Hi all, my first post. Has anyone hear purchased land at a council auction where they are selling it to recover unpaid rates? is anyone aware of any pitfalls regarding this and how it works. I would guess that if the rates are on land that is essentially owned by a bank (mortgaged)then the bank wouldnt allow the auction. I was wondering if anyone had any tales of success or problems buying at one of these auctions?
council sells land for unpaid rates ? any traps
- Thread starter 11.30 dave
- Start date
No, but around here if you're sick of paying rates or keeping a firebreak on vacant land you just stop paying rates for a few years, let the council take the land back and voila! You're ahead. Council now has a very big collection of unsaleable vacant blocks that it has to mow.
The contract should state that the mortgage and any fines owing will be cleared on sale, and will probably have some pages on the back about it being a Council sale. I just signed a contract that explicitly stated the searches turned up $13.60 owing that would be cleared during the sale process, and there was extra documentation because it is a mortgagee sale.
The contract should state that the mortgage and any fines owing will be cleared on sale, and will probably have some pages on the back about it being a Council sale. I just signed a contract that explicitly stated the searches turned up $13.60 owing that would be cleared during the sale process, and there was extra documentation because it is a mortgagee sale.
hi 11.30 dave
I have been to the auction where they have been sold and kicked my self that I didn't register.
they are a very good place to buy a bit of a bargain you do have to check them out very well
but all claims are extinguished once sold
usually there is no bank lend and they are sold as is and the lender would have no claim anyway as it would be seen as government buy back so you would be in the clear from my understanding but pm me where they are on at I would be interested in having a look I like those auctions
I have been to the auction where they have been sold and kicked my self that I didn't register.
they are a very good place to buy a bit of a bargain you do have to check them out very well
but all claims are extinguished once sold
usually there is no bank lend and they are sold as is and the lender would have no claim anyway as it would be seen as government buy back so you would be in the clear from my understanding but pm me where they are on at I would be interested in having a look I like those auctions
I met some folks that bought an 800m2 block for $250.00........but it doesnt have a building entitlement. It's also a rough area. But hey!! you could adjist the land for a pony and make $30-$40.00 bucks a week.
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