New Home Buyers Hot Tips Part 16: Risks of Mortgagee Property Auctions:

New Home Buyers Hot Tips :

Part Sixteen : Risks of Mortgagee Property Auctions:

g.) Not guaranteed vacant possession.

Most mortgagee sales do not guarantee vacant possession. It can be left up to the new buyer to evidict the previous owner or to serve notice on tenants who maybe renting the property. In a standard purchase the vendor would be required to give the new purchaser possession on settlement but in a mortgagee auction this is not the case.

The purchaser is limited by the fact they can only start the eviction process after settlement has occurred.

The tip here is to have a good lawyer with the required legal moves to sort out any problems.