• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Page 1 of 79 1 2 3 11 51 ... LastLast
Results 1 to 10 of 788
  1. #1
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,357

    Default Davo Tries Again

    Not to be deterred by his recent difficulties in securing a suitable property, Davo has:

    - Attended a mortgagee auction for a property in South Auckland that he knows well, used to attend meetings at, and always thought was very well located.
    - Entered into the abyss that is the post-auction-de facto-tender-process (the property was passed in at auction).
    - Waited patiently (whilst tearing his hair out) whilst the mortgagees tried to screw everyone around for as long as possible, tried to circumvent the agents (despite them having a sole agency - duh!) and generally tried to avoid taking the loss they were going to have to take.
    - After the umpteenth deadline for a decsion to be made being passed, surprisingly got the call to say "Congratulations".
    - Kinda half arranged insurance. Tricky because there's no valuation and it's empty, so the insurers don't like it at all.
    - Opened and nearly finished an entire bottle of champers, (after picking the kids up from daycare, feeding them dinner, giving them swings and spins, bathing them, giving them medication, telling them he loves them and putting them to bed - with the help of my wonderful wife of course)
    - Typed this post.

    So just the settlement then... should be no problems there right? What could possibly go wrong?

    Seriously, I am happy with this one, and think it will settle and go well. I'll keep you posted.

    David
    Last edited by Davo36; 01-07-2009 at 09:21 PM.

  2. #2
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    Very cool Davo, congratulations, I hope :-)

  3. #3
    Join Date
    Jun 2004
    Location
    Auckland
    Posts
    2,103

    Default

    Congratulations, David.

    So patience finally paid off. Before the auction, did you check whether all rates were paid up to date? Can you just call the city council and ask them? I'll try tomorrow, as I have a mortgagee auction to attend soon. I know Section 36 Certificate gives you such information for unit title properties, but I have not even seen it once.

  4. #4
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,357

    Default

    Thanks Dean.

    Fudo, normally the outgoings are apportioned by the mortgagees on the settlement date just like a normal sale. This will be in the sale and purchase agreements i.e. terms of sale. Make sure you have a copy in advance and read them very carefully. Sometimes in a mortgagee sale the mortgagee will make it part of the terms and conditions that they do not have to provide a section 36 certificate. In a normal (non-mortgagee) sale the vendor always supplies one. So in this case, you have to pay for one yourself. Get it from the body corp. Worth the $2-$300 it costs. Best of luck! It may be that the mortgagees are just starting to take the hit!

    Re rates. What council area is it in? Normally you can look this up online, like for ACC, just look at the council site: http://www.aucklandcity.govt.nz/coun...ne/default.asp. I just looked, it used to tell what the annual rates are and how much was outstanding, now they don't tell you the latter. Ring them up, they may say. There was a thread on this a short while ago. Do a search, someone referenced some legislation that showed they had to tell you.

    David
    Last edited by Davo36; 01-07-2009 at 10:12 PM.

  5. #5
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    3,936

    Default

    Nice work..........

  6. #6
    Join Date
    Jan 2004
    Location
    Whangarei
    Posts
    5,867

    Default

    details! we want details!

  7. #7
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,910

    Default

    Yes tell us more, everyone loves a property story, just maybe not quite as detailed as Expats

    p.s. You dont have a dog do you ?

  8. #8
    Join Date
    Sep 2006
    Location
    Christchurch
    Posts
    892

    Default

    Rates are a charge on the property and must be paid by the mortgagee, even if the agreement does not state that they will be paid.

    Other outgoings are another story entirely and as Davo says you should make sure you check both the agreement and the current state of arrears carefully, particularly for Unit Titles.

    Quote Originally Posted by Davo36 View Post
    So just the settlement then... should be no problems there right? What could possibly go wrong?
    Many things .

    Very few that the mortgagee couldn't get around for settlement though.

    You do have risks in terms of damage etc by the mortgagor, but that is reduced as the property has already been vacated.
    Last edited by Xav; 02-07-2009 at 01:17 PM.

  9. #9
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,910

    Default

    Tell me the address and I will send Shane Wenzel around

  10. #10
    Join Date
    Jun 2004
    Location
    Auckland
    Posts
    2,103

    Default

    Quote Originally Posted by Xav View Post
    Rates are a charge on the property and must be paid by the mortgagee, even if the agreement does not state that they will be paid.
    Same with body corporate fees?


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Commercial or Resi: A question for Davo
    By Paul34 in forum Commercial Property (NZ)
    Replies: 8
    Last Post: 25-02-2017, 02:30 PM
  2. Davo's loverly comment
    By muppet in forum General (NZ)
    Replies: 5
    Last Post: 23-05-2012, 08:24 PM
  3. New Job for Davo ?
    By Keithw in forum Property Improvements (NZ)
    Replies: 10
    Last Post: 25-03-2011, 08:46 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •