Sydney-based Buyers Agents and Vendor Advocates PrimePropertyBuyer have announced the launch of a unique service tailored for banks and financial institutions named MORTGAGEE ADVOCACY. A completely new concept in Australia, Mortgagee Advocacy is a specialized service for property lenders who require an experienced agent to provide independent expert advice on the sales and marketing process of foreclosed properties or mortgagee sales. The service is similar to that offered by Vendor Advocates (who normally advise individual sellers on the sale of a property), but is designed for corporate clients. With this new service PrimePropertyBuyer provides home lenders with unbiased professional advice on all aspects of a sale, and ensures that mortgagee sales achieve the best possible price within the prevailing market conditions. Throughout the entire process they supply a series of written reports which may be used in the audit trail to ensure compliance in lenders’ obligations to mortgagors. The service offers transparency for the mortgagee in possession and generates independent evidence that the sale of a foreclosed property has been handled at all times in good faith and in the best interest of their client. For the borrower or mortgagor it means ‘peace of mind’ because they will understand that the sale of their property has been handled in their best interest with the emphasis on achieving the best possible sale price for all concerned. The service includes: • Initial consultation to discuss the lender’s requirements and expectations as mortgagee in possession. • Written market appraisal of the property including recent local comparable sales and current listings to establish an unbiased market value range. • Advice and recommendations for selecting the best real estate agents in the locality of the property. • Arrange for 3 different real estate agents to submit marketing proposals in writing and recommend the best application. • Advise and negotiate on real estate agents’ Exclusive Contracts of Sale and their proposed selling fees. • Advice on strategy and proposed marketing campaigns provided by local real estate agents. • Auction or Private Treaty? We recommend the right option to maximize the selling price. If the sale is by auction we can attend on the day as the mortgagee's legal representative. • Vet and screen buyers' offers presented through the appointed real estate agent. Tim Mansfield, Founder and CEO of PrimePropertyBuyer commented, “Don’t take our new service as a prelude to a huge increase in foreclosures in Australia in 2012. Unfortunately the reality is that statistics indicate a rise in defaults this year despite the recent rates cuts and more to come. The problem is more related to over-zealous buyers who have taken on more than they can chew.” He added, “Mortgagee Advocacy is a value-added and completely new service for smaller banks and property lending institutions. It allows these organisations to concentrate on their core business of mortgage lending. They no longer need to worry about handling their own mortgagee sales or the potential financial risk of falling into disfavour in the courts on issues of not having acted in good faith or in the best interest of their client.” END Tim Mansfield is Founder and CEO of Sydney-based PrimePropertyBuyer. About PrimePropertyBuyer | Real Estate Advocates At PrimePropertyBuyer we are specialist licensed real estate Buyers' Agents based in Sydney who act independently for our clients in the purchase of their ideal home or investment property. We also act as Vendor Advocates and provide an independent and unbiased appraisal on the value of home or investment properties, recommendations on the best real estate sales agent to engage, the fees involved; the marketing campaign and the entire sales process from start to finish. Our motto is: "As the vendor will engage an agent to negotiate the highest possible price, why shouldn't the buyer engage one to negotiate the lowest?"