FNB repossessed houses for sale to those looking to buy bank repo property can be bought from the banks lists of properties in possession. The latest list of property available to buy directly instead of going through an auction gives interested parties a good idea of what homes are available. There is a lot of money to be saved by purchasing this way as no transfer duties need to be paid by the purchaser and property rates and taxes will be covered by First National Bank until the date of registration. Also, transfer is more often a lot faster when buying this way.
Home buyers interested in purchasing FNB repossessed houses for sale in South Africa must note that properties are sold as they are. This is an important point to consider as the main reason any bank repossesses a property is because the previous owner (or tenant) defaulted on payments. Meaning that they were obviously having financial difficulties which could also mean that regular maintenance and regular repairs to the home and property may have been neglected. Having said that, obviously properties on the lists are available for viewing by making prior appointments.
With the current financial times, these homes are appearing more and more often. What is not sold at bank repo auctions is then taken back by the credit providers and added to their lists of property in possession. Sad as it may seem, one persons loss is another persons gain and investors are having a field day now that there is so much property for sale on the market at bargain prices compared to a few years ago. Financial credit providers all over the world are having to take back property due to people defaulting on monthly payments and the lists available of FNB repossessed houses for sale in SA is just one small example of this reality.