Wayne Sutton's Mortgagee Comment:
The Dominion Post on Wednesday 4th May quoted new market research “that homeowners forced into a mortgagee sale sell at an average 16% less than market rate”. Terra link reported last month that there was 1303 mortgagee sales in 2008 compared with 475 nationally the previous year.
No-one likes to see a mortgagee sale but it is obviously a sign of the times and the sooner we can sell them the more help we are. Nevertheless, in the article it is suggested that mortgagee sale represent a bargain for purchasers but a potential loss for the seller.
Subscribing to this newsletter definitely gives you the information on distressed sales ahead of the market.
Last week in addition to our newsletter we had a “late mail” notice of 141 Homebush Road in Khandallah. It is an attractive section of some 594m2 with impressive views of the city, harbour and over Khandallah with a good building platform. It is extremely unusual to get a mortgagee opportunity of this nature in such a popular location, certainly one to add to your shopping list.
REMEMBER; if you have any questions don't hesitate to call Mason Parker
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