- Jun. 25, 2012 -
With many homeowners doing it tough at the moment, having their property foreclosed upon, property expert, Sean Summerville, believes the swelling repossession rate also represents a massive opportunity for buyers and investors. “For buyers who have cash, are ready to go and want to settle quickly they can snap up properties at massively reduced and unprecedented prices,” says Summerville.
The only true barrier is knowledge, knowing exactly where and how to find and access these foreclosed properties, says Summerville. To help investors he has developed a website (www.fortunesinforeclosures.com.au)
that for a small fee allows clients to access a list of the latest foreclosed properties across Australia, including deceased estates, housing authority properties and commercial and industrial properties. As part of Sean's fee, he will guide you step by step through what you need to do to snap up foreclosed properties at a heavily discounted rate.
“At the end of the day it’s in the best interest of the banks to keep this information to themselves,”
argues Summerville. “Banks make money on home loans and interest payments so the more people who think the property market is strong, the more loans they are able to generate. If people can’t make their repayments the banks also win because if they foreclose on the property the banks still get their money.”
Sean's foreclosure buying process has had great success. For example one of Summerville’
s clients was able to buy a three-bedroom house in Punchbowl. It was valued at $470,000 but as a mortgage in repossession it went to auction with an asking price of $312,000. It was passed in and our client offered the bank $292,000 and they accepted. It now rents for $430 per week,” says Summerville.
Summerville says he can also assist clients on avoiding foreclosure. “We can help clients avoid having to lose their homes by offering a couple simple solutions.”
For more information on Sean Summerville call 0488 005 534 or visit http://www.fortunesinforeclosures.com.au/Photo: