Property auctions for investors, first time buyers or those looking to buy real estate for good prices are a really useful place to browse for cheap homes, or vacant land. Looking for plots or trying to buy houses through an estate agent is such a tiring process. You are continuously encouraged to look a property that you are not interested in, and often required to pay a hefty commission or fee. If you have never considered an auction, or buying a bank repo house, then now is the time to start.
The different property auctions are exciting because of the hustle and bustle of people jostling to have a look at the property, and estimating how much they can spend. Most auctions require you to submit a tentative offer before assigning you a means to indicate your interest. What is great is that if it is an auction for bank repo homes, most banks also have opportunities for home finance on site. This means that if you see plots that you are interested in that are still a little bit expensive, you can include home finance in your budget. So that vacant land could soon become your dream house!
Bank repo homes have normally been repossessed because the original owners had defaulted on their payments. This has both positive and negative elements. On the positive side, these are cheap homes which most often include safety features and most certainly have the basics. On the negative side, the homes are sold as is, which means that any damage to the property is your responsibility to fix. But if you’re keen on home décor then you will be in your element.
Vacant land could also be a really exciting start. You can use your imagination and create the paradise that you and your family are looking for. Make a space in your mind for that veggie garden and swimming pool, and they will be yours! There is no reason to buy land for exorbitant prices. Simply check out your local newspaper for the property auctions available in your area.
Is it worth Buying a Repossessed House in SA?
Is it worth buying a repossessed house in S.A? The answer is yes if you are looking for your dream home with a great price to match. Repossessed houses become possessed because the previous owners of the house did not keep up with payments of their bonds and as a result the bank took back possession of the property. Although this is horrible for the previous owners of the house, it means that there are a number of fantastic homes on at auction which you can get your hands on for greatly reduced prices.
There are certain factors that you should consider. Firstly, the houses on auction come as is and the banks do not take responsibility for any faults with the house that become apparent after you have purchased. Therefore it is imperative that before you bid on a house at auction, that you have someone inspect it. Should you not heed this advise, you may find yourself spending a fortune on having to replace plumbing systems, electrical faults and other costly exercises. Another important thing to remember when attending an auction for a house that has been repossessed is that you should stick to your budget.
This is extremely important as many people get caught up in the excitement of the auction and end up spending more than they had bargained for. However should you be interested in purchasing a property which the bank has taken back possession of and are not aware of where to look, you can visit the banks’ websites as they usually have a list of repossessed properties available to the public to view. There really is no reason why you should not consider purchasing a repossessed property as they offer great value for money.