Repossessed properties from the four major banks in South Africa, FNB, Nedbank, ABSA and Standard Bank are made available at auctions. These are mainly houses and property that has been repossessed by the bank that has approved the home or business loan initially. Once a home is in repossession, this means that it is being cashed in. Because the owner of the place is no longer able to honor the contract and pay for it.
Popular areas for Repossessed Properties are:
- Port Elizabeth
- Cape Town
Bear in mind that repossession is not an easy task. The end result will however guarantee you a decent profit as a buyer.
The way that many go about doing this is purchasing a property. The bank lends you the money, they are then known as the lender and this means that you have to pay this back as quickly as possible.
This may also interest you: FNB Repossessed Houses For Sale in SA
Repossessed Properties on Sale at Bank Auctions
There are auctions around South Africa that allow for bank repossession to get sorted out. There are many that prefer this to be handled quickly and efficiently.
Houses that are on the market today are expensive. So buyers prefer a repossession sale as they are then able to fix up the property and then resell it themselves.
This is the way that you then land up with a home that is generating profit. There are many other ways that you are able to handle repossession.
Bank Repossessions are Increasing in South Africa
It is a fact that the number of repossessed houses has risen and is still rising.
If you or a family member has concerns regarding repo, there are guides that you can get your hands on. This will give you the correct steps to follow in order for you to get a home for your family.
If you should fall behind on bond payments or your mortgage payments, the owner is more than likely able to reclaim the property from you. This is how the property will then become one of the many bank repossessed homes in the country.
Bank Repossessed Properties Lists
There are bank repossessed property lists if you are looking at purchasing a house or other types of property.
From foreclosed deals or repossessions.
You will find these mainly at repo auctions. You will be able to find details on such events at banks like Standard Bank, ABSA, FNB and Nedbank. So what you have to do is go down to your nearest branch of all of these banks if you can and see what information they can give you. Then you check to see which of the auctions you will be able to attend.
If you are able to get your hands on the bank repossessed property lists soon, then you will be able to make notes of the ones you would like to attend. And make space in your schedule to attend them.
You are sure to find houses that you like. Some come from repossession, and they might not only have houses but you may come across a good property or too that you could do something useful with.
A bank repo property will always be cheaper than what the house would normally sell for. But it doesn’t necessarily mean that the house is going to be dirt cheap.
You have to remember that many people want to do the same thing you want to do.
So they will also be looking for an auction to attend. There will be a lot of people at the auction, but the highest bidder is the one who will win.
This is why you have to go to an ABSA branch, as well as that of Standard Bank, Nedbank and FNB. So you can find out all you need to know about bank repossessed property lists and start marking the ones you will attend.