GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
726174

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Distressed properties a double-edged sword for brokers

Posted by on in ROYAL COMMISSION URGENT
  • Font size: Larger Smaller
  • Hits: 1225
  • 1 Comment
  • Print

Distressed properties a double-edged sword for brokers

by John Maguire19 Apr 2016
 
 
New data from SQM Research has found there are 27,000 ‘distressed’ properties for sale in Australia – largely down to death, divorce or vendors desperate to sell.

An implication of the report is that significant bargains could be on offer for buyers, thanks to forced sales, reduced prices and the removal of reserve prices as banks and other financial institutions aim to recoup their losses.

Queensland’s Gold Coast came out as the most concentrated region for distressed sales, with SQM owner Louis Christopher putting this down to apartments being purchased by buyers who cannot be contacted by lenders or who may be living overseas.

However, this should not set off alarm bells for the Gold Coast real estate industry, says Gold Coast mortgage broker Brad Kirwan, who has not noticed a discernable proliferation in distressed properties.

He told Australian Broker, “I haven’t seen any noticeable increase. On the Gold Coast you always see the odd luxury home or apartment being marketed as ‘Mortgagee in Possession’ but this is fairly normal – normally a business owner who has gone broke.

“I specialise in helping people with credit issues, either purchasing or trying to refinance, and there has been little or no enquiry from the Gold Coast, whereas I receive upwards of five calls or emails a day from other parts of the country.”

The report found that distressed properties are also on the rise in mining towns where apartment supply is outstripping demand as a result of mine closures and the drop in mineral prices.

The increase in distressed properties has the potential to be a double-edged sword for brokers – with those who deal with foreign buyers particularly vulnerable.
 
Kirwan added, “If a broker’s sole type of business was in securing foreign investors to purchase apartments, and the properties are sold or repossessed, then that broker’s trail book would take a hit, also reducing the underlying value of the broker’s business.
 
“On the other side, if there are more properties for sale then obviously there is an opportunity for a broker to get involved and secure the finance for the purchaser.”


 
Last modified on
Rate this blog entry:

Comments

  • organza
    organza Tuesday, 19 April 2016

    Why do they always talk of distressed properties? It's not the properties that are distressed but the property owners who discover to their horror they had mortgages approved with pre-set hidden time bombs to then discover the mortgages were also riddled with fraud and error and there is no consumer protection. And the Government say there is no need for a Royal Commission?

    Reply Cancel

Leave your comment

Guest Thursday, 06 August 2020