SA Property Seekers

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.

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.