If you are looking to buy a home or property at a good price, you should look into your local Standard Bank house repossession auctions. There are often great properties that have been repossessed and are selling at very good prices.
What are repossessed houses?
Because houses, like most other large assets, are incredibly expensive, most people cannot afford to buy a home or property without taking out a loan with a financial service provider. However, even though this takes the burden of one large payment off the buyer, they will still have to pay monthly loan repayments. These payments are also expensive and with the cost of living rising, and the unpredictability of most people’s incomes, many people end up unable to pay their monthly loan repayments. Once an individual has missed a few payments or not paid the full amount, the bank that financed the loan will repossess the property.
After they have repossessed the house, they will hold the property for a short period giving the first owner a chance to come up with the money they owe. If they are not able to pay, the bank will then auction the house off themselves or pass it on to an auctioneering house to make their money back.
Why buy a repossessed house over a house in a normal sale?
A repossessed house is not generally a home that someone has left or let go of voluntarily. Therefore you do not have to worry that there is something hidden wrong with the property. Also, a repossessed property is not a house that someone is trying to make a profit out of selling, as the banks are generally just trying to make their money back.
Generally, repossessed houses (like most other repossessed goods) are sold through auctions. At an auction, you and the other potential buyers decide what you are willing to pay for the home rather than having to adhere to a set price that may be extortionate.
Why go through STD Bank?
Standard Bank is a reputable, well-known financial service provider with years of experience dealing with customers and with repossessed goods auctions. They have a large, happy base of satisfied customers and are serious about customer satisfaction. It is always better to buy anything from a reputable dealer, and it is especially important when you are looking to buy something as valuable and expensive as a house. You will definitely be in good hands with Standard Bank, and if you do decide to buy a home at one of STD Bank’s repossessed house auctions, you can rest assured that you and your finances are in good hands.
Finding local Standard Bank house repossession auctions
To find out about any repossessed properties that Standard Bank has for sale, go to www.myroof.co.za. This is Standard Bank’s website for showcasing their repossessed houses. Here, they list repossessed properties for sale, repossessed properties on live auctions and repossessed properties available through online auctions. To find local Standard Bank house repossession auctions you can simply search for properties in your area or peruse the up-coming live auctions for one that is local to you.
Tips for a successful auction
Auctions, while being excellent because of the opportunity for the potential buyers to set the price on the goods that they want, can be stressful and difficult. Participating in an auction can be a pressurised situation and you should research how auctions work and what the correct conduct is for participants.
You should also ensure that you are clear on what you are looking for. You don’t want to purchase a home that is not suitable for you and your family. You will be able to view the property before the auction so make sure that you do a thorough inspection. Settle on a budget and stick to it, regardless of the pressure as overspending could be something you regret later.