Anyone have information what is the best way to find mortgagee sales ?I am looking in sydney and melbourne
If you are looking for the sort of incredible foreclosure sales bargains they have in the USA, that doesn't happen here. I'm not sure exactly of the legal reason but Australian banks are not permitted to sell for the debt owning. If anyone knows the reason, I'd be happy to hear it as I've wondered about this for years.
Yes, I am involved in this area for one of the major banks. They take getting the maximum sale price on behalf of the previous owner very seriously and monitor the valuation price vs the result received at auction. Don't expect a bargain.