Foreclosures/Mortgagees in Possession
- Thread starter Sunstone
- Start date
Mortgagee in Possession
Hi Sunstone.
Unfortunately foreclosures don't occur like they do in the US. There are strict regulations for the sale of defunct mortgaged properties.
There was a really good post about this on the old forum from Asy only a week or two ago.
If anyone can find it and post it here that would be great cause it was a very insightful post.
Cheers
Rob
Hi Sunstone.
Unfortunately foreclosures don't occur like they do in the US. There are strict regulations for the sale of defunct mortgaged properties.
There was a really good post about this on the old forum from Asy only a week or two ago.
If anyone can find it and post it here that would be great cause it was a very insightful post.
Cheers
Rob
Dear Rob,
Shame not as many opportunities. The US always seems to be raving about foreclosures.
Just encourages one to find new opportunities.
Checked back in the old forum but could not seem to find it by browsing or by doing a search.
If Asy can repost it over here then that would be great.
Cheers,
Sunstone.
Shame not as many opportunities. The US always seems to be raving about foreclosures.
Just encourages one to find new opportunities.
Checked back in the old forum but could not seem to find it by browsing or by doing a search.
If Asy can repost it over here then that would be great.
Cheers,
Sunstone.
YAY I found it...
After looking, and looking, and looking...
the thread you want (i believe) is: Mortgagee Auction:
http://bne003w.server-web.com/~wb013/read?121875,30
and the post you were looking for is copied below.
Hope this helps.
asy
After looking, and looking, and looking...
the thread you want (i believe) is: Mortgagee Auction:
http://bne003w.server-web.com/~wb013/read?121875,30
and the post you were looking for is copied below.
Hope this helps.
asy
I have dealt with quite a number of mortgagee auctions, and I will try to detail what happens from the agents point of view.
(Although this was in MEL, but I believe it would be similar here in BNE)
1: The bank issues foreclosure on the 'owners'.
2: The bank gets the right to sell the property (Goes through court)
3: The bank then authorises an agent to market the property, there are several 'clearing house' agents around, these DO NOT sell to the public, they act as a middle man between the banks and the selling agent.
4: The Clearing agent (CA) asks two or three local agents to do a report, including market price, what renovation/cleaning has to be done prior to sale, sales method, etc.
5: The CA then appoints one agent to market the property. The CA and the selling agent split the fee.
Things which must be remembered are that according to the legislation, the bank must sell the property for the realistic market price of the property because any difference between the sale price, and the money owed to the bank MUST be returned to the owner.
This is why the days of the bank just selling the property to cover monies owed are long gone. The defaulting owners of the property have the right to sue the bank for fraud of the bank sells the property too cheaply. This is why these sales usually go to auction, as the bank can then claim that the property went for the true market value.
Anyway, hope this helps.
asy.
Thanks Asy.
Appreciate the repost.
Can see now why most of the US foreclosure information can't be used here.
Saw the other day a "mortgage in possession" auction which sold a slightly inferior property for a 30% higher price than one sold in the very next street just three weeks prior. Only real difference was the amount of people thinking they were going to get a bargain.
Cheers,
Sunstone.
Appreciate the repost.
Can see now why most of the US foreclosure information can't be used here.
Saw the other day a "mortgage in possession" auction which sold a slightly inferior property for a 30% higher price than one sold in the very next street just three weeks prior. Only real difference was the amount of people thinking they were going to get a bargain.
Cheers,
Sunstone.
oh well they are just window shoppers and day dreamers
Tried to purchase a property at mortgagee auction in country Vic about 5 years ago, it was passed in which surprised me at the time, and later became a type of tender auction (dutch auction?) between 3 parties. We dipped out as I didn't believe the estate agent. Found out later that it was real. Bank (Westpac I think) would not sell until a certain price was realised.
Hope this works as is first post on new forum.
Bill.L
Hope this works as is first post on new forum.
Bill.L
Why not buy property in USA? As I have said before it works!
www.foreclosureworld.net - very nice site......
www.foreclosureworld.net - very nice site......
Foreclosure world is just a listing service. They have property listed that is in foreclosure. That is all they do, nothing there to trust! You would need to pay US tax, and claim credit here for any double taxation. You could buy any asset in an LLC (like a trust but better I think) or any number of numerous ways. Pick an area you like and find a few local agents. You may be able to get someone to wrap you (unlikely in hot market ie:now) or you will need about 20-30% downpayment. Amazes me why more people don't do it. Very well worthwhile. I am sort of toying with the concept of owning properties here to live in, and investment property purely overseas. Returns here are just so bloody awful....
Hi Sunstone
I don't think there are fewer opportunities here in relation to our population size and density.
Don't believe the hype. Many foreclosure "gurus" made their real money in the S&L crisis when the VA and HUD were giving houses away. Now they make money telling people how they did it. Not that there's anything wrong with that
Foreclosures profits can and are made here. Just not easily in the hottest bull market in 15 years.
Take what you read or hear and ask "how can I make something of this?". That is the path to riches.
