does anyone know where I can source non-mortgeable/habitable or bank receiver sales?
i have cash and would like to take advantage of being able to move quick without needing a mortgage.
in the uk many of these properties with issues sell in auctions to buyers that can move quick at a discount. The cash buyer buys, fixes issues then can sell on normaL financeable market (obviously there is risk and they get rewarded if it pays off) There is also a wide bridge lending market outside of conventional mortgage market that supports this type of investment ar much higher rates.
where can I find these type of deals in victoria. I cant seem to find the medium. Agents keep telling me it doesnt exist as conventional lenders will always lend. Surely there must be properties not habitable or mortgeable due to issues. Where do I find these properties, which in principle should be discounted due to lack of finance or forced bank sale.
This topic was modified 4 years ago by propertyboy.
Thanks Jaxon, however I don’t believe realestate and domain would be the best way to source these deals.
In my view this is where fair value properties are advertised where the end buyer is able to raise conventional mortgage debt. I am looking to buy properties with problems that need fixing or being sold in distress situations. Sellers looking to move quick outside of a normal marketing period
Where are bank’s listing repossessed properties they enforce on? How do I find cash only purchases with problems not open to the general market?
EG, an apartment that is not habitable, fire damaged etc that must be closed with cash as banks will not lend on this type of property hence significantly reducing end buyer demand
Are there any special auctions for these type of properties where the deal needs to be closed with cash only?
This reply was modified 4 years ago by propertyboy.
This reply was modified 4 years ago by propertyboy.
How is it a distressed sale if it is on domain? Serious qs – mere fact it is on there implies the seller has time to go through a. normal marketing process – no?
I am looking for a win/win situation for me as a buyer and seller looking to move quick, where I can take premium for taking on that additional risk and limited buyer market. Must exist in such a big market?
This reply was modified 4 years ago by propertyboy.
This reply was modified 4 years ago by propertyboy.
We unfortunately sell a fair few properties which we have taken possession of as mortgagee thru my Retail Mortgage Fund.
Have to say as a mortgagee we are required to obtain a fair market valuation / real estate assessments and then go from there.
Sure we do have a number of properties that we sell below valuation as long as the debt is covered but that is often because they are passed in at the Auction and we negotiate with the highest bidder after the event.
Certainly wouldnt be public listing the price we will accept.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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