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 lender sells a property due to mortgage default. While potentially offering a lower price with less competition, these sales carry significant risks for buyers.
The sale agreement heavily favours the bank, with no vendor warranties on the property's condition or chattels. The sale can be cancelled before settlement, and vacant possession isn't guaranteed.
Protecting yourself requires extensive due diligence. It is crucial to engage a solicitor to review all documents and understand the heightened risks.
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
Author
Discover More
Te Anau: The Gateway To Fiordland | You Are Here
Introducing a new series highlighting the suburbs Kiwi love most, as told by the locals who make each place what it is.
Nearly 80 years, one family: A beloved coastal home hits the market for first time
After nearly 80 years with one family, this beloved Breaker Bay home is on the market.
Search
Other articles you might like
