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Went along last wednesday. 13 properties in total. 4 got withdrawn. Only one property sold (a 1 bedroom apartment at unilodge for $47,000).
Anyone had much success at mortgagee auctions?
Went along last wednesday. 13 properties in total. 4 got withdrawn. Only one property sold (a 1 bedroom apartment at unilodge for $47,000).
Anyone had much success at mortgagee auctions?
I buy a few at auctions. Only one at mortgagee auction though and that was a mission as the bank did not want to accept what the new market price was.
We got there in the end though.
The bank only want to get back what they have lent and their costs. If they aren't selling at a mortgee sale, then they aren't able to get a price that is high enough to cover those costs. That is a major concern, because it means that banks may be over lending, for more than the house is worth. Isn't that similar to what is happening over in the US at the moment.
The bank only want to get back what they have lent and their costs. If they aren't selling at a mortgee sale, then they aren't able to get a price that is high enough to cover those costs. That is a major concern, because it means that banks may be over lending, for more than the house is worth. Isn't that similar to what is happening over in the US at the moment.
Thats right robby.
In this instance the cunning vendor had cross collateralised other property along with getting an inflated valuation on the property I was looking to buy.
What it meant was that on the open market I offered 220k which was knocked back by the bank because the vendor had more oweing on the property that that so it went to auction.
I bought it at auction for 180k but had to agree to pay the outstanding BC's which were another 12k. So in the end I got it was great that they hadn't accepted 220.
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