Mortgagee Sales Brisbane

S

sue78

Has anyone had any experience in this?

I am so confused right now. On one hand I got an amazing buy (will be my ppor) and on the other hand I am freaking out about auction terms!

-on monday we have to pay 10% deposit and I can only get 5%
-settlement unconditional 30 days

So I gather buying at auction is nothing like normal buying? what if I settle a few days later because of the bank? westpac is notorious for taking ages to settle. I don't think westpac has ever settled any deals on time for us in the past 10 yrs.

The mortgagee sale is by ANZ bank. Are they extremely strict?

the reason we were so unprepared is because I only saw the property online this morn and it was one of 5 on the list for viewing and it happened to be the first property. In the ad, there was no price indication, didn't realise auction was actually today and definitely nothing about a mortgagee sale. We only found out all this at the open inspection.


We got a real bargain...But still...I'm not sure if we were just lucky or unlucky. I'm so stressed about getting the finance sorted.

If the house sold under normal conditions, it would be sold at $100 to $150k more than what we paid today.

It was my 1st auction ever today. We have sold a house at auction before but I wasn't present. Today I was so nervous I felt like I wanted to throw up. I think auction is a bit of a joke. No one wants to bid and people only bidding on the final call every time. We actually got the house 2 times but came back not accepted by the bank and finally the third time, the bank accepted. The downside is that each time they re-commenced the auction, there were 1 or 2 more bids from others. Otherwise we would have got it maybe $10k less.

Just in case...we put our ppor on the market today....it's a happy day yet a sad day.

Also, does anyone know of any banks that will re-value the property higher? just using comparison date, the property across the road sold for $680k this year and it doesn't even have electric fence and it's 4brs. Properties on the same street the house are all between $650 to $899k

Thanks
 
Last edited by a moderator:
sue78 said:
Has anyone had any experience in this?

-on monday we have to pay 10% deposit and I can only get 5%
-settlement unconditional 30 days

So I gather buying at auction is nothing like normal buying? what if I settle a few days later because of the bank? westpac is notorious for taking ages to settle. I don't think westpac has ever settled any deals on time for us in the past 10 yrs.

If the house sold under normal conditions, it would be sold at $100 to $150k more than what we paid today.

Also, does anyone know of any banks that will re-value the property higher? just using comparison date, the property across the road sold for $680k this year and it doesn't even have electric fence and it's 4brs. Properties on the same street the house are all between $650 to $899k

Thanks
Click to expand...

Hi SUe

Well done, there are some nice deals around at the mo


One q at a time

if you cant produce 10 % on MOnday to fulfill your side of the contract that wont be great..........they wont be happy but its unlikely they will put it back on the market. Negotiating for a 5 % deposit before auction may have helped.

QLd contracts are "time is of the essence". There is no " a few days late" unless the seller grants you the grace. They are entitled to take your 10 % and then chase you for more. Unlikely to happen but legally so.

Wesuck and 30 days should be a snack. We have had them done in 14 at the moment.

Very unlikey that any valuer will value this puppy higher than auction price, since onbjectively if you were foreclosed on ur mortgage today, what you paid today is what the market will pay today.

Ina few months you may be in a position to do something with another lender, but it would require some fancy footwork

ta
rolf
 
Rolf

I appreciate your reply! I know but we were clueless. We only came across the property today and they were starting auction within mins. We were still registering when they started and only because the opening bid was ridiculously low.

Can I make appt with you? we need finance asap. I don't know how to structure it because I'm worried about serviceability issues. Equity shouldn't be a problem.

The house is owned by ANZ...if I decided to switch and use ANZ, would they cut me some slack?
 
thanks YPG - I forgot to mention we got it at $537.5k a lot of my friends are local and none of them can believe it. The neighbours who are turned up at the auction were shocked too..

They didn't seem too happy..maybe worried it will de-value their property.
 
Shouldnt have any valuation probs : )

residex is suggesting 670 or so

Even though Residex is a little on the generous side and hasnt yet quite up with the current slow market, that price is still very very good

Current owners paid 310 in 2000

ta
rolf
 
sue78 said:
They didn't seem too happy..maybe worried it will de-value their property.
Click to expand...

not a maybe

that sale sets a new trend for that area and will scare the valuers a lot.

In a while u might see that this is a "statistical outlier" ie a real bargain, in which case the sale wont be as influential in 90 to 120 days


t
arolf
 
Congrats Sue, i hope it all goes through. It is a great area, my friends parents retired a couple of streets from there. Great price. I looked into purchasing there but it was too exy, now that you've set a new bench mark I may have to look out for bargains in the future.
 
invstor - yeah it is a great area. I already live in Kuraby and we have lived in this area since I moved to Bris almost 10 yrs ago.

I may have built nicer, bigger houses elsewhere but for me the area is more important. I never get emotional about properties but it's different since this is a ppor. I'm so worried about the kids and whether they will be ok in a new house. When we moved into this house almost 3 yrs ago, my son (3y.o at the time) cried in his sleep every night for weeks.

My kids love our house now so I am really worried. I am going to miss the low maintenance and cosiness of this house.

Getting professional pics done today for my house...still can't believe we bought a house and have to move in a mth.
 
Hope you've got good serviceability Sue.

Equity may not be an issue but what about serviceability - as you will still have your existing PPOR at the time you settle on the new property. I guess at that price you can get a good rental appraisal from the agents / bank so probably not a huge issue.

Good Luck - glad that house is not in my street on the Bayside!!
 
sue78 said:
invstor - yeah it is a great area. I already live in Kuraby and we have lived in this area since I moved to Bris almost 10 yrs ago.

I may have built nicer, bigger houses elsewhere but for me the area is more important. I never get emotional about properties but it's different since this is a ppor. I'm so worried about the kids and whether they will be ok in a new house. When we moved into this house almost 3 yrs ago, my son (3y.o at the time) cried in his sleep every night for weeks.

My kids love our house now so I am really worried. I am going to miss the low maintenance and cosiness of this house.

Getting professional pics done today for my house...still can't believe we bought a house and have to move in a mth.
Click to expand...
I had conversed via SS previously years ago when I was looking into the area. I ended up purchasing at Parkinson in a tiny culdesac (12 houses in street), not far from IGA. I'm loving it here! There will be Private and public buses going to St Thomas More College next year which is a bonus!! I was thinking you may have mentioned that school previously but can't remember??
Are you sure you really want to move from current PPoR? I can relate to what your saying about kids being affected with moving. My son has asked me if we can stop moving houses. 4 houses in 1 year got a bit much for me also.
 
investor - Parkinson is a great suburb! we built there on Mt Archer Rd and last year built a house in Calamvale on Benheim St, behind the Calamvale high school. Fantastic location, just walk across the road to school..yet school isn't visible from the house and down the road from woolies.

Both big houses but it's just a tad far from my support network. My family and hubby's family all lives within mins drive. It helps tremendously and we are all very close. We all help each other out and my nephew, nieces etc spend a lot of time here and vice versa. So for us, location is no 1 priority.
 
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