Dominique Grubisa

Discussion in 'Property Finance' started by Sparkiemacca, 15th Jul, 2013.

  1. Sparkiemacca

    Sparkiemacca Member

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    Hello everyone, this is my first post. I would be very interested to know if anyone has completed Dominique Grubisa's 'Real Estate Rescue' course for instruction on how to purchase foreclosure properties from banks for 10- 40% below market value. I am very excited about this course, but at $5500, I wouldn't mind hearing from someone who can explain how it worked for them.
     
  2. HotRod

    HotRod Rental Liverofferer

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    It works for Dominique getting $5500 a pop. :D

    Makes you wonder why she has to run seminars and not be off doing it herself.

    :confused:
     
  3. one world

    one world Banned

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    Everyone wants to be rich and financially independent.

    But parting with $5000 is not a good start to your investment journey.

    There's nothing in these courses that you cannot learn if you spend a bit of time yourself.

    If you are interested in foreclosures in the USA you need go no further than www.auction.com

    The only rule is that you need to pay in cash and payment must be received within 48 hours of your winning bid. All property on this website is bank owned.

    Bear in mind that the best of the bargains disappeared last year. Nevertheless, there are still some opportunities there.

    www.citydata.com is also another valuable site if you are interested in dempgraphics and crime stats.

    So there you go, in less than 5 minutes I have told you more than enough for you to start your journey.
     
  4. Sparkiemacca

    Sparkiemacca Member

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    Thanks Oneworld for your reply. I should mention that I'm only interested in Australian foreclosure deals. Also the point of the course is that it is the product of a barrister. Dominique Grubisa is apparently the only person in this country that can supply a 'legal framework' that allows purchases (and most importantly lending) based on actual real valuation not the reduced foreclosure price. So you can see if you consider a 20% discounted foreclosure price of $320k on a true real world valuation of 400K a 'no money down' deal with no LMI & 80K instant equity position could be achieved. Sounds too good to be true but that's the flavor of what she sells for $5500. Hell, if this really works I'd pay 100k for it! I just need to hear from someone who's done it.
     
  5. one world

    one world Banned

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    The word 'Foreclosure' is more popular in the USA than it is in Australia.

    There are some very strong rules about Banks and how they handle mortgagee sales in Australia. Methinks she gets her money from seminars and from doing legal work associated with those loans.

    I'd run this past Neil Jenman before paying a cent. http://www.jenman.com.au/index.php

    There are a couple of lawyers who frequent this forum.

    What do you guys think?
     
  6. pinkboy

    pinkboy SS Lookerafterer

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    Yep, Ive done it! Ill PM you my bank details for my $100k.

    pinkboy
     
  7. westminster

    westminster P Plate Developer

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    One thing I have learnt is that there is very few bargains in the mortgagee auction world - well what I have found in Perth. They seem to attract more buyers hoping to snag a 'bargain' which drives prices up. And the banks are very keen to sell at good value. I tried to pick up a 1960s duplex half at mortgagee sale which I valued at around $250k and the auction started, bidding stalled/clsoed at $280k and it turned out the reserve was $300k!

    If she has worked out how to bypass the sold price = value price then it would be interesting not just for mortgagee sales but other times when people may have found a bargain but I have not come across anyone who has done the course or been able to do it so I can't comment on that.
     
  8. cu@thetop

    cu@thetop Member

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    I'm guessing some sale with nominee clause and a marked up 2nd contract which is at a higher price so the bank never sees the 320k figure- only the 400k.

    See what Neil Jenman says.

    I wouldn't touch it.
     
  9. sanj

    sanj Member

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    ive noticed that too. every so often one slips through though, a friend of mine picked up a house on a good sized block around 800 or 900 sqm in koondoola due to be rezoned for $230k at a mortgagee auction
     
  10. one world

    one world Banned

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    Thank you, learned friend, for chiming in.

    I concur - run it past Jenman.

    In between reading Thackeray (Jenman is a voracious reader) he has plenty of time on his hands and would no doubt be glad to help.

    OP run it past him and get back to us?
     
  11. MRO

    MRO Member

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    Why would you teach everyone else how to do it if you could do it yourself. You would end up flooding the market with competition.

    If it sounds too good to be true....
     
