repossessed homes?
- Thread starter DanielG
- Start date
No! This is not America.
To find out if a home is being repossessed there are a few tell tale signs.
1) house is empty
2) usually at auction (if not the sale has passed in at auction prior)
3) ad usually reads 10% deposit 28 or 30 day settlement
4) white peice of paper in front window seen on any ad on the net. (easiest way of pin pointing).
Nathan.
1) house is empty
2) usually at auction (if not the sale has passed in at auction prior)
3) ad usually reads 10% deposit 28 or 30 day settlement
4) white peice of paper in front window seen on any ad on the net. (easiest way of pin pointing).
Nathan.
I have never seen any sort of website that advertises them but I bought one at auction last year. It was advertised in our area's local free paper's real estate liftout and all the usual RE websites like realestate.com.au. The agent had marketed the property under the heading 'mortgagee in possession' and seeing as it was well located in an upmarket area that I never thought I'd be able to afford to buy into (500m to beach, cafes, shops, etc) and only a year old (builder had gone bust) I thought I may as well have a go and try my luck. I was looking to buy a PPOR after selling my previous PPOR and putting the proceeds in the bank and renting for a while while watching the real estate market (which I do all the time anyway). There was only 2 other bidders and I got it for just over $100 000 less than it was valued at 
.
Prices have dropped a bit more since then (and my bargain probably helped this to happen *guilty*) and, perhaps they may even keep dropping, but having purchased it cheaper I have a better buffer should they fall even more. I plan on keeping it and renting it out one day. Having the cash at the right time was a massive stroke of luck.
Goodluck with your search, although, if you do find one and decide to bid, don't lose your head at the auction - ensure you have thoroughly researched what the property is worth (or better still, pay to have it valued). Also, there were fools at said auction who thought that they were going to get a property we knew to be valued at $700 000 for $400 000 (some try-hards thought even less!) - and that just aint gonna happen! The bank still has to try and get the best possible price for the vendor. Cheers.
. Prices have dropped a bit more since then (and my bargain probably helped this to happen *guilty*) and, perhaps they may even keep dropping, but having purchased it cheaper I have a better buffer should they fall even more. I plan on keeping it and renting it out one day. Having the cash at the right time was a massive stroke of luck.
Goodluck with your search, although, if you do find one and decide to bid, don't lose your head at the auction - ensure you have thoroughly researched what the property is worth (or better still, pay to have it valued). Also, there were fools at said auction who thought that they were going to get a property we knew to be valued at $700 000 for $400 000 (some try-hards thought even less!) - and that just aint gonna happen! The bank still has to try and get the best possible price for the vendor. Cheers.
I use the map search in domain.com.au to pick NSW and then pick on my regions of interest and then search for key words such as "mortgagee"
However, don't believe all the D&G you hear in the media.
I just did a search for western +south sydney + shoalhaven plus woolongong region and there were only 2 properties with instructions by the mortgagee.
There aren't many mortgagee sales these days which is expected anyway because our interest rates are lower than 2007/8
You'll find that there are actually more than you think there are. I have seen many that don't actually advertise that they are mortgagee in possession.
One particular one that my daughter was interested in was auctioned recently. There was nothing advertising mortgagee, the only sign was the bank as the vendor in the contract.
Hi Skater
I'm sure there will be some but I remember in 2006-7 there were a lot of them and easily visible.
I think the difference between now and then is that there are more options available to the borrower should he falls behind in his repayments to the extend where the banks can also capitalise the interest so repossesions aren't as common anymore.
I'm sure there will be some but I remember in 2006-7 there were a lot of them and easily visible.
I think the difference between now and then is that there are more options available to the borrower should he falls behind in his repayments to the extend where the banks can also capitalise the interest so repossesions aren't as common anymore.
I haven't seen many around lately, but of the ones I have seen, it's been because the developer/builder has gone broke as opposed to 'Mum and Dad'-type vendors.
Yes, there are less about, but they are still out there, just not as visible.
A quick search gives me these. While there is nothing that tells me they are mortagee, my knowledge of the area says that they probably are. The main reason being is that I go to, and have bought at auction many, many times.
http://www.realestate.com.au/property-house-nsw-emerton-107293114
http://www.domain.com.au/Property/For-Sale/House/NSW/Werrington/?adid=2008931354
http://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Mount-Druitt/?adid=2008946488
In this little patch, it is rare for a home to go to auction. If a home is not a Housing Department sell off, or it is not a mortgagee sale, or is not being sold by the Public Trustee, it will mostly be sold by private treaty.
Of course, that is not the case in every area, I just know that this is relevant for this particular area.
