Hello again, I have just visited many foreclosure sites on the net that list australian properties. Is anyone aware of where one can start searching for foreclosures and seizures in australia or give me a hint if you don’t want to reveal all.
Thanks for your time.
Karin
When properties are forclosed in Australia theyt are given to Real Estate agents to market. In many cases you would not know that the property was a forced sale. In terms of siezed property, what happens here is after a Supreme Court ruling is made a property is siezed by the Sherifs department and put up for Auction. The Auctions are normally held at the Sherrifs office. The main difference between this and say the United States is that in Australia you are only bidding on the available equity in the property. Even if you are the successful bidder it main still take time to gain control of the property. The equity that you are bidding on is determined by a curbside valuation. That also determins the reserve. It is very hard to pick up a bargin this way. I spent a great deal of time looking into this a few year ago. Including speaking to the sherrifs offiice
Nigel Kibel
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The excitement that happens after reading about the yanks buying foreclosures out the front of the local courthouse for next to nothing dies down fast when you find out how they’re handled in Australia.
Properties that have been foreclosed on in OZ, well the bank who foreclosed on them has a legal responsibility to achieve best possible price for the vendor who has defaulted. The properties are handed off to a normal RE agent for auction and are treated like any other house. You see them advertised as ‘mortgagee auction’ etc. I’ve been to a few and the ones I’ve seen, there’s no bargains to be had.
Fast Lane- The poster formerly known as g7
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