Mortgagee sales

Discussion in 'The Buying & Selling Process' started by meme plecko, 3rd Jul, 2015.

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  1. meme plecko

    meme plecko Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    285
    Location:
    sydney
    Considering buying IP being sold by mortgagee.

    Forumites who bought these properties, anything in particular to look for? How risky are these transactions?

    Any good, bad or really bad stories?

    Thanks in advance
     
    meme plecko, 3rd Jul, 2015
    #1
    DevD likes this.
  2. MRO

    MRO Well-Known Member

    Joined:
    18th Jun, 2015
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    318
    Location:
    Perth
    Purchase process is usually slow unless it is an auction. Agent will take your offer and then send it to the mortgagee, and if that happens to be a bank it may take some time for them to reply.
     
    MRO, 3rd Jul, 2015
    #2
  3. thatbum

    thatbum Well-Known Member

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    18th Jun, 2015
    Posts:
    5,834
    Location:
    Perth, WA
    Watch out for the BS contract terms they seem to put in. Which pretty much let them delay settlement or even pull out of the sale without penalty.

    Best to get the contract looked over for you by a lawyer so you know what you're getting into.
     
    thatbum, 3rd Jul, 2015
    #3
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