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Buying Forclosures?

Discussion in 'Real Estate' started by Zman, 4th Mar, 2008.

  1. Zman

    Zman Well-Known Member

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    Has anyone done this before? If so where did you look for a list?
     
  2. The Stig

    The Stig Well-Known Member

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    I heard on the news today that Blacktown has 75 mortgagee sales a week.

    Laing and Simmons Roseberry in Sydney sells mortgagee properties. Speak to Guy Bezzina.
     
  3. Zman

    Zman Well-Known Member

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    Are they any cheaper than market value?
     
  4. The Stig

    The Stig Well-Known Member

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    Yeah, some of them go cheap. About 10% below what you might expect the market to get. None of them go over market value. They all get sold too.

    He only sells in the inner west so there is good demand.

    Last weekend a 1 bedroom apartment with a car park sold for $400k in Surry Hills. I thought it would go lower than that. Guy said he though it would get a bit more.

    He has about 60 people turning up to rent out a property. So the demand for the rental is extremely strong.

    His number is 0418699171. Guy Bezzina is his name.
     
  5. Billv

    Billv Getting there

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    Zman,


    Just call up local agents and ask them.
    There are real estate agents in every suburb who are selling such properties.
    Alternatively look on domain and realestate.com
    they often list mortgagee properties on auction

    Ofcourse to get a good deal demand has to be low.
    If you go to an open house where 60 people are turning up it will be waste of time. whoever buys that particular property will end up paying too much.

    Cheers
     
  6. Jacque

    Jacque Team InvestEd

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    Unlike the US, there are no magical lists or sites where you can find the poor sods having to offload their properties due to a MIP sale. Auctions will declare them, which often has the opposite effect of bumping the price up higher (I've seen it a few times now!) and some agents will tell you, if you ask about the motivation of the seller. It doesn't necessarily mean you're going to get a bargain, however, as demand generally does need to be low, as has been pointed out.

    Staying in constant contact with the agents is the key, as if a quick sale is warranted, you may be able to find out first.