[signoff icon=”icon-help-circled”]QUESTION: “Dot, I have heard of a lot of people buying properties from the banks when they repossess them but I cant seem to find them on realestate.com.au. Where can I find them ?”[/signoff]
Most banks do not allow properties to be advertised as mortgagee in possession, urgent sale or anything like that.
To find properties for sale by the bank there is generally a few clues to look out for:
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a) Most Mortgagee in Possession properties are sold by the auction method
b) Banks always insist on Newspaper advertising
c) The properties are vacant so the marketing photos are generally of vacant rooms.
d) Banks normally don’t allow puffery in advertising so you wont see anything like “The Best House in Palm Beach” in headlines and ad copy. The text is normally pretty boring and just deals in the facts. Example 4 Bedrooms not 4 Spacious Bedrooms
e) Agents cant advertise them as mortgagee in possession but they also cannot hide it so if you ask the agent who the seller is or ask to view the auction contract you will quickly determine if it is an Mortgagee in Possession.
So look for a property advertised in the papers for auction that is vacant and the ad text is pretty bland and you will probably find yourself a property for sale by the mortgagee.