  12. attrill

    attrill Member

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    It's my understanding that in Australia a bank cannot just sell a foreclosed house at a bargain price to the first low ball offer. They have to be able to show they got the best price achievable otherwise the former owners could come after them for the difference between the selling price and the market value.

    Completely different from the system that they have in America.

    Just a thought...
     
  13. one world

    one world Banned

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    As that genial old reprobate Ronald Reagan once famously said: "Trust. But Verify"

    Who knows? Maybe she is onto something. Personally, I'm a sceptic. Jenman might be able to tell us if there have been any complaints from disgruntled customers. Maybe she can come here herself and explain away our concerns.

    Sadly, ASIC only acts after people are ruined. Can't rely on them - they need higher IQ people working for them. That rules me out. One could say the same of our intelligence services BTW.

    Just another thought......

    Looking at CU's highlighted post, it appears that the OP, Sparkiemacca, is a solicitor himself. Whaddya say Sparkie old boy, do you have any motivation in outing this lady? Do tell.

    Seeing there are so many learned friends here, I submit the following:

    http://www.youtube.com/watch?v=6NR9cH8TD5M
     
    Last edited: 15th Jul, 2013
  14. westminster

    westminster P Plate Developer

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    Correct - which is why they often do auctions as that is then justification as the highest price being what the market value is.
     
  15. Terry_w

    Terry_w Member

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    Which State does she practice in?

    My understanding this method works like this:

    1. Keep an eye on court lists for people who lenders have begun repossesion against.
    2. Using the defendant's names from court records do a search to try to find the location of the property. This may involve using RP Data or similar. Verify this with a title search to make sure the mortgage is the same as in court proceedings.
    3. Using RP data etc ascertain rough valuation.
    4. Work out what is approx owing on loan from original mortgage
    5. Write then a letter offering to buy just about the loan amount outstanding.
     
    Last edited: 15th Jul, 2013
  16. one world

    one world Banned

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    Some good advice here.

    Take heed Forumites.
     
  17. beachy

    beachy Beachy

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    Personally, wouldn't this be a conflict of interest or something similar to insider trading for a lawyer to do this.

    I checked out her video about the guy who bought a $515,000 property for $315,000, so why would an owner sell their property at $315,000 when they could've sold it through an agent at like $400,000 or $350,000 if it is in fact worth $515,000!! Like the other poster said, seems too good to be true!!

    I know some owners could be desperate, but being a lawyer herself, I don't see how this is "helping" owners get out of debt (what by selling it for a firesale price to a 3rd party and not through a RE agent)

    When you hear of a RE agent buying a property through the agency cheap and then reselling it 3 months later for a 25% increase, the agents get in trouble most of the time (if found out)
     
  18. IFBF

    IFBF Member

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    Would like more information from USER

    She presented the Vestey Trust system in Sydney this weekend, looks like she has had to throw a lot more into her offering to make the $5500 more attractive. There is lot that she says that makes perfect sense theoretically, but consider the reality .... Banks work on the lower of the two - Valuation & Purchase Price (Contract Price). For these deals to work, a lot has to fall in place and the reality of the market forces work against the simple investor. My biggest concern - here is a Barrister who has a far better understanding of the law, I do not trust that she will put my interests before hers ..... should something not sit right in the future (and we have too many examples of this even when they have been regulated by ASIC) I do not have the muscle to challenge her in court.
     
  19. Terry_w

    Terry_w Member

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    No. Court records are public documents and if you were a lawyer and buying properties from people on court lists you wouldn't be breaching any rules - except perhaps if they were your own clients.
     
  20. beachgurl

    beachgurl Member

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    I went to her free one day event a few weeks ago. Well actually I attended til lunchtime then left as it didn't rock my boat.

    Rather than buying a property at auction she buys it prior by looking at the court lists as Terry mentioned. She then pays out the current owner for their debt amount plus a sweetener for them to start again. Apparently her legal documents give justification that it is legal for the mortgagees to pay out the loan and remove themselves from potential bankruptcy at any time before the fa of the hammer, even after they have been evicted from their home. If the property sells at auction the previous owner would get no money plus go into bankruptcy.

    I can see the benefit of this to a potential bankrupt but I could never see myself ambulance chasing to make a dollar. Doesn't sit right with me.