GOVERNMENT PROPERTY AUCTIONS E-BOOK

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1 GOVERNMENT PROPERTY AUCTIONS E-BOOK Creative Strategies To Increase Your Property Portfolio Check us out on Facebook!

2 Table of contents: Government Property 1 Auctions 1 E-Book 1 Creative strategies for increasing your property portfolio 1 WELCOME 3 PROPERTY STRATEGIES 4 Relocation 4 Flipping for Profit 4 Property Accumulation 4 Renovators 4 First Home Buyers 4 Auction Checklist 5 GLOSSARY OF DATABASE TERMS 7 Sheatt Pty Ltd Copyright Page 2 of 10

3 WELCOME Government Property Auctions was founded by Sherree Williams to provide a service for investors trying to purchase property well below market rates. By purchasing property listed by the Government including seized, surplus, rate default, foreclosed or otherwise known as distressed properties, one can secure property at quiet discounted rates. The idea first arose after Sherree and her partner attended a 21 st Century Academy event held by Jamie McIntyre. During this event he and other property gurus talked about rate default and distressed properties and how you could secure these properties at well below market rates. Great for the budding property investor! After the event they went out and started searching for these and it took days that led into weeks to contact each council, search classifieds, online newspapers, gazettes etc. It was certainly a huge learning curve, not just for us but also for the council staff. Most of the time, no-one new anything about them and at times those that did were quite offended that we were trying to find out about them! Well they did find them, and were amazed at how many were out there! They realised quickly that there is a lot of opinions and emotions involved in these type of sensitive property sales. You have to remember that someone under serious hardship could be having their house sold due to non payment of their annual rates. True, this does have to accumulate over 3 years before the council can take legal action to sell the property, and most councils do have hardship clauses, but still people have different opinions on whether this should or should not take place. Councils are usually split 50/50 on this decision alone, therefore some councils do not have rate default sales at all, where others do. They found out so much information over time and even made a couple of purchases themselves. Their accumulated knowledge of where to find them, how the legal process works, where and how the auctions take place, and all the frustrations of purchasing this type of property, led them to realise that others could benefit from this knowledge, and save themselves a lot of time of trying to find them by bringing all these properties together into the one place. So the idea was founded back in 2009 and a website was created and the database formed. After discussion with Jamie McIntyre at a follow up event, they told him their idea and he was wrapped! Not only had we gone out and started our property portfolio, but we used one of his strategies! He wished them luck and thought having a subscription based service for a database was also a great idea. It is important to mention that we are not affiliated with Jamie or the Academy, and they make no money from the services that GPA offers, nor are we affiliated, endorsed, authorised, or approved by the Australian Federal, State or Local Government or the Australian Department or Director of Housing or any other Real Estate company or listing service. We are an independent online business operating out of Melbourne, Australia. Sheatt Pty Ltd Copyright Page 3 of 10

4 PROPERTY STRATEGIES Want to get into the property market but not sure what you want to do? Here are some strategies that work well with rate default purchases. Wraps Often rate default properties are sold due to financial hardship of the vendors, and the big banks not allowing them to re-finance. By wrapping the property for the current owners, you can secure cheaper property, finance it back to the original owners, creating interest income for yourself, and allowing the original owners to still own and live and their house. This creates a WIN/WIN situation for both, with you securing interest income, and an asset if the original owners default. Relocation Looking to re-locate but worried about the market? Thinking you may have to spend far more than what you could sell your current property for? By following the rate default auctions you may be able to secure a property a lot cheaper than what the current market has to offer in an area where you want to live. Wouldn t it be nice to re-locate and have money left over, either to bank, renovate, or to put towards the next property! Flipping for Profit Acquiring properties that are well below market rates, then flipping or re-selling at market value or higher can deliver significant profits. In some states flipping the before the property settles you may not even have to pay any stamp duty! Saving even more money. A lot of renovators use this strategy, where they get in there quickly, as soon as they have secured the property they list it back on the market, whilst they renovate it. If a buyer comes in before settlement, and as long as when you sign the contract as and/or nominees, you can put the property straight into the new vendors name. Keeping the difference as 100% profit. Property Accumulation By acquiring rate default, seized or surplus property at auction and having the property immediately revalued, the instant equity can be drawn out of the property to invest into another property. The property can then be rented out for further cash flow. Renovators Securing property well below market value allows lots of profit for the renovator and also making your purchase a lower risk investment. Do it quickly and flip it may mean you do not even have to pay stamp duty. Renovating and renting it back out, will also allow for a larger rental return. First Home Buyers As housing prices continue to rise, first home buyers are finding it harder and harder to purchase their first house. With rate default auctions being sold with discounts of up to 90%, it makes it much easier for first home buyers to enter the market and secure their first property by buying a rate default property. Sheatt Pty Ltd Copyright Page 4 of 10

