Homes and property repossessed by the bank are now more available to buy at auctions and from liquidation lists than ever before. It is a sad fact that millions of people all over the world have been living beyond their means when it comes to finances and have lost their homes due to not being able to keep up with repayments in the economic climate. But one man's loss is another man's gain as the old saying goes and for those in a good position to buy property it is an excellent opportunity to purchase houses and land at bargain investment prices. Bank repossession auctions are where much of the homes and property repossessed are sold to the general public and lists of what is available for sale can help people to get an idea of what is on offer. Buying a house that has been foreclosed maybe a little more involved than many realise and potential buyers need to bear in mind that houses taken back by the banks are usually in need of some tender love and care. Reason being that most people reach a state of foreclosure due to financial difficulty so it stands to reason that a property has probably been neglected on the maintenance side of things leading up to the liquidation. These types of investment opportunities in the property market can be an excellent one for first time home buyers. Property can be bought at low prices and the maintenence or repairs can be… Read More

If you want to buy bank repossessed cars at the auctions with pre-owned vehicles for sale then there are a few things you need to consider before making a purchase. Remember that these financial institutions are bringing in vehicles due to non-payment and defaults by the previous driver (we refer to the person as the driver because they are not actually the owner in a hire purchase agreement until, or if, the full amount of money owed is paid off). This very often means that the previous driver has been struggling with finances which in turn often means that regular service maintenance and repairs on the vehicle have been neglected. Having said that it is important therefore, before you buy bank repossessed cars from any of the auctions, to have an idea of what you are looking for to make sure you are not simply purchasing someone elses problem. Most auction houses will allow you to view in warehouses or store garages one or two days before the event. If you are not a mechanical expert, try and take someone along who has some mechanical knowledge to help you find potential problems. In most cases you will be allowed to get into the car, start the engine and examine it thoroughly but not take it for a test drive. Examine things thoroughly looking for oil leaks and for obvious signs of damage and wear. The radiator and cooling pipes should be free of any leaks and providing the engine is… Read More

Repossessed houses for sale from South Africa banks such as Absa, Nedbank, FNB and Standard Bank for those looking to buy a home from property auctions around the country are a good way to get the cheapest prices on a bargain. With the current economic situation many people are struggling to pay their mortgage repayments and property auctions are taking place more regularly around SA. Many homes can be bought at really low prices if you are wise and careful in your approach to buying properties but there are also a few pitfalls for people who maybe a little unwary. Whether you are a first time buyer or looking to invest, the amount of repossed houses for sale around South Africa has increased dramatically as banks like Standard Bank, Nedbank, FNB and Absa tighten their grip due to the worldwide credit crunch. In fact, if you are wise and play cautiously, you can end up buying repo homes at forty percent less than their market price which is a huge saving, especially for first time buyers. One tip when bidding on property at an auction is to be aware that banks need to recover as much of the money that is still owed on properties as they can. They will often send their own agents to bid in an effort to get the final selling prices as high as possible. There are a few ways to find out if repossessions are available in potential areas you may want to buy… Read More

Burchmores bank repossessions auctions are held every Tuesday, Thursday and Saturday in Johannesburg, Cape Town, Durban and other areas of South Africa like Nelspruit, Polokwane and Knysna. Vehicles are sold on behalf of registered financial credit providers in the country such as Standard Bank, WesBank and Mutual and Federal just to name a few. Anyone can join in and bid at these events and finance is available from all of SA's major banks on the spot. Catalogues or lists of repossessed cars and vehicles are made available for participants to see what is available at least 3-4 hours before the event. Those wishing to participate in Burchmores bank repossessions auctions need to register at the event and must make a refundable deposit in the form of a guaranteed cheque. No test drives are allowed before bidding or an event begins although it is possible for potential buyers to visit for a closer look at the used vehicles that will be on sale a day before. Not everybody is comfortable when it comes to bidding against other people so there are always members of staff and auctioneers on hand at a Birchmores event to help and guide beginners or those who are a little nervous through the process. We always maintain that it is good practice to view vehicles and learn as much as you can about them before you decide to participate in an event. Reason being that many vehicles that have been taken back by a bank or financial… Read More

Repossessed caravans and boats are for sale at auctions in South Africa. Banks often end up repossessing more than just vehicles when people fall into financial difficulty. And cannot pay the regular repayments. So you are presented with the opportunity to buy water craft and mobile homes from auctions. Types of repossessed caravans Conventional Caravans Small Caravans Family Caravans Tent Trailers Pop Top Caravans Motorhomes Camper Trailers Motorhomes, trailers and jet ski's are also amongst items that sell at bank repo auction events regularly. These events work exactly the same as the car auctions where you may view caravans and boats for sale before the event. Either from a catalogue or repo lists and are normally able to look at items on sale at the warehouses or locations for pre-viewing. Getting finance for repossessed caravans and boats is easy enough. Providing you have a good credit record and a lot of banks have areas at auctions in South Africa. With a financial consultant to help you with the right advice. So you can apply for finance on the spot if necessary. You can apply for bank repossession finance at: Absa Bank FNB Standard Bank Capitec Nedbank As we mention in previous information, it is important to take somebody with good mechanical skills to help you when viewing. If you have no mechanical experience yourself. Reason being that some of the caravans or boats sale may have been neglected. Because of the person who had it before falling into financial difficulty.… Read More

