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Kenneth Wragg

Mortgage Reprosessions

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Can you buy property in Adelaide area that people have defaulted on their mortgage repayments, is there agents who specifically deal with these.

Thank you.

KGW

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2 hours ago, Kenneth Wragg said:

Can you buy property in Adelaide area that people have defaulted on their mortgage repayments, is there agents who specifically deal with these.

Thank you.

KGW

Yes there is a website:

 

www.takeadvantageofthoseinadelaidewhoaredoingittough.com/asifthiswouldexist

 

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Hi Kenneth

There are no specific bodies that solely look after these types of sales.

Property under forced sale by mortgagee may disclose this in advertising but often don't as it may attract lower than market value offers. Although they are trying to recoup their losses they  still must make a reasonable attempt to sell assets at a market price. Auctions are allowed but they can also be sold by private sale.

If they do advertise they are a forced sale, a simple google search will pick this up on most real estate websites.

Be mindful that these types of sales usually have strict 'as is' sales conditions (so still do your homework, inspections etc.), and just because they are repossessed does not necessarily mean they will be a bargain.

Hope that helps.

 

 

 


MFAA Finance Broker

Vista Financial Services Pty Ltd

P | +61 8 8381 7177 W | www.vistafs.com.au

Credit Representative No. 506912 | Centrepoint Alliance Lending Pty Ltd | Australian Credit Licence No. 377711

Please note that I don’t know absolutely all the ins and outs of your current financial situation yet, so my comments are general in nature and for educational purposes only.

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Unfortunately it’s not like the UK in that respect. I remember we use to look at repossessions, there were also sites where the government would sell off old railway stations, water board properties, etc. In fact we once came close to purchasing an old pub that the brewery no longer wanted. Do them sites still exist?


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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