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