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Matt Bowdens mortgagee sale - Sold well under CV.
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Originally posted by Frezzinghot View Posthttp://www.nzherald.co.nz/property/n...ectid=11488433
Interesting story here about what can go wrong if the bank wants their money back. They did this guy no favour, property did not even sell above CV. We all know in Auckland most property is selling above CV. Looks like the bank set the reserve just to get their money back.
FH
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Originally posted by Frezzinghot View PostThe article states the bank set the reserve, my question is why did they not set it at the CV price.
FH
Their right in a mortgagee sale.
The reserve is the minimum it will sell for - they can and do sell higher.
As was said above - the reserve doesn't set the price.
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My friend is looking to buy a house around 1m around Auckland, I have sent him along to bid at the other one tommorrow.
Hope this guy does head oversease, good riddance, what on earth is he doing on the shore anyway, shouldnt he be out West doing this kind of thing.
We dont have those kids of people over here.
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Originally posted by Damap View PostReserve was 600K below reserve, which would have been the banks debt. Only one bidder, looks like a set up but who knows.
I have demanded an answer from him.
Selling North Shore property in Henderson sounds wonky as well.
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