Pre-foreclosure in Australia
- Thread starter PeterS
- Start date
Peter,
This doesn't exist in Australia in the same form as the US.
There have been several court cases where banks sold properties below the fair value & the banks got done for it. Banks thus are very careful these days to ensure that there is a fair market price for foreclosures. To achieve this Banks go via real estate agents & offer these properties at auction.
The US and Australian markets are VERY different in how they handle certain things. I suggest you be very careful about using a US mentor who does not understand the Australian market deeply as well.
Particularly if you are paying thousands for the privilege of being mentored!
And at the end of the boom too!
BTW: If you used the search tool in this forum you would have found this exact discussion has occurred several times.
Cheers,
Aceyducey
This doesn't exist in Australia in the same form as the US.
There have been several court cases where banks sold properties below the fair value & the banks got done for it. Banks thus are very careful these days to ensure that there is a fair market price for foreclosures. To achieve this Banks go via real estate agents & offer these properties at auction.
The US and Australian markets are VERY different in how they handle certain things. I suggest you be very careful about using a US mentor who does not understand the Australian market deeply as well.
Particularly if you are paying thousands for the privilege of being mentored!
And at the end of the boom too!
BTW: If you used the search tool in this forum you would have found this exact discussion has occurred several times.
Cheers,
Aceyducey
Peter,
Acey is correct in that the laws are way different over here.
Having said that, on a recent trip to the US, I discovered that it really is a great place for creative capitalism, and creative real estate deals.
Plus, you can assume someone's mortgage without having to re-apply for the loan! Too cool!
We can only live in hope...
Sam Vannutini.
Acey is correct in that the laws are way different over here.
Having said that, on a recent trip to the US, I discovered that it really is a great place for creative capitalism, and creative real estate deals.
Plus, you can assume someone's mortgage without having to re-apply for the loan! Too cool!
We can only live in hope...
Sam Vannutini.
