move quick outside of a normal marketing period
Where are bank’s listing repossessed properties they enforce on? How do I find cash only purchases with problems not open to the general market?
EG, an apartment that is not habitable, fire damaged etc that must be closed with cash as banks will not lend on this type of property hence significantly reducing end buyer demand
Are there any special auctions for these type of properties where the deal needs to be closed with cash only?
Well I have literally got deals like this off there (bank forced sale)
So I would say dont be narrow minded mate.
Also funnily enough gotten deals on GUMTREE personally under valued (not forced sale though)
Mate if you find “listing repossessed properties” or some database like this Id love to know.
as usually the bank just repossess & sell to clear their loss.
Mate I am not aware of any of these auctions, just not how I have seen things operate.
for mass business fittings, trucks etc yes. Not property. (that I have seen in OZ)
How is it a distressed sale if it is on domain? Serious qs – mere fact it is on there implies the seller has time to go through a. normal marketing process – no?
I am looking for a win/win situation for me as a buyer and seller looking to move quick, where I can take premium for taking on that additional risk and limited buyer market. Must exist in such a big market?
So firstly, depends on what you define as a distressed sale.
if its a quick sale then its technically distressed.
E.g if average sale is 80 days, goes in 10 days due to lower price, to me this qualifies.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
We unfortunately sell a fair few properties which we have taken possession of as mortgagee thru my Retail Mortgage Fund.
Have to say as a mortgagee we are required to obtain a fair market valuation / real estate assessments and then go from there.
Sure we do have a number of properties that we sell below valuation as long as the debt is covered but that is often because they are passed in at the Auction and we negotiate with the highest bidder after the event.
Certainly wouldnt be public listing the price we will accept.
Yours in Finance