Mort­gagee pain another’s gain

South Waikato News - - NEWS / HE PURONGORONGO - By PET­RICE TAR­RANT

A spike in cheap mort­gagee sales on the mar­ket came at a good time for long-stand­ing Toko­roa res­i­dent Stephen Ea­gle.

Ea­gle along­side a hand­ful of gen­er­ous bowl­ing mates, has been knee deep in el­bow grease for the past two weeks do­ing up his lat­est bar­gain – a $43,000 three bed­room home.

The pur­chase was made at one of the many mort­gagee sales hap­pen­ing in the South Waikato at the mo­ment.

Af­ter sell­ing his own home for more than $20,000 than its orig­i­nal list­ing, Ea­gle said he had been look­ing for a house to buy for a cou­ple of months.

He said the op­por­tu­nity came along when his friend Michael Drinkwa­ter took him along to the auc­tion.

Har­veys Toko­roa sales­man Ben John­son said 2014 has seen a sub­stan­tial jump in the num­ber of mort­gagee sales crop­ping up around town.

For the past six months there has been an av­er­age of five a month, he said.

‘‘They’ve al­ways been com­ing and go­ing but I guess this year has been es­pe­cially busy.’’

He said the homes, which are sell­ing up to 25 per cent un­der mar­ket value, range from big fam­ily homes right down blocks of units.

Times are ob­vi­ously tough for those sell­ers and he puts the in­crease down to the ris­ing in­ter­est rates.

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Ea­gle man­aged to snatch his up for al­most half the cap­i­tal value.

‘‘At the end of the day we got a good deal.’’

It was a risky pur­chase for Ea­gles, who never saw the in­side be­fore he forked out the cash.

But seven truck­loads of rub­bish and $20,000 later, he hopes it will be worth it.

‘‘I’ve been told it will be worth at least $100,000 when I’m fin- ished with it.’’

It could be the per­fect home to flick over but the re­tired handy­man said he plans on stay­ing put in the re­fur­bished Kin­leith home.

Photo: PET­RICE TAR­RANT

Do up: A spike in Mort­gagee sales has ben­e­fited Stephen Ea­gles, left, thanks to help from friends Les Broad­hurst, Michael Drinkwa­ter and Kelly Holmes.

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