Yes private people won't normally sell at auction in these suburbs
http://www.nmddata.com.au/
You need to join for access in any meaningfull way and yes there are a few of them...
$200.00 p.a. is not too bad plus you get:
I am just buying my first PPOR and I am all over this site. HAd it recommended to us by the handyman who heard we were looking for a new place.
The biggest tell as per skaters suggestion down here south of Perth is an auction on a stock standard home. Private vendors are mad to do it, so don't, banks have to to make it seem a fair sale. They even don't usually sell at them. lol. Perth buyers just don't like Auctions it seems.
If you are into driving a hard bargain with anotehr party who you don't much care for this is the way to do it... Classsic if you buy subject to finance and they are the financier too...
I emailed the contact on that website and no response after a week...guess it aint that good
Hi Nathan, care to share that idea
I cant disclose it fully, but it could be a similar service to my Deal Finder program. As time goes on but just for repo and trustee properties.
huh?
It is pretty clear how it works? If I had that website and service and someone asked me how it works I would not ring them back either.
Do a search and see for yourself?
I am not logged in and just did one and it gives you plenty of results you just cannot see the details... Clearly if you buy the service you then get many many more props and the detials. You can buy one months service to try it out if $200.00 seems too much to invest for 12 months, plus you are looking at investment properties so you can claim it back on tax! I am only buying a PPOR so cannot. Nonetheless it is from what I can tell well worth it. Turns out most if not all on the site could be detected using the above approaches but is it really worth going into every home on the market to find the distressed ones?
I imagine the buyers agents on this site use it?
For me in the current market more than ever if you really want to buy, buy off those that will sell at the price required to move the property. The market is trading at low volumes hence why real estate agents are hurting. When sellers are out in droves but volumes drop off and most sellers don't want to meet the market (because they don't have to) you have to find the sellers that will meet the market.
The ideal but too adventurous for me are the part complete homes and the like. If you could get a fixed quote from the builder to complete and the overall warrantee from one party you can get significant savings taking on this risk. It always makes me wonder why the banks don't complete them first to realise the rest of the value?
Anyway deceased estates, Banks etc all fit this description... Buying off anyone not in distress at the moment is leaving significant money on the table IMO. Less so in a sellers market.
You could try the following:
(Copy and paste into Google search)
"mortgagee sale" -"NSW" -"QLD" -"ACT" -"TAS" -"NT" -"VIC" -"SA" site:www.realestate.com.au
This will search on Re.com.au for the words (mortgagee sale) and take out those individual phrases (all states apart from WA).
Then if you click "latest" on the bar on the left hand side, it will rank the listings in chronological order. Even better you can get Google to email you when new results popup. I have about 17 different email alerts...
http://www.google.com.au/#q="mortga...33738ee5bb78e2&hl=en&output=search&tbs=rltm:1
(Copy and paste into Google search)
"mortgagee sale" -"NSW" -"QLD" -"ACT" -"TAS" -"NT" -"VIC" -"SA" site:www.realestate.com.au
This will search on Re.com.au for the words (mortgagee sale) and take out those individual phrases (all states apart from WA).
Then if you click "latest" on the bar on the left hand side, it will rank the listings in chronological order. Even better you can get Google to email you when new results popup. I have about 17 different email alerts...
http://www.google.com.au/#q="mortga...33738ee5bb78e2&hl=en&output=search&tbs=rltm:1
Hi Kent
How do you do this?
Flicking through the paper a few weeks back I saw a half-page ad listing repossessed properties for sale. Think it was in the Sunday Telegraph. There weren't many in it though.
Along with the empty house, another tell-tale sign of a repo is an overcapitalised feature of the property - average 70's brick home but an ultra-expensive overdone caesterstone benchtop kitchen, yet the poo-brown carpet still exists in the remainder of the house and/or the fence is falling down. Or a big extension all freshly painted yet the rest of the house is untouched.
in a few open houses lately, the agents have been reluctant to divluge that the property is a repo. So unlike a few years back, it is not always blatantly obvious. I don't see the white letter in the window or advertised as a repo much now.
Along with the empty house, another tell-tale sign of a repo is an overcapitalised feature of the property - average 70's brick home but an ultra-expensive overdone caesterstone benchtop kitchen, yet the poo-brown carpet still exists in the remainder of the house and/or the fence is falling down. Or a big extension all freshly painted yet the rest of the house is untouched.
in a few open houses lately, the agents have been reluctant to divluge that the property is a repo. So unlike a few years back, it is not always blatantly obvious. I don't see the white letter in the window or advertised as a repo much now.