5 AUCTION CHECKLIST 1. Arrange a home loan pre-approval so you know how much you can afford. You should do this beforehand to save you time and money. By having a pre-approval it also tends to speed the process up when applying for the loan. This is really important as most auctions require a settlement in 30 or 60 days. A bank will struggle to settle in 30 days unless you have prior approval. DO NOT bid at an auction without a pre-approval unless you have other funds to settle, as you are required by law to purchase the property and auctions do not have subject to finance clauses or any cooling off periods. 2. Use the calculators on our website to help you calculate the costs of purchasing a house including stamp duty as well what your mortgage repayments will be Research the database and select which properties you want to research further. 4. Contact the Council, Sheriff or Real Estate for each property and confirm all property details are correct, including address and if there are any mortgage notices, caveat notices, covenant notices or anything else affecting the property. Ensure you understand how these notices could affect the property. Ask to be advised if the Auction is cancelled or gets postponed. Ask if there will be a reserve set on the property or if it will just go to the highest bidder regardless of price. 5. Research the area for similar properties to find approximate market value for the property. You can do this by looking at recent sales for the area at You could also call local real estate agents and ask an approximate value of similar properties to get a good idea. If you have access to RP Data or similar software you can access reports of comparative sales plus other information for the location. You can find the following link to MYRP Data on our website: 6. Do your due diligence. Inspect the property if possible. Check if the property has its original owners or if it is tenanted. It will be your responsibility to remove the owners or tenants if they refuse to vacate. Ensure you are aware of eviction costs if it looks like this could be an issue with the property. If appropriate order any valuations, building inspections, pest inspections. You will need to check if you can have access to the property to do this. As some sales are forced, access may not be available or may not be granted. It is probably best not to order expensive checks until closer to the Auction date. If you can not gain access you can still drive by or view property with google earth or google maps. 7. Contact the Auctioneer and advise them that you wish to attend, or if you are having someone else attend on your behalf. At some Auctions you need to be registered with the Auctioneer or you will not be allowed to bid, so ensure you find this out prior to attending the auction. Ask to view the Section 32 and contract of sale. Have these checked by your solicitor. Confirm all auction details and what the terms are. Most auctions are 10% deposit and balance in 30 days. 8. One week before the Auction ring and check that the auction is still taking place. You don t want to make any travel arrangements too soon in case the auction is cancelled. 9. One day before the Auction ring and check that the auction is still taking place. You can ask if there are other registered bidders. 10. The morning of the Auction ring and check that the auction is still taking place. Ensure you have your deposit ready. Most deposits are accepted in cash, bank cheque, EFT or credit card. You must check this with the Auctioneer prior to the auction to ensure that you have your deposit ready on the day. 11. Ensure you know your pre-approval and maximum limit. This can help you from getting carried away during the auction process if there are other bidders. Sheatt Pty Ltd Copyright Page 5 of 10

6 12. Bid at the Auction, if successful, pay the deposit and sign the contracts. 13. Arrange insurance for your property immediatley, you will need to notify your insurance company whether it is tenanted, vacant, structurally sound etc. Ensure you get the right insurance so ask questions and ask for advice e.g. landlord insurance, building insurance. 14. Forward a signed contract of sale to your solicitor and bank immediately to ensure settlement can take place within the time frame. Sheatt Pty Ltd Copyright Page 6 of 10

