Buying guide
Mortgage sales NZ: What buyers need to know
Is it an opportunity or a risk?
AI summary
Mortgagee sales offer a chance to buy property below market value but come with significant risks. While potential benefits include lower prices and less competition, buyers face major uncertainties.
The sale and purchase agreement heavily favours the bank, with no vendor warranties on the property's condition or chattels. The sale can also be cancelled before settlement if the owner repays their debt.
Thorough due diligence is crucial. Buyers should engage a solicitor, get inspections if possible, and budget for unexpected repairs.
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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