Consider bank auctions to find repossessed homes, because it is the cheapest alternative to buying a house if you cannot afford a brand new one. Visit any ABSA, Standard Bank or Nedbank and speak to a representative. The representative will be able to tell you everything you need to know and where the auction events are taking place for you to bid on bank repo properties. This is a great opportunity to bid on foreclosed homes and own a property of your own. There are a number of people that have their houses repossessed. This is a major problem that is increasing every year, and it has damaging effects on the market. However, banks offer buyers the opportunity to bid on these houses.
Finding bank auctions to find repossessed homes is not simple anymore. The reason for this is that many of the mortgage buyers will not reveal that the property is actually foreclosed homes. The reason for this is a behind-the-curtain-approach. These mortgage buyers involved in bank repo properties would rather see themselves as family friendly home-sellers. Make sure that you visit ABSA, Standard Bank or Nedbank as part of your research to make sure that you know everything before jumping at the opportunity to buying a repo property.
Make sure that you find out why the bank approaches a certain property and forecloses it. Sometimes people will try to sell the houses themselves because of financial difficulties before the bank comes to claim it. So, before heading to the auction house, make sure you know why the house was repossessed. You might learn that there is cemetery in the back garden. Know exactly where you stand in terms of the repo house you buying and what you might face so you can find decent bank auctions to find repossessed homes.