Mortgagee Auction No Access

[Glizzle]

Is there car for sale as well?

[jimO]

i looked at a nice new house a few years ago that was a mortgagee auction, the owners had actually moved out but had gone to town on the house, there wasnt a door handle or light fitting anywhere, all plugs had been removed and the wires cut back inside the walls, the rimu TnG floor in the lounge had been carved up with a chisel, a builder bought it and finished it off again and still lives there i think

[Wayne]

"Beautiful timber floors invite you in" even if the owners don't

[artemis]

Years ago I heard about a mortgagee sale where no access was permitted. One person knocked on the front door, and when he heard someone coming skipped round the back and looked in the windows. The kitchen was completely burnt out.

[Bluekiwi]

I have never done tenders, but maybe I should look at.
If you get for 300k you would have done very well, but you are up against others who I think will bid up to 600k maybe, and a bank who wont quit the place at that price.
If you are best (and only bid) then they will negotiate with you, as banks take haircuts but not heads sliced off.

With mortgage sales you can look at title and previous sales to get an idea of what current exposure is.
Anything bought before or refinanced before 2004 was always a good bet.
Something bought 2007 or re-financed latter than that, was always going to have a high debt and bank wont sell or will negotiate further.

[Maccachic]

Property Guru has pics of the inside on a previous listing looks lovely - was listed with Bayleys in 2009.

Sold for $615,000 in 2009. Trustee comapany listed along with two owners. There is a caveat and mortgage is with ASB.

Boring lunch break

[Bluekiwi]

I bought a place by mortgage sale without seeing the inside.
Place sort of looked famaliar and I couldnt place it.
Then a week before the auction it slowly came back to me, that it was my old boss's house from about 15 years ago, and I had actually been inside the house before.
And I knew exactly what he had dont to it after he bought it, the addition he did, and what the inside looked like.

Of course, it did take 3 months, 20 police and court officials and 4 squad cars including the squat team truck and the paddy wagon.

I can email the pictures if people want to give me their email address.
It was my time in the sun to get some tax payer dollars back.

[Maccachic]

Wow how exciting!!

[Bluekiwi]

Wow how exciting!!

Its a great story, "After" the event.

My first rental property.

[nzkiwi]

I know of at least one other mortgagee sale property that Davis has purchased himself. I'd be very wary of dealing with him and anything that he tells you.

Well I whacked in an offer just now.

Just over land value at $300k. GV is $600k or so.

It's this one

And you can see more in that picture than you can in person standing there. So that's all to go on really.

[Davo36]

Property Guru has pics of the inside on a previous listing looks lovely - was listed with Bayleys in 2009.

Sold for $615,000 in 2009. Trustee comapany listed along with two owners. There is a caveat and mortgage is with ASB.

Boring lunch break

Got a link to the photos of the inside Maccachic? Or can you post jpegs here? I don't have an account with them.

[Davo36]

I know of at least one other mortgagee sale property that Davis has purchased himself. I'd be very wary of dealing with him and anything that he tells you.

Interesting... why do you say that?

[Davo36]

BK - Yes Tane What'sHisHame caused you a lot of grief aye.

Yeah I find mortgagee sales don't go for a whole lot less than normal sales.

[JABlog]

Not sure if this has being menntioned here but Beware of the pitfalls
A mortgagee auction contract will not carry any warranties by the bank. If a bank is selling at a mortgagee sale the purchaser will have no recourse against the bank if unauthorised structures are found on the property later. caveat emptor” rules !. Ensure your lender is aware that you are buying under mortgagee sale

[JABlog]

Yeah I find mortgagee sales don't go for a whole lot less than normal sales.

Only in a hot market ortherwise they can go for a song