How to buy Repossessed Properties and Avoid the Common Snags
Bank Repossessed Properties offer buyers a really cheap alternative in a time of increasing property prices. Other advantages you’ll enjoy from buying one of the bank repos is a discount on your home loan registration costs – in fact you won’t need to pay any transfer fees which could amount to R14 000 on a R300 000 mortgage.
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While there are many advantages to buying a cheap bank repossessed property you need to be aware of the snags that are common with these kinds of purchases.
Often Bank Repos are not in the best condition. The ill fated homeowners usually are forced to neglect the property due to their financial constraints. Some homeowners may even do unnecessary damage to the house before the bank repossesses the property.
Most people in financial trouble first try and sell their property themselves before the bank forecloses on them. If their home is badly situated no one will buy it in time to save them
If you are interested in a specific repossessed property, first ask the Bank why the home ended up being repossessed – you may find that the home is poorly situated.
Most banks welcome home buyers knocking on their doors looking to buy repossessed homes.
Banks are keen to rid themselves of repossessed property as they are expensive to hold – security guards must be hired to protect the vacant home, gardening services have to be paid to keep the property in shape, and so on.
Make sure you get a Home Loan Pre-approval from Mortgage Innovations, before you begin browsing the latest list of Bank Repossessed Properties in South Africa.
Category : Property News &Property Tips &Repossessed Houses
The Secret to Buying Repossessed Homes at Property Seekers
Aug 07, 2006
[...] About How to buy Repossessed Properties and Avoid the Common Snags » [...]
Kabelo
Dec 29, 2007
Interesting information! Thank you, and please keep up the good work.
Get the most out of Sell To Rent Back agreements | Debt Repair
Sep 22, 2009
[...] lender. Contrary to popular belief, banks are not trying to force people out of their homes. Property Repossessions are a long and expensive [...]
Martie Botha
Sep 30, 2010
How do I go about to put in a offer on a Netbank repo house??
Gerald
Oct 15, 2010
It’s been a long time going up & down not finding what i really want and finally you guys came to my rescue….Thanks a mil…
nthabiseng Motaung
Apr 19, 2011
If I buy a repo house and there are people staying in that house, Who is responsible to take out those people. is it me or the bank?
Louis Horwood
Dec 14, 2011
If I buy home and there are people renting from the previous owners,who is responsible to evict the tennants, surely I am not buying the people and the house?
lance kraayeveld
Jan 27, 2012
Who is liable for the rates and taxes untill the date of transfer? The bank owning the house, or the purchaser?