Mason Parker Mortgagee Marketing Specialist

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

5 Sherwood Place is up for Mortgagee Auction tomorrow at 12.00 noon at Harcourts Levin 12 Exeter Street, Levin.

This is a great opportunity to get your first rental property – they don’t come along at this low budget very often.

http://masonparker.co.nz/recommends/5sherwood

After 30 groups visited the properties, 50 people attended the May Auctions, including 3 registered phone bidders and a good number of conditional offers – I’m glad to say that LE10848 4 Monarch Mews Levin has Sold.

Congratulations to the new owners and the vendor!

LE10849 6 Monarch Mews is still available for a Mortgagee Sale - there’s still a great opportunity to purchase a good townhouse for Mum/Dad/Nana/Grandad to retire to.

See www.masonparker.co.nz/monarch6 for more details.