Australian Foreclosures List.

[Aaron Sice]

Hi guys,

i've done a search but came up with nearly nothing.

just wondering why - in our country - that asking for a foreclosures list from your bank is like asking ASIO to import you a rocket launcher from Afghanistan...?

Why is it so hard to get a list like this? are they protecting a major client? is the bank buying it for themselves? are we not allowed to know what property is being foreclosed on by law?

In the US, i can look up most foreclosures just by googling. there are some beauties on the ground over there, but still a skittish market.

Does anyone know how to get a foreclosures list?

 

[Player]

Hi Blue Card,

Not sure if you're aware of this:

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

I have a feeling that the banks must be seen to put the property to the market by way of auction and campaign with a licensed real estaate agent to glean fair market value, and not do private sale deals with their customers or investors, who at the end of the day are buyers anyway.

They are only intersetd in getting their money back, not necessarily leaving any crumbs for the vendor in distress.

Have you (or any others) ever attended such an auction? Just curious about the actual sales figures and how close they would be to valuation at that time.

You're right though BC, in the US the most prominent labelling of the sign is FORECLOSURE, just to make sure they have our attention.

 

[Perchy]

I thought it would be illegal to publish such list..

Imagine you couldn't afford the mortgage so the bank reposesses, and because its known its a distressed sale you might not get market value.. which compounds the fact you still owe money to the bank & 'homeless'..

Its not fair to the mortgagee

 

[FelixL]

Banks will get independent valuation and set reserves accordingly, so it really depends on the individual valuer

it is not that easy to pick up bargain from mortgagee sales, usually they are not very good properties to start with (otherwise the borrower would have sold privately long before possession). and for those good properties that does get to mortgagee sale, expect competitions and pay similar or even over real market value.

imo the best bargain is just before the property is being reprocessed, since the competition will be less and the seller/bank will be willing to take a lower price to avoid the huge costs involved in repossesion

 

[Aaron Sice]

I thought it would be illegal to publish such list..

Imagine you couldn't afford the mortgage so the bank reposesses, and because its known its a distressed sale you might not get market value.. which compounds the fact you still owe money to the bank & 'homeless'..

Its not fair to the mortgagee

but you won't get market value anyway...? isn't it upon your shoulders to do all you can to eliminate your non-deductibles? shouldn;t you be realising that you're in distress and advertise the home anyway?

forclosures are a part of life. while i would rather insult the bank by putting in a low offer at a foreclosure auction than make some single mum cry into her hands over coffee discussing "all i'm willing to pay" - sometimes it is easier on everyone to make the distressed party bleed a bit in the short term - might save their credit rating.

foreclosure lists aren't illegal - they're just guarded. i know a gent who is in cohorts with the state GM of a big4 and he gets names all the time....

 

[Aaron Sice]

Hi Blue Card,

Not sure if you're aware of this:

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

I have a feeling that the banks must be seen to put the property to the market by way of auction and campaign with a licensed real estaate agent to glean fair market value, and not do private sale deals with their customers or investors, who at the end of the day are buyers anyway.

They are only intersetd in getting their money back, not necessarily leaving any crumbs for the vendor in distress.

Have you (or any others) ever attended such an auction? Just curious about the actual sales figures and how close they would be to valuation at that time.

You're right though BC, in the US the most prominent labelling of the sign is FORECLOSURE, just to make sure they have our attention.

much obliged Michael

 

[INVSTOR]

Hi BC, My friend recently sent out an email to a few agents asking for deceased estates and repositions, urgent sales, etc. It might be worth a try also.
Good site Michealparis

 

[eggnog]

imo the best bargain is just before the property is being reprocessed, since the competition will be less and the seller/bank will be willing to take a lower price to avoid the huge costs involved in repossesion

Interesting. Would it be possible to get lists of bank customers that are in arrears.

 

[DavidMc]

Interesting. Would it be possible to get lists of bank customers that are in arrears.

I doubt it, although sometimes you see stats in the papers about areas that have the highest number of repossessions and mortgage stress.

 

[gerd.]

The sheriffs office is worth a look.

http://www.sheriff.nsw.gov.au/lawli...calcourts.nsf/pages/SHO_writforlevyofproperty

Gerd

 

[twobobsworth]

There's also NSW public trustee info

http://www.pt.nsw.gov.au/Properties+For+Sale/Default.aspx

 

[ianvestor]

Its not fair to the mortgagee

They should have thought about that before spending their mortgage payment on bread and milk.

 

[Aaron Sice]

ah right - champs for the links. we should be so lucky - here in WA everything is under "dept of justice" - makes website navigation a right nightmare.