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?
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?