Distressed properties for sale

Hello Everyone,

I am wondering if someone can tell me how I can obtain lists of distressed properties for sale?

Distressed properties are ones that fit this criteria:
Liquidation
Sherrif Sales
Deceased Estate
Divorce
Mortgage Sale
Crime Proceeds

Any help or direction would be much appreciated
 
Normally I find there are some desperate sellers within 'normal' transactions.

Ones that have the agent on your side or looking like a bomb site etc...

Generally with Mortgagee Sales the banks aren't too negotiable from their valuation.

Some vendors might be - and that's how you can find a real bargain.

Just involves lots of hard work and effort and multiple offers on different properties to secure the right one/s.

And look all across Australia as there is bound to be at least a few bargains at any one time.

If you want to know whether they are deceased estates, MIP's etc... it sometimes will say that in the description or you can ask the agent (but that would take forever to find them all.) So the best thing to do is just offer on all the best value properties that are low in price for whatever reason (i.e. bad presentation, out of town agent, desperate vendor etc...)
 
We are really talking about bargains here unless you specifically enjoy helping people who really need to sell. With bargains it's a case of doing the legwork, building contacts and being in touch with a market, not sure there are any reliable shortcuts.

Number 1 tip for securing a bargain. Have the cash. Cash unconditional offer (or very tight conditions) + knowledge of market values will lead you to some cracking bargains.
 
We are really talking about bargains here unless you specifically enjoy helping people who really need to sell. With bargains it's a case of doing the legwork, building contacts and being in touch with a market, not sure there are any reliable shortcuts.

Number 1 tip for securing a bargain. Have the cash. Cash unconditional offer (or very tight conditions) + knowledge of market values will lead you to some cracking bargains.

Agreed.

Cash + no conditions + quick settlement + REA fee matching deposit = bargains

Dangling cash in front of the seller's face can make them accept crazy offers.
 
Hello Everyone,

I am wondering if someone can tell me how I can obtain lists of distressed properties for sale?

Distressed properties are ones that fit this criteria:



There may be people who need to sell who do not fit your criteria. Do you know where you want to buy and how much you have to spend?

If you are looking for a bargain, how much of a discount are you looking for?

Just curious

Victoria
 
I have used a broad defintion of distressed properties to start a dialogue regarding this category. There may be other circumstances which also qualify for a distressed sale such as someone who is moving overseas and needs a quick sale.

Unfortunately when people are in this situation either through their own doing or circumstances, they are looking for an exit strategy which gives them something ($$) instead of say a financial instituion re-possessing the property and between them and the lawyers, the poor vendor gets nothing.

I am keen to buy a property that meets my distressed sale criteria preferably in NSW as a starting point.

Any help in this matter will be appreciated

Thank you all :)
 
Thanks Andrew,

Do you have any properties in Brisbane that meet this criteria ?
There is no objective criteria so far, what is distress and what is a bargain!?

If you start with budget, property type, location, desired yield, desired outcome, exit strategy that would help your search.

Unless a large renovation job is on the cards I believe the best bargains are to be had 500k+ and especially 1M+ in residential in Brisbane, something a little outside the box and especially multi properties such as blocks of flats, the sort of property that leaves the agent flummoxed in finding comparable properties so they either misprice it (relatively rare) or try and take it to auction (normal), in the case of auction where cash really speaks if you want to take it off the market quickly.

Most times when investors ask the bargain or +ve cashflow question they are fishing in the lower price ranges 350k and under and want the cracker bargain there, which usually means buying something that is scaring most buyers away condition wise and needs a lot of work to uncover the profit, which is fine except that most people who ask this question are also not willing to undertake that type of work as well, just my experiences :)
 
Regarding mispricing it does happen but in this era there seem to be enough smarties with enough cash to pounce quickly. Two recent examples

1) Agent underestimates GFA for unit development block by about 2-3 units in advertising and when you speak with him, multiple offers with cash unconditional ones in there, some people definitely realize what you can do! Careful reading of the local plans can help.

2) Large block with 3 quality townhouses on 1 title with extra development potential to build more on the land while keeping townhouses, 1M+ price and 5k from the Brisbane CBD, tough one to price so agent takes it to auction, I'm trying to connect this deal with a buyer when someone pays cash for it a few days after listing at early 5's yield unrenovated, easy cosmetic reno would push the yield right up and buyer has strata potential and looks to me like they got development potential for free, when talking with the agent they mention they thought it was a good outcome for both parties.. meaning buyer and seller :)
 
Hello Everyone,

I am wondering if someone can tell me how I can obtain lists of distressed properties for sale?

Distressed properties are ones that fit this criteria:
Liquidation
Sherrif Sales
Deceased Estate
Divorce
Mortgage Sale
Crime Proceeds

Any help or direction would be much appreciated

Sounds like Nathan's grocery list ;)
 
Most times when investors ask the bargain or +ve cashflow question they are fishing in the lower price ranges 350k and under and want the cracker bargain there, which usually means buying something that is scaring most buyers away condition wise and needs a lot of work to uncover the profit, which is fine except that most people who ask this question are also not willing to undertake that type of work as well, just my experiences :)

nah

the goldilocks list is


+_ 8 % yield
Less than 5 years old
Good size land
In the 10 km middle ring
Brick and tile
No Enviro risks
Only a spruce up required

ta
rolf
 
Hello Everyone,

I am wondering if someone can tell me how I can obtain lists of distressed properties for sale?

While your general mortgagee, deceased, trustee, and people going overseas in a hurry may seem an easy way to get a good property for cheap, I would check out the private sellers who at times have some very nice prices for houses/land.

I was in Brisbane and went to the Caboolture (?) area and there were farmers selling 1/4 plus acres blocks at $200K+ . This was one of the areas that was not flooded, is about 20 minutes to a proper beach, about 40 minutes to Brisbane and near to large farmers markets (also went to a all-you-can-pick strawberry farm while there).

Not sure how in your list you would get the divorce type properties for sale without someone having inside knowledge.
 
Can you refine google to do similar searches?

1) Setup email alerts in the real estate portals. I prefer suburb by suburb.
2) Setup gmail acount
3) Send alerts to the gmail account, will be hundreds per day if doing an entire capital city

This way you have an awesome long term record and very powerful search engine at your disposal.

Targeted specific searches in gmail such as

> granny flat
> corner block
> on one title

And anything else you can think of all work very well with this method.
 
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