Bank Repossession - Victoria

[grand dad]

A question for experienced people who are familiar with these sorts of things:

For a number of reasons, mainly relating to illness, a friend's investment property has being repossessed and is now up for auction.

Prior to the the Bank formally seizing the property, my friend was given the opportunity to sell the house privately, through his agent. An offer of $520,000 was received and was accepted by my friend.

But the bank had by that time put up the house for auction with a reserve of just $350,000.

With a month to go before auction what can we do to save the day?

 

[tobe]

A question for experienced people who are familiar with these sorts of things:

For a number of reasons, mainly relating to illness, a friend's investment property has being repossessed and is now up for auction.

Prior to the the Bank formally seizing the property, my friend was given the opportunity to sell the house privately, through his agent. An offer of $520,000 was received and was accepted by my friend.

But the bank had by that time put up the house for auction with a reserve of just $350,000.

With a month to go before auction what can we do to save the day?

Get a solicitor quick smart and show them evidence of this offer at 520.

 

[grand dad]

Thanks To Be

Has anyone else been through this or experience in these matters?

 

[Terry_w]

A question for experienced people who are familiar with these sorts of things:

For a number of reasons, mainly relating to illness, a friend's investment property has being repossessed and is now up for auction.

Prior to the the Bank formally seizing the property, my friend was given the opportunity to sell the house privately, through his agent. An offer of $520,000 was received and was accepted by my friend.

But the bank had by that time put up the house for auction with a reserve of just $350,000.

With a month to go before auction what can we do to save the day?

Apply for an injunction at the Supreme court...

 

[Aaron_C]

Well if it's in Victoria chances are the property will be going to auction to determine the price. So the reserve of $350,000 is quite irrelevant as if it's really worth $520,000, the market will pay that amount.