Mortgagee sales.... selling before auction?

[neK]

I came across this property about a month ago and im really curious to know what the deal was.

It was listed as a Mortgagee sale

http://www.homehound.com.au/3+hillcot+street+hurlstone+park+nsw+2193/

Which i thought meant it couldnt be sold before auction date.. but this one did.

Also, i did a RPdata search on it was revealed the the last sale date on this property was in 1985 @ $85,000.

Can mortgagee sales be sold prior to auction?

 

[Ausprop]

maybe the bank hadn't atually taken thehouse, they had just told the owner they were going to be foreclosed so the owner told the agent that, the agent thought cool I will create some interest by marketing it as a mortgagee sale. An offer came along that got the owner out of hot water and the rest is history.

 

[neK]

maybe the bank hadn't atually taken thehouse, they had just told the owner they were going to be foreclosed so the owner told the agent that, the agent thought cool I will create some interest by marketing it as a mortgagee sale. An offer came along that got the owner out of hot water and the rest is history.

That doesnt exactly sound legal though....

 

[Propertunity]

Can mortgagee sales be sold prior to auction?

Yes they can be and they are. But it is the exception more than the rule in my experience.

 

[twobobsworth]

Mortgagee can use any method to sell the property provided it can be demonstrated that it's at or above fair market value.