Repossessed houses for sale from South Africa banks such as Absa, Nedbank, FNB and Standard Bank for those looking to buy a home from property auctions around the country are a good way to get the cheapest prices on a bargain. With the current economic situation many people are struggling to pay their mortgage repayments and property auctions are taking place more regularly around SA. Many homes can be bought at really low prices if you are wise and careful in your approach to buying properties but there are also a few pitfalls for people who maybe a little unwary.
Whether you are a first time buyer or looking to invest, the amount of repossed houses for sale around South Africa has increased dramatically as banks like Standard Bank, Nedbank, FNB and Absa tighten their grip due to the worldwide credit crunch. In fact, if you are wise and play cautiously, you can end up buying repo homes at forty percent less than their market price which is a huge saving, especially for first time buyers. One tip when bidding on property at an auction is to be aware that banks need to recover as much of the money that is still owed on properties as they can. They will often send their own agents to bid in an effort to get the final selling prices as high as possible.
There are a few ways to find out if repossessions are available in potential areas you may want to buy which include approaching the banks directly, approaching the local auction houses or the sheriff’s office. You can also check the local newspapers and legal notices in the Government Gazette. There are also websites available that will offer lists of properties and real estate up for auction in different areas around the country. The current financial climate means this is also a good time for investors to take advantage of purchasing real estate and repossessed houses for sale in order to re-sell at a future date when the economy improves again.