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245 posts

Master Geek


  #2544783 19-Aug-2020 22:44
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Offering 3/4 on a mortgagee sale, where you can't get access to the property & view interior / get builders inspection done - is quite high, unless it is an outstanding property/location.

(Normally you need to finance them initally via a 2nd teir lender or via your own large, credit facilities. (There is a high chance of unconsented works.) While you get them up to standard. & main street Banks are then happy to touch them again. )

I'd be interested to hear result & location etc, once it finalizes.

Any idea how much was still owing on the property when it was put to Mortgagee? Was it the Bank? Or Council? Or someone else that put it to Mortgagee?


5008 posts

Uber Geek

  #2550820 27-Aug-2020 17:56
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The house went for dead center of the QV price, right between QV's high-and-low extremes, 109% of the low price, 218% of the QV land value.

Seriously who would pay this much for literally sight-unseen property: no open-home, no building report, not even a photograph of the interior, or even the backyard. Just a blue print from the 1970's.

It's a home with an ongoing mother-daughter battle, where the daughter has power of attorney over a mentally unfit mother. The mother had already barricaded herself in months before the sale, and even posted "sold" signs to dissuade buyers, and enlisted the help of a burly man to keep everyone off the property.

So much for the mortgagee sale bargains.

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