What is a High Court Sale?

[Davo36]

Hi guys,

I've bought a couple of mortgagee sales over the years, but what is this one please? https://www.barfoot.co.nz/596637

It's a high court sale.

Does it mean the sale has been forced by a creditor?

[big fella]

Hi guys,

I've bought a couple of mortgagee sales over the years, but what is this one please? https://www.barfoot.co.nz/596637

It's a high court sale.

Does it mean the sale has been forced by a creditor?

its not very clear is it...... but reading between the lines my interpretation is that Ivan Antunovich is owed money and has had a judgement awarded to sell the apartment......im probably wrong but that's my five cents worth

[Davo36]

Well I think that's probably the case too.

But it's not a mortgagee sale, so he mustn't have a mortgage over it, but some other kind of security.

[Don't believe the Hype]

Well I think that's probably the case too.

But it's not a mortgagee sale, so he mustn't have a mortgage over it, but some other kind of security.

My interpretation is this is a forced sale, just not forced by the bank.

This looks to be a forced sale driven by a (high) court order (not the financier) the individual may have a mortgages but if the owner is paying the repayments then the financier doesn't care that he might owe money to someone else so has no reason to force a sale which would then be a mortgages sale.

Just like as a land lord, if my tenant owe money on their credit card I have no reason to evict them if they're paying their rent.

[eri]

More and more apartment owners are being chased through the courts for unpaid BC levies

This is the ultimate end of that process

[Anthonyacat]

Yes, BC levies or weatherproofing levies. Was looking at a unit in Ellerslie a few weeks ago where two of the other units were refusing to pay the weatherproofing, going through a process to have them sold.

[Davo36]

Oh ok, hadn't thought of that.

Unpaid BC or weatherproofing levies would make sense.

Thanks guys.

I'm not going to pursue it, so feel free anyone else on here.

I think the wheel is turning though. May be some buying opportunities in the not too distant future.

[Wellington Broker]

So I emailed the agent and he sent me the auction pack.....the judgement is in favour of the owner and against the other owner for a total of 385k. The auction is for the sale of a 1/2 share in the unit title.....

No outstanding body corp fees (well only around 10 months) and no weathertightness issues.

[Bobsyouruncle]

Nightmare. You get an unknown business partner presumably and can fight about who gets what and who pays for what????? Who would want that?

[Wellington Broker]

Well the business partner is the bloke who forced the judgement so I would imagine he's open to discussion....issue may be removal of the tenant.

[Davo36]

So I emailed the agent and he sent me the auction pack.....the judgement is in favour of the owner and against the other owner for a total of 385k. The auction is for the sale of a 1/2 share in the unit title.....

No outstanding body corp fees (well only around 10 months) and no weathertightness issues.

Well that is interesting. So the partners had some sort of dispute I guess.

Not sure what sort of dispute could lead to a judgement of a 1/2 of a unit title...

But yeah, as Dean says, what a can of worms. How do you even buy half of something? Must be some sort of joint ownership? What about the mortgage situation?

I imagine the owner who won the judgement will be the person who will end up buying the other half. Which I think they can do if it goes to public auction and they're the highest bidder.

Being cynical, they could act like areal a***hole putting everyone else off. You know, if anyone contacts them re buying the other half and owning it jointly, the owner could yell down the phone like a nutjob, putting off any other buyers...then get the other half of it for a song.

[Ivan McIntosh]

Hi guys,

I've bought a couple of mortgagee sales over the years, but what is this one please? https://www.barfoot.co.nz/596637

It's a high court sale.

Does it mean the sale has been forced by a creditor?

Creditor, often the Council. A creditor can get a charging order against a property based off a judgment, then a writ of sale.

More rarely it is a High Court run mortgagee sale. Very rare now, but I did act on one a long time ago.

Edit: Ah, I see its the neighbouring owner acting off a judgment against the owner.

[Ivan McIntosh]

Well that is interesting. So the partners had some sort of dispute I guess.

Not sure what sort of dispute could lead to a judgement of a 1/2 of a unit title...

But yeah, as Dean says, what a can of worms. How do you even buy half of something? Must be some sort of joint ownership? What about the mortgage situation?

I imagine the owner who won the judgement will be the person who will end up buying the other half. Which I think they can do if it goes to public auction and they're the highest bidder.

Being cynical, they could act like areal a***hole putting everyone else off. You know, if anyone contacts them re buying the other half and owning it jointly, the owner could yell down the phone like a nutjob, putting off any other buyers...then get the other half of it for a song.

I was imagining a family court judgement, but now not so sure.

Like Davo, my cynical nature suspects that the owner owed money is not putting up their half of the unit title at the same time in order to make sure they themselves are the only people that bid on the half interest.

[sidinz]

I was imagining a family court judgement, but now not so sure.

Yeah, I was wondering if it could be from divorce proceedings.