Zhiping Zhou: Court asked to reverse $1000 sale of home, seized by sheriff over $98K debt; Melbourne man Zhiping Zhou fighting to reverse sale of his home which was sold for $1,000 to Ronald Geoffrey Kousal
Tweet Topic Started: 9 Feb 2012, 06:00 PM (2,590 Views)
it does look like it, but if you watch the video in the link you can see the camera flashes when this pic was taken, so it's not photoshopped.
how was it sold if the bank had a mortgage on it?
this story just keeps getting more stinky.
Really? The father is in focus and the mother in in focus although they are standing different distances from the camera. This would suggest a large depth of field (small aperture/high F stop) but then the 2 sons standing slightly behind the mother is out of focus. Still looks photoshopped to me.
As for the story, there are always more to the story than meets the eye. A bank with a first registered mortgage over the title can stop a sale until it is paid back all the money it is owed. My guess is he only got $1000 after paying off mortgage/late fees/exit fees/court fees/selling costs/etc
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
The sheriff’s office had a confirmed kerb-side valuation of $630,000 for Zhiping Zhou’s Braybrook house, which was sold for $1,000 in December 2010.
Kell Griffin, the real estate officer of the Victorian Sheriff who conducted the auction, testified that he knew Zhou held equity of $165,000 in the six-bedroom Braybrook property and that Zhou owed his “judgement creditor” $125,000 when Griffin accepted a bid for $1,000 from Ronald Kousal.
Griffin also confirmed that the $1,000 paid by Kousal did not cover the $1,152 costs incurred by the sheriff’s office in having the property valued and advertising it in the Herald Sun and the Government Gazette.
The $630,000 valuation by Brendan Smith of WBP valuers was up from the $585,000 assessment made by the Maribynong Council in 2008.
Griffin testified during day three of the trial that on the day of the auction, December 16 2010, there were two bidders in attendance.
Kousal made the first bid at $100 and was followed by a counter-bid for $200 by the second bidder (not named), before Griffin accepted Kousal’s third bid of $1,000.
Griffin said that he had followed out his duties “to the letter of the law”.
He said he was “looking for more bidders” but had accepted Kousal’s bid because it was the highest bid and there were no further bids.
The judge ruled that Griffin was not qualified to answer the question of whether or not he believed he had obtained an equitable price for the property.
Under Victorian law, the sheriff’s office cost’s are paid first, then creditors and any remaining money would then be distributed to the defendant.
Wonder why the other bidder didn't bid more than $1000? Also note that non of the creditors would receive any money as the $1000 wasn't even enough to pay the sheriff's costs This includes the creditor who applied to have the sheriff take the house and sell it. So before they had a debt but a security which was worth more than the debt Now they have the exact same debt but no more security. If this was the whole story, I must say that was stupid move from the creditor.
But it can't be the whole story as the "judgement creditor" was only owed $125k. And the owner had a much bigger mortgage on it. I didn't know an unsecured creditor (or second mortgage creditor) can ask the house to be sold for less than what is owed to the creditor who is registered with the first mortgage over the property title.
But it can't be the whole story as the "judgement creditor" was only owed $125k. And the owner had a much bigger mortgage on it. I didn't know an unsecured creditor (or second mortgage creditor) can ask the house to be sold for less than what is owed to the creditor who is registered with the first mortgage over the property title.
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