KalahariHarry Posted July 30, 2013 Report Share Posted July 30, 2013 Hi All,I Tried Googling for reposession auctions in Aus and i cant find much.Has anyone got info on this or any advice, can one buy a "foreclosed" property for a deal and renovate?Has anyone done this?Please advise...Trev Quote Link to comment Share on other sites More sharing options...
HansaPlease Posted July 30, 2013 Report Share Posted July 30, 2013 Good question. I don't think there's really a separate market for them in Aus. They just go through the normal sales channels. Where we are, you can sometimes tell when a property is a deceased estate, distressed sale, and often the agents point out that fact to lure in more buyers but the $100 bargains you saw in the US post GFC just don't seem to happen here. There is still a pretty big demand for property, so even distressed sales fetch decent prices. Some are bargains, but often the cost to renovate doesn't make it much of a bargain at all. There needs to be a property market collapse like they had in the US for there to suddenly be plenty of bargain properties on the market - but if that happens here, things would be so bad that the focus will be just to put food on the table rather than invest in property... Quote Link to comment Share on other sites More sharing options...
Mara Posted July 31, 2013 Report Share Posted July 31, 2013 This link may be what you are looking for with regard to vehicles.http://www.graysonline.com/As far as homes go, I agree with Hansa's view above. Quote Link to comment Share on other sites More sharing options...
KalahariHarry Posted August 1, 2013 Author Report Share Posted August 1, 2013 Thanks guys :-(Appreciate the info...Trev Quote Link to comment Share on other sites More sharing options...
CLAREandANDRE Posted August 8, 2013 Report Share Posted August 8, 2013 Another link: www.realestate.com.au Quite often, I find the best way to get a "bargain" property is not to wait til houses come on the market but rather email agents a list if your requirements. Let them do the running around and hopefully snavel a deal before its made public. Best to have your finances sorted first so you can make a strong cash offer. It is definitely a buyers market at the moment with many people in purchase chains of having offers "subject to sale". Cash buyers are rare and will likely win out with a lower offer but no finance clause. Always include a building inspection clause as a get out if jail in case there are issues you're not aware of and ensure your conveyancer reads the contract before you sign. Important to note, it is upon signing an unconditional offer or at the time the offer becomes unconditional that insurance responsibilities lie with the purchaser, recommend insuring upon or prior to signing. Most insurers offer a 21 day cooling off period or free cover notes. Cheers Quote Link to comment Share on other sites More sharing options...
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