7 GLOSSARY OF DATABASE TERMS The following are explanations of each field in the database. If the field is blank or has the term null written in it, we have received no data for this item. Property ID This is an automatic generated number that identifies each listing uniquely. It is for identifying and administration processes of Government Property Auctions only. Listing Type Refers to the type of sale. For example a sale could be listed as a Rate Default, Sale by Sheriff or Director of Housing. Please note that Sale by Sheriff in some states also includes Rate Default properties as the council prefers not to handle the process or sale. Sale by Sheriff properties also include properties that are being sold for money owing to other institutions and entities. Property Type This refers to whether it is a house & land, vacant land, industrial or commercial. Please note where it is not known what type of property is being listed, it will be listed as house and land. Always confirm all details with the council, auctioneer or real estate or other appropriate contact before attending the auction. Property Area This refers to the size of the lot. It could be in m2 (square metres) or ha (hectares). Lot This refers to the lot or folio number and certificate of titles. It usually refers to Lot/Section/Folio. Although they can be listed in any order and will be listed in the same way that we receive the listing. These are unique identifiers for parcels of land. If you have RP Data or similar property software, you can identify the property very easily by searching via the lot number. Please note in some instance there may be many blocks being sold by the one owner and they may list as follows: 1,2,3/5/ This would mean Lot 1, Lot 2, and Lot 3, Section 5, Folio are being sold. Property Address Street This is the street address of the property that is being sold Property Suburb This is the suburb of the property that is being sold Property Pcode This is the Post Code (zip) of the property that is being sold Property State This is the State of the property that is being sold. E.g. QLD, VIC, NSW Date of Listing This is the date the council, sheriff, or Director of Housing has first advertised the property for sale. Please note this is not the auction date. Sheatt Pty Ltd Copyright Page 7 of 10

8 Council Assessment # This number is a direct reference that the council uses to identify the property that is being sold as a rate default. This field is also used as a reference for the Sheriff sales and may list the court case number or writ number for the property that is being sold. Owner Name This field is usually the owner of the property or persons listed on the title of the property, or other party that has a monetary interest in the property. This field may also list other people that are due money by the owners and expect to receive monies from the sale of the property. Other interested parties This is a secondary field. This field may include more owners of the property or persons listed on the title of the property. This field may also list other people that are due money by the owners and expect to receive monies from the sale of the property. E.g. Banks, people who have sued the owner for money owing. Total Amount Owing This is the total amount owing for unpaid rates. This is what the council wishes to redeem and therefore they may list this price as the reserve price or may not list a reserve at all. This is why these properties can be picked up so cheaply. Please be aware this price does not include any amounts owing to mortgagees or litigators. You will need to seek this out via questioning the council, sheriff, real estate agent or auctioneer whoever is auctioning the property will be able to tell you any further claims on the property. At times a mortgage & caveat notice will affect the property, which means whoever holds these notices will be notified of the auction also, so they too can seek their claim for amounts owing. When known mortgage notices and caveats will be listed in this database but always check before proceeding to auction. Council This is the legal entity that has taken control of the property by court order and is listing the property with the intention to sell the property to redeem monies. Usually the council is listed here but may be the Director of Housing, a court or sheriff s office. Council address The address of the council, court or sheriff Council Suburb The suburb of the council, court or sheriff Council PCode The Post Code of the council, court or sheriff Council State The State of the council, court or sheriff Council Contact The contact of the council, court or sheriff that can help with any enquiries regarding the property. Sheatt Pty Ltd Copyright Page 8 of 10

9 Council Phone The Phone Number of the council, court or sheriff Council The address of the council, court or sheriff Auction Place The place where the auction will take place. This is usually in council chambers, although can also be at Sheriff s office, a court, at a real estate office or on the properties site (onsite). Auction Address The address where the auction will take place. Auction Suburb The Suburb where the auction will take place. Auction Pcode The Post Code where the auction will take place. Auction State The State where the auction will take place. E.g. QLD, VIC, NSW Auction Date The Date on which the auction will take place. Always ring before an auction to ensure that the date has not changed and the auction is still taking place. If an owner pays part or all of the monies owing, the date could be deferred or the auction cancelled. Auction Time The time the auction will take place. Auctioneer The person or company in charge of auctioning the property. This may be different to the council contact, real estate contact or sheriff contact. Real Estate At times the council, sheriff or Director of Housing may enlist a Real Estate Agent to advertise and/or auction the property. Always confirm with the Real Estate to ensure the date, time and place of auction has not changed. Real Estate Contact The Real Estate s contact person who is handling the advertising of the property. Real Estate Contact Number The real estate s phone number. Sheatt Pty Ltd Copyright Page 9 of 10

10 Real Estate Address The real estate s . Real Estate Address The real estate s address. Real Estate Suburb The real estate s suburb. Real Estate Pcode The real estate s Post Code. Real Estate State The real estate s. Notes This section is for listing anything else known about the property. This could be if the property is also a deceased estate or insolvent/bankruptcy property. Any known mortgages, caveats and covenants may be listed here. If there are no listings here you should still check with the council, sheriff, real estate agent or auctioneer if there know of any notices affecting the property. Sheatt Pty Ltd Copyright Page 10 of 10

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