Its been a while between posts. We have been doing more observing then writing this month. Don’t worry, we haven’t missed a thing! We have gathered some great information so far, and will continue doing so. We definitely won’t be giving to much away of what we know. It’s funny how Elders Real Estate Castle Hill or someone else, have been using property maintenance services from Ray White’s maintenance contractor, up until the home got put back on the market. Elders must have thought they were getting away with what they were doing, we have been quiet for a little while.

Gee, the pool’s looking green. The creepy crawly is back! Love the new door nobs in the bathrooms and bedroom down stairs! The pot is definitely gone.

We love how Elders have changed all the wording in their advertising for the property, (that we will of course have to pay for). Suddenly, Elders are promoting the property in a much better light. Why? Is  that because what we challenged them on was true? I hope all our readers saw the shocking way Grant McEnally and Elders were promoting our property the first time they tried.  Did you suddenly decide that you were doing a poor job? Did the mortgage insurers pay you a visit Bruce?

We noticed that Elders Real Estate Castle Hill are deliberately not publishing the location of the auction. Even though we said we wanted to come to the Auction with one of the major television networks to film this deliberate fire sale, it seems that Bruce Gilmore is doing all he can to prevent us knowing where the Auction will be held.

The problem is Bruce, that we are available on this day, and so is the reporter and film crew. It could be at the Hills Lodge, at the home, somewhere else. Who knows? The suspense is almost killing us, but we do look forward to the big day. You’re going to have to let the cat out of the bag sooner or later, or how will anyone have the opportunity to purchase this years bargain?

Okay, so back to the main reason for this post.

What happens when a home in one street is sold for way under market value? Well… a few things happen. One, buyers who are prepared get to buy a good top quality home for a really cheap price, and you can’t blame anyone looking for a really good deal now, can you?

But what happens when its much more then a good deal, and it becomes a careless deal?

Lets consider some of the ways that other homes in the street and surrounding areas become impacted by careless decisions by banks and mortgagee sales, conducted by local real estate agents, who are out for one thing, and one thing only, to fill their pockets with the commission that they will receive from the fire sale of the home.

Lets say the true market value of a home is $825,000 and other comparable sales in the area have sold for this and similar prices. Now what happens when that same house is being marketed by a local real estate agent (Elders Real Estate Castle Hill), and they set the buyer expectations at around the $600,000 range? Well… 474 interested lookers have an expectation of buying this home for about $600,000 (can you blame them?).

When the sales people take people through the home, they reveal that the home is a mortgagee sale, and encourage people to expect to get a bargain.

Okay, lets fast forward to Saturday, December 13th, 2008 at 10am.

A few interested bidders, (or many), turn up to the Auction all expecting a bargain. Some lucky person will buy themselves a great home for way under true market value. Even other real estate agents in the local area have said that Elders Real Estate Castle Hill are marketing this home way under its true market value. (By the way Bruce, you are officially being watched via this website by other local real estate agents who have opted in to keep tabs on this scenario). The reason this sale is being watched with interest, is that for one of the first times, someone has the guts to share what it is like to be on the other side of a mortagee in possession.

Now, lets pretend that a lucky buyer gets this home for $650,000 (probably under). Good luck to them, but what are the consequences of this fire sale that Elders Real Estate Castle Hill are actively doing as we speak? Well, the median values of homes in Parsonage Road will drop for a start. The surrounding streets become impacted as well. Any spike in prices either up or down in a postcode directly impacts the median price for a suburb. Remember Bruce Gilmour’s name, Parsonage Road, he is happily firesaling our home, and you will all be affected by your house prices dropping even further as well!

Mortgagee sales will happen. Its a sad fact of life. When mortgagee sales happen in a particular suburb, it forces the house prices down in that area.

We are just one family in many around the country who is being impacted by a mortgagee sale. We don’t seek compassion, charity or sympathy. The whole reason this web site was created was to encourage people who are facing a mortgagee sale, to seek a fair and transparent sale through the courts and to get whatever help they can to prevent it from happening. The enormous lose that comes from loosing your family home to the bank is almost undiscribable. All the years of hard work, regualr repayments, improvements to the property, etc, to have it all ripped out from under you, there are no words to describe it. Then to have a local real estate agency happily be involved in fire saling the property - you’d never have a good word to say about them again for the rest of your life. You reap what you sow Bruce Gilmour, it may take years, but you will reap what you are sowing from this sale long after you have spent your commission.

People who have not had any financial hiccups generally could not care less, and from some of the emails we have received, this has become more evident. Life has a funny way of presenting curve balls at the best of times, and what goes around comes around. You just never know when something unexpected will pop up. Be it a health scare or loss of job (or something else). it could even be the looming world financial crisis.

For residents of Castle Hill, you can all personally thank Bruce Gilmore from Elders Real Estate Castle Hill for helping to screw up the values of your suburb in December 2008. We gave Bruce and his office the opportunity to prevent this from happening. For young families in the area who have purchased recently in the last few years, remember to drop into the Elders office and shake Bruce’s hand. Maybe buy him a Christmas card, and say thanks for contributing to screwing the values of our area.

What about those in the local Castle Hill area who are mortgaged to the max, and are having trouble meeting their mortgage repayments? House prices sliding down even further does not help the situation, as these vendors cannot get the price that they need to cover the debt they have, and then they have to take into consideration the real estate agents commissions as well. Mortgagee sales contribute directly to the local suburbs house values. Most mortgagee sales are fire saled, and it is not just the old home owner who loses, it is the local community.

We gave Bruce Gilmore and Grant McEnally proof that what they are doing is illegal - they have been put on notice. We did not remind them of the consequences of the drop in values that will happen if they proceed with their actions, however, being real estate agents, they would already know the problem they are about to cause. That large commission is worth it, isen’t it? All they want is the money!

One law firm instantly walked away from this issue once they received the same information, however, Elders Real Estate Castle Hill are proceeding regardless. Perhaps they have sought legal opinion. For their own sake, we trust they will have got confirmation from their legal representatives in writing that they have nothing to worry about, because when this matter is heard in court soon, or in years to come, they will not be able to say “We were just doing our job” or “We were told we had nothing to be concerned about” - they have been put on notice and have zero excuse.

It’s not too late for Bruce and his office to back out of this deliberate fire sale. What do you think he will choose to do? Why don’t you watch and see! You could put a bet on it and be guaranteed to win.