Mortgagee Sales - Pros and Cons

[yesindeed]

I am considering buying an IP( a house) in a mortgagee sale in auckland. Could you give me some insights on the pros and cons of mortgagee sales.
- your experiences
- risk vs reward
- checks and balances that I should be doing.
- overall is it worth it

thanks!

[muppet]

Have you done a search for mortgagee sales and or auctions?

[essence]

an interesting fact I found out from a REA last week.

Even though the mortgagee house has gone to auction and has got a offer on it, until such time as the house is settled the owner of the property (occupier?) still has the right to sell the property.

This means if you have been successful at auction and believe you have an offer on the property - you don't. The owner can still sell the property (subject to approval from the appropriate Bank) for a lesser sum, so long as it covers what the Bank requires to clear the debt.

Bizarre eh??

The reason why I found out? My REA friend was stressing over a mortgagee house auction that was successful but hadn't settled. She was desperate for it to do so, so she could get her commission, otherwise she would miss out altogether.