Buying guide
Mortgage sales NZ: What buyers need to know
Is it an opportunity or a risk?
AI summary
A mortgagee sale is when a bank sells a property due to unpaid mortgage payments. While potentially cheaper, these sales carry significant risks for buyers.
The sale agreement heavily favours the bank, with no guarantees on the property's condition, included chattels, or even vacant possession. Buyers may also be liable for outstanding costs like rates.
Thorough due diligence is essential. Always get legal advice from a solicitor to review all documents and understand the risks before you commit.
What is a mortgagee sale?
How are mortgagee sales different for buyers?
The good
The bad
Make sure you get good advice from a lawyer with experience in mortgagee sales if you're buying one.
How to protect yourself when buying at a mortgagee sale
You can specifically search for mortgagee sales on TradeMe - just use the keyword function.
Buyer beware
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