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.
You can save a lot of money 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.
Homes are Sold “As Is”
Home buyers that want to buy FNB repossessed houses for sale in South Africa must note that properties sell 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 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 of repossessed houses 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 properties in possession.
As 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 in comparison 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. The list of FNB repossessed houses for sale in SA is just one small example of this reality.
FNB House and Repossessed Property Auctions
When attending FNB house and repossessed property auctions make sure that you know the procedure involved to buy properties, plots, or vacant land.
You will come across many cheap homes in areas such as Durban, Cape Town and Gauteng. So you just have to decide what you can afford and what you like.
There are options available to you when it comes to a bank repo, as if you buy properties you can decide what to do with them.
Live in them, rent them out, renovate and sell or sell just as it is. You could even start your own business buying and selling properties. If you have the capital to begin with that is.
Whether you are interested in large plots, small vacant land or just cheap homes. FNB house and repossessed property auctions are where you should be to pick them up at lower bank repo prices.
Many people even travel far distances to attend these events where there is a possibility of them purchasing property.
FNB Property Auction Locations
So if you’re in Cape Town and know of auctions happening in Durban or even Gauteng, you’ve got to get there and get your hands on those bargains!
The more suggestions you are open to, the better the opportunities will be for you. If you are able to travel to other cities and purchase at auctions, you can eventually have properties all over South Africa! It’s all up to you and just how far you want to take this business.
This is a good business to get into. So if you have the money to buy in properties, then visit an auction and see what it’s all about.
Don’t purchase anything the first time round, just go to the auction, sit back and observe.
You can find out about FNB house and repossessed property auctions by visiting the First National Bank branches in your area.
FNB Repo Houses on Auction
FNB repo houses on auction are an excellent way to buy properties and expand your financial investments.
Repossessed homes are often sold at lower than usual prices because the bank aims to recoup its investment as soon as possible.
In some cases you also have the opportunity to buy plots of vacant land. Which can allow you the space to develop commercial or residential property as you need to.
FNB is a national bank and has branches in Durban, Gauteng and Cape Town.
Property auctions are held in these areas for properties in the surrounding areas that need to sell. There are adverts in the newspapers, and sometimes online.
If you are keen to buy properties in Durban, Gauteng or Cape Town then FNB repo houses on auction are often a great investment.
You’ll need a deposit to enter bidding, and the remainder of the price of the home can often be through getting finance from the bank in question.
Vacant land attracts people to it, and often plots can become vandalised if they don’t sell quickly.
Repossessed homes come in a range of styles and conditions. Therefore it is always good to investigate the property before you think about making a purchase.
Find out about the previous owners as well as any problems with the home before beginning to bid.
If you often buy plots, vacant land, or repossessed homes, then you will know exactly how the auction process works. So you will have no problem securing a property.
If however it is your first time visiting an auction it is a good idea to find out more from the bank before you make a purchase.
Most FNB repo homes are sold as they are. So if you buy a home that comes with many problems there is no onus on the bank to repair these.
Quick Sell FNB and Repossessed Properties
Quick Sell FNB and repossessed properties are available. If you visit the FNB website or visit any of their branches you can acquire more information.
When talking about Quick Sells, these are properties that customers appoint to the bank. So that the bank can market the property through participating estate agents.
Buyers are offered one hundred percent bonds from FNB on properties on Quick Sell. Buyers will receive a discount of 50 percent on any attorney fees pertaining to any bond transfer.
You will also receive 50 percent off on bond registration costs. Only if both the registration and transfer is handled by FNB’s attorneys, will this apply.
The other great thing about Quick Sell FNB and Repossessed Properties is that property taxes and rates, and this include any arrear costs, will be settled by the previous owner.
Properties are always sold “as is”. If the house is guarded by a security company, an appointment should with the company before viewing the home.
When it comes to Quick Sell Repossessed houses, no transfer costs will be payable by the buyer. You will receive no discount on any attorney fees compared to Quick Sell Private Sales.
Property taxes and rates, and this include arrears; will be settled by FNB bank until the registration date.
The transfer of quick sell repossessed properties occurs much faster.
The buyer is responsible for the electrical compliance-certificate.
If you need more information, there are many websites that will be able to help you get the information.
You can also visit any FNB bank and acquire the information you need on any of the repossessed houses for sale.
This may also interest you: Local Standard Bank House Repossession Auctions