SELLING A HOUSE BY MORTGAGEE SALE
If your bank is warning you about selling your house by mortgagee sale, you can still aim for a prime sale price to get the best possible equity - but don't leave it too late.
If you're not being forced, but it's heading that way, reach out to us because we've been helping Kiwis achieve optimum house sale prices for over 14 years.
A house sale price by mortgagee sale is often bottom dollar and that's what we will help you prevent. We understand that being in a mortgagee sale predicament can be both heart breaking and terrifying.
Take control, otherwise if a mortgagee sale is imminent, your bank and their appointed real estate agents will start to take control of the sale process and ultimately the price.
If this sounds familiar for you or someone you know, call 0800 789 532 for free advice.
PRE-EMPTING A FORCED MORTGAGEE SALE
It surprises us how many mortgagee sales are advertised as a Mortgagee Sale instead of featuring the property’s draw cards like big bedrooms, a sub-dividable section or a great view.
An advertising heading 'mortgagee sale' screams out “bottom dollar”, but unfortunately for you, the mortgagor, banks and real estate agents appointed by them, are not obliged to state the features and benefits of your property. The bank wants their money back and quickly. This is how it mostly works.
YOUR BANK WILL CHOOSE A REAL ESTATE AGENT - NOT YOU
With the aim of recouping their money, a bank will appoint a real estate agent and valuer. You will unlikely have time to do any improvements to help add any value. This is the consequence of putting off the inevitable.
The Banking Ombudsman website states: "The bank does not have to wait for the best time to sell the property or improve the property before a mortgagee sale. A mortgagee sale for a price less than the current market value usually does not in itself establish a breach of the bank’s obligation". That is, if they have sought a valuation and the offer to purchase is reasonable.
It also mentions that "sometimes mortgagors complain that the bank’s real estate agent was incompetent and marketed the property poorly. If the real estate agent followed a reasonable marketing plan, the property was appropriately advertised and was reasonably available to potential purchasers to view, we are likely to find that the sales process was fair. Real estate agents are able to advertise a property as a mortgagee sale".
HOW WE CAN HELP YOU AVOID A CHEAP 'MORTGAGEE SALE'
If you are getting close to a mortgagee sale situation and want the best sale price for your house, get in touch with us first. Alternatively, ask your bank to make contact with our company director Trish Willis directly.
Our help will include finding a competent real estate agent who can sell your house quickly, but at a premium price rather than a mortgagee price. It may be just the help you need. We also have checklists and resources at hand that protect you as a seller.
With over 14 years watching the real estate industry and agents, we know what competencies and qualities to look for - you are our client and we will guide and protect you - all at no cost at all.
If you are in financial strife as a result of rising interest rates, the cost of living, or other reason - ask for free advice before it's too late.
HOW TO ACHIEVE A PRIME PRICE IN A MORTGAGEE SALE
Choose a real estate agent who has been vetted by us will give you the best chance. An agent who is 'in your corner', has empathy, is proven competent, fastidious about contract administration, a confident price negotiator and has above average communication and digital marketing skills, especially when the going gets tough is one you can expect. One who can achieve a sale in a short timeframe to satisfy the bank and enable you to achieve the best of two possible outcomes.
YOU HAVE TWO OPTIONS - BOTH WILL SELL FAST BUT WITH DIFFERENT RESULTS
You can choose a fast 'mortgagee sale' controlled by your bank OR a fast sale with a proven, reputable agent in your corner who uses a process that achieves optimum equity for you.
Whilst media commentary about the state of real estate prices is generally negative, price increases last month when compared to the same time last year increased in 10 regions. These include: Auckland +$30,000, Taranaki +$41,000, Bay of Plenty +$27,500, Hawkes Bay +$15,000, Manawatu/Whanganui +$32,000, Marlborough +$50,000, Tasman +$29,000, Canterbury +$30,000, West Coast +$35,000 and Southland +$17,000.
It literally pays to get an accurate real estate appraisal for your property type, price range and location - it may not be as grim as you think.
Our vetting of real estate agents has achieved fast sales at excellent prices as evidenced in our Agent Finder NZ reviews. Send a confidential email to our director now: trish.willis@agentfinder.co.nz
If you want to talk to a lawyer, we can send you a list of specialist property lawyers in your area - just ask.
We can help if you or your bank make contact early enough - send inquiry - this is a genuine free service that helps Kiwi vendors
Agent Finder NZ Awards:
- Best Independent Real Estate Advisors 2022 - New Zealand
- Best Property Advice Hub New Zealand 2021
- Best Estate Agent Vetting Service New Zealand 2018
- Independent Property Advisor of the Year 2023 (PINZ)
Updated July 2, 2024 by Trish Willis, Member of the Property Institute of NZ (IPAC)
Disclaimer: The content of this article is general in nature and not intended as a substitute for specific professional advice on any matter and should not be relied upon for that purpose.