Car repossessions from banks and financial providers for those who are looking at buying cheap vehicles are sold off at the various repo auctions open to the public around the world. There is usually lists and catalogues available of all categories of vehicles being sold which may likely also include caravans, boats, yachts, motorbikes or trucks and which can be viewed often before the auction begins. Occasionally when a company goes bankrupt there are whole fleets of vehicles available for businesses looking to perhaps pick up a lot of automobiles for their company and these will be stored for viewing in the banks holding warehouses. All of the car repossessions from the banks and other registered finance providers are usually given a good valet service before going to the warehouses prior to the auctions. Some are even given a thorough service which will help to give a potential buyer peace of mind that the vehicle is mechanically sound. It is important to keep in mind that all vehicles repossessed are normally done so because the driver could no longer afford the regular payments. This could well mean that they were struggling financially and have not had the money needed to have essential repairs or regular services carried out. Among some good tips for buying at auctions include taking a friend or family member along who knows about cars or perhaps even a qualified mechanic if possible. Someone who is educated on these things will normally be able to pick up… Read More

Purchase a vehicle from one of the many repossessed cars sale outlets and auctions worldwide and the chances are good you are going to pick up a bargain. Times are difficult financially for some at present which means a lot of people are struggling to keep up with monthly finance repayments on their automobile and in many cases the bank has no choice but to repossess due to non payment. While this is sad and can be humiliating for the people that are losing there vehicles it is a small gold mine for dealers and people with extra cash who are looking at buying a bargain. People who intend to purchase a vehicle from a repossessed cars sale or an auction need to exercise a little common sense and caution though. In most cases the bank repossessions have been taken back due to the driver not being able to keep up with the regular monthly installments which in most cases means he or she has been struggling with finances. Due to a lack of money the driver may of neglected to have repairs done on the vehicle when necessary or skipped regular services so there is the possibility that something maybe mechanically wrong. Our advice is, if possible, take somebody with you to an auction or warehouse or wherever it is you are going to be able to view the vehicle/s and have things checked out by a professional. This is especially advisable if you are looking at buying several… Read More

Bank repossessed used vehicles including cars, trucks, vans, motorcycles and caravans are available to those looking to buy something at one of the many daily worldwide auctions. Deposits are usually required before any bidding can be done by a participant and it is a good idea to find out where the local events are in your area and go to a few to see how things are run and get the hang of the auctioneering process. The various vehicles available at these auctions have been taken back by the banks due to non-payment usually by people who have fallen into debt. This can mean that bank repossessed used vehicles may have been a little neglected when it comes to the maintenance and repair side of things. Second hand cars can usually be viewed in a showroom or warehouse before an event and if you have any mechanical knowledge or can take along a friend or family member with mechanical knowledge then it may be wise to have a good look over the vehicle you plan to buy before the bidding begins. Finance is common for those who are not paying cash and very often the major banks will have a stall or office on the repossession display premises to offer financial assistance if necessary. By taking your time to get to know how the bidding works and also having a good look at the mechanics and finding out a little bit of the history on a vehicle you may be… Read More

Buy repossessed property for sale at repo auctions to potentially purchase a bargain on homes around the world. Major banks are often forced to sell houses and vehicles at cheaper prices than they would like in order for them to be able to stay in control and manage the growing numbers effectively. A high number of properties have not been sold over time at their asking prices due to the current economical situation around the world and the economy slowing down in general. There has been a spike in repossessed property for sale at auctions of late and banks are often struggling to sell the properties and assets. They are beginning to realise that people will not be prepared to spend money on repo homes and properties, creating unnecessary debt until the prices are dropped to lower levels and get a lot cheaper than they have been. It could well be noticed that prices on all repossessions including houses will drop soon in an increased effort to get the rising numbers of repo property sold a lot quicker. So many people are falling into the debt trap and a growing number of bank clients have been and are defaulting on their monthly repayments which ends up causing a lot more repossessions. On the other hand, those with investments and money to spare are becoming a lot more price sensitive and not just rushing out to get bidding at the nearest auction. It is also felt that many major banks may… Read More

Repossessed houses and property that the banks have taken back due to people not being able to keep up with mortgage payments has become more frequent over the years. Repo homes offer the buyer, especially the first time buyer, a cheaper alternative and the chance of picking up property at a bargain price. Banks in general sell repossessions in the property markets at good discounts and are usually prepared to relax their lending criteria a little for those looking to purchase one of these homes. Getting hold of the repossessed houses and property lists is extremely useful to those serious about purchasing and going through the different properties available for sale first without having to drive everywhere can save one a lot of early frustration. Transfer costs are an area where the buyer saves money when purchasing a new home although lawyers fees are still payable to have any property registered in a new owners name. One thing to bear in mind here is that the previous owners could well have neglected much necessary maintenance on their previous home due to tight financial circumstances. Some even go as far as damaging property before they vacate, especially if they are unhappy about the manner in which a specific bank handled a foreclosure. Tips on buying this kind of property include speaking to the bank about why the home ended up as a repossession, you may find that it is in a bad location. Many people are looking for advice on how… Read More