Mason Parker Mortgagee Marketing Specialist

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

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.

The latest data released by Terralink shows that 124 properties recorded as repossessed mortgagee sales were registered as sold in February, down on the 150 sold in January and a significantly lower level that the 191 recorded in December.

When compared to the same period in 2008 the figures do show a significant increase – just 46 sales in February 2008. On an annualised basis the past 12 months has seen an almost trebling of sales with 1,463 sales up from just 533 in the 12 months to February 2008.

READ MORE AND VIEW THE GRAPHS HERE

As a Harcourts Levin Sales and Marketing Specialist I have seen 4 recent mortgagee listings in Levin and saw 7 Mortgagee auctions in our office…watch this space I feel this may be a data blip my technical phrase for a statistic thta is outside what I see as an emerging trend.

www.zoodle.co.nz has launched stats which are not just related to listings including the keyword “mortgagee”.

Read about it here click here

You can download the report here download here

This is great news as www.zoodle.co.nz is a site designed to provide almost “data mine” type data – showing trends in areas like population, sales, listings.

Take a look at Levin data – CLICK HERE TO SEE LEVIN

Mason Parker Harcourts Levin Sales and Marketing Specialist takes great pride in his negotiation and representation of buyers.

Mason Parker is able to act as your buying agent making sure you are well placed to buy Harcourts Properties.

Download the ”Free Buyers Guide to buying Mortgagee properties” below and then Call Mason Parker – he will be able to look after you as a buyer to find the right property and make sure you are well placed to buy successfully.

Masons-buyers-guide-to-mortgagee-sales

You can find Mason online at:

www.masonparker.co.nz  on his blog at www.noaddedfluff.com and in the news http://www.infonews.co.nz/profile.cfm?id=1951

Or call Mason Parker’s anytime number 06 368 9449