Repossessed Property

Hi all,

I've recently come across a repossessed property and I'm looking to make the purchase. Area I want to live, looks great.

This would be my first home.

Is there any advice you could give me about purchasing this house?

Do they all have to go to auction? or is there some way I can get in there and make an offer pre auction?

Thanks,

Rob
 
Hi Rob,

You can try making an offer. But I am finding in the current market you have to hold your cards close to yourself especially where a property is listed for auction.

In many cases agents may want to gage what you will pay for it and then the property still goes to auction.

Something we got done with a property we are interested in was asked our broker to get a valuation on the property and set our max spend.

Though it's looking like the vendors are still quite unrealistic...It goes on auction in about a week. Will see if we end up going to it....

Is this your first purchase? I would engage a broker and a solicitor; I would have my funds ready (% of deposit you are putting). And last but not the least don't spend time um-ing and ah-ing.....

Good luck!
 
Thanks for the response. Yep that's right first property so pretty wet behind the ears with property purchasing but very keen to purchase this property and then look to property investment in the future.

The property has not been listed for auction just yet, there is only a sign on the door saying the property has been secured and a number to call.

If it is being sold off by the bank, is it true they will just be looking to make a quick sale and to offload it, or surely they would want to get as much of their money back as possible?

I would engage a broker and a solicitor; I would have my funds ready (% of deposit you are putting).

Could you recommend any good brokers or solicitors that I could engage?

Thanks,

Rob
 
Could you recommend any good brokers or solicitors that I could engage?

Thanks,

Rob

Rob,

Rolf Latham from this forum is a great broker, and there are others on the forum as well.

I can recommend a great solicitor in Penrith who helps a lot of my clients with large portfolios. His prices are very reasonable as well. PM me if you're in the area and would like his details.

Good luck with your endeavours.

John
 
If it is being sold off by the bank, is it true they will just be looking to make a quick sale and to offload it, or surely they would want to get as much of their money back as possible?
Rob

The bank will definitely do a valuation. If the valuation is higher than the amount owed to them, they may be happy to offload it at around the valuation amount.
 
Rob,

Rolf Latham from this forum is a great broker, and there are others on the forum as well.

John

Thanks John, Rolf certainly looks like he gets some great feedback. I'll check him out.

If solicitor is required I'll send you a PM

Rob
 
The bank will definitely do a valuation. If the valuation is higher than the amount owed to them, they may be happy to offload it at around the valuation amount.

Nice, so I just need to discover when they have done the valuation and make an offer?
 
I recently purchased a townhouse which was a potential mortgagee in possession in Sydney.

Advertisement was for $250K, and I signed contracts at $250K, however this was just before the vendor's bank got involved. They took nearly one and a half months to value the property - and they pretty much gave an ultimatum that they won't sell it less than 265K, and if I put down a 10% deposit, with unconditional exchange. I think I got in at the right time!!

Due to delays with finalising finance, the vendor's solicitor exchanged with cooling off (without informing the vendor's bank) - finally three months after signing the contract, the property finally settled earlier this week :D

I think in this market, the bank would definitely want market value, and minimise their losses.
 
the property finally settled earlier this week

Congratulations on your property settling! :)

I think in this market, the bank would definitely want market value, and minimise their losses.

Makes sense, this property is in a very sought after area where people are currently paying way above what the property when going to auction. Hence wanting to get in and chat to the bank before they put it to auction if possible...
 
The first thing is to ring up and talk to them. Sydney is hot at the moment Ring up and say you're interested and how much are they looking for . I'm assuming its possible for someone out side a bank to hold a mortgage

They should take it to auction, but every so often funny things happen. We've seen properties advertised only by a board outside the house or by adds in the local paper . I've rung up about a house add in the paper only to be told that he didn't want to show it unless I wanted to buy it because he didn't want to disturb the tenants :confused:

Cliff
 
snipped quote
Yep that's right first property so pretty wet behind the ears with property purchasing but very keen to purchase this property and then look to property investment in the future.

DON'T be seen to be keen
keen purchasers pay too much
Even if its the dream home,
walk away as a negotiation tactic is far undervalued​

other than that gem of wisdom(?) enjoy the ride, everything about this is exciting
 
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