Mason Parker Internet Specialist

Marketing consultant Barry Needham of Harcourts Levin said buyers saw plenty of potential in this tidy three bedroom home on 736m2. The fact it was in a popular location, close to schools lit the interest up with investors. With an R.V of $200,000 Auctioneer Stuart Pescini bought the hammer down for the mortgagee at $154,000.

This is great buying – you had to be there to be in!!

Harcourts Levin have just listed two mortgagee sales – call me if you’d like to consider these

1 – 41 Meadowvale Drive Levin – Mortgagee Auction – view it here

2- 20 Seddon Street Levin – Mortgagee Sale – view it here

As always do your due diligence and make sure you understand each property as best you can.

View the full report here

The Terralink Mortgagee Report found on zoodle mentions the sproportion of sales made up from mortgagee sales is increasing nationally. Of concern is an observation ed trend showing that while investors and developers continue to face mortgagee sales for what are “the risks of trading” there is growth in the numbers of “Mum and Dad” family-style owners facing mortgagee sales.

While the trends are carefully reported — the trend isn’t morrored here in Levin. As part of monitoring the Levin Real Estate Market I also monitor the Levin Mortgagee Sales (based largely the numbers of mortgagee listings).

I am glad to say that the Levin Mortgage Sales Market is quietly bucking this trend  - current listings only showing 1 mortgagee sale in a poll of 358 Residential listings in Levin see http://www.realestate.co.nz/residential/all/levin

This is another great Levin Real Estate Story with good active bidding and this Mortgagee Property sold under the hammer.

There were 22 in attendance in the Harcourts Levin auction room.

The Selling Price? – $253,000.00 – well done to the successful purchaser! And to the successful Auctioneer Stu Pescini.

With 180m of house on 1423m of land -this is great buying!! Levin Property is certainly affordable!

This is your fabulous opportunity to acquire this family home with huge potential to add value. This is a one off opportunity not to be missed. Act now!

View the property online at http://masonparker.co.nz/recommends/130bartholomew

This is a brilliant location, a substantial home and generous section -

The second of two new townhouses – 6 Monarch Mews has sold under mortgagee sale conditions.

Passed in at the auction this property has successfully been sold to a conditional buyer.

Wayne Sutton Harcourts Auction Manager has started his blog http://waynesauctionaction.com  and has started giving some tips on buying at Mortgagee Auctions.

Have a look here Waynes Tips

Congratulations to the vendors and buyers.

I also wish the best of luck to the borrowers in the future

See the listing here – http://www.harcourts.co.nz/pcQSearch?qst=LE10887

Mark Sainsbury from TVNZ ran a CLOSE UP programme about the risks of buying a mortgagee property. The program tonight suggests some of the risks buyers of mortgagee properties take.

Mason Parker’s advice:

• factor in the risks in your offer (eg if damage occurs or if chattels are not onsite can you cover those costs?)
• suggest changing the locks on acceptance to add further security
• have your solicitor approve any mortgagee purchase deal before confirming (or even before signing)
• do your homework before making any offer LIM’s, PIM’s view code of compliance etc
• it is impossible to take away all risks – make sure you take measured risks where you are aware of the pro’s and the con’s – if you are not comfortable with risks on any property simply don’t buy it!

See the program here http://tvnz.co.nz/close-up/mortgagee-sales-fraught-risk-2788023/video 

Remember:

•  mortgagee sales are generally purchased at lower prices than vendor offered sales and they do have an element of risk – that is why they are generally purchased for lower prices. Make sure you know the risks go into any sale/purchase with your eyes open.
• “mortgagee sales are not giveaway’s” the mortgagee is duty bound to get as fair value as they can for the mortgagor – in fact if the property sells for more than any debt the balance is paid to the mortgagor.

Am I saying don’t buy a mortgagee property? – ABSOLUTELY NOT! There are some great properties that end up at Mortgagee Sales and often bought at more affordable prices but I recommend buyers research before making offers and take reasonable steps to minimise any risks.

http://www.noaddedfluff.com/2009/06/grand-old-awahuri-hotel-has-sold-at.html

WOW – who would’ve thought you could buy a pub for that sort of money!

Good strong bidding in front of the crowd of fifty – great to see the Levin population supporting our Levin based auctions