Repossessed houses for sale in Mitchells Plain are available if you are looking to buy a bargain property. Mitchells Plain is situated in Cape Town on the Cape Flats in the Western Cape. This area is a town within a cluster of suburbs just south of the N2 Highway.
When is a House in Mitchells Plain Repossessed?
Houses are repossessed by lending institutions such as South Africa’s major banks:
- First National Bank (FNB)
- Absa
- Nedbank
- Standard Bank
- Capitec
When people fail to make the payments due on their home loans. When a home loan holder defaults on payments or is late making payments the bank may apply for the person to lose their home as a result.
If the motion is granted the bank may then take the property into their possession and resell it to make up for any money lost.
What makes Repossessed Houses Cheaper?
You can find some great deals on repossessed houses. Because the bank or lending institution is not concerned with making a profit. They just want to get back any money they have lost as soon as possible.
Homes will generally sell for a price close to the amount still owing on the loan. And if the previous home owner was close to paying off the house, this price can be very low.
Even if the home owner hasn’t paid in much towards the house. The house will still sell for a lower price than it would if sold privately or through a real estate agent.
In this case, one man’s loss is certainly another man’s gain. Essentially, the previous home owner has already paid for some of the house for you. However big or small that portion may be.
Find Repossessed Houses in Mitchells Plain Online
One of the easiest ways to find and make an offer on repossessed houses in the Mitchells Plain area is to use online resources. Those that list repossessed houses for sale and allow you to make an offer over the Internet.
One of the property listings on which to find repossessed houses is My Roof.
My Roof is not an estate agent. It is a property listing company which uses the internet and other technologies to streamline their service and allow them to provide the listing service at a low rate.
The listing includes various home repossessed by the major banks. Listing the asking price and the address of the home.
The first step in buying a repossessed property online is to decide on the location. So once you have chosen Mitchell’s Plain, the next step is to decide on how much you are willing to spend.
Once you have a set figure in mind you can begin to search for repossessed property in the Mitchells Plain area within that price range.
You can visit the My Roof website here: https://www.myroof.co.za/
My Roof Property Listing Portal
My Roof offers a number of services to help you find the right property:
- If you choose to sign up to property alerts, My Roof will keep you updated as new properties are listed on the website. Sending you updates via email.
- You can track properties you are interested in on my website by using the “My Favourites” tool. When you have selected interesting properties, you can add a pros and cons list to each to help you compare them.
- You can be sent email reminders of appointments you make to view properties.
- The team at My Roof will help you through the entire process of finding a property. Such as making an offer, securing a bond and finally transferring the property to your name.
A simple internet search will reveal other companies dealing with the sale of repossessed houses in Mitchells Plain, Cape Town. One of them being Property Seekers.
An Example of a Repo House For Sale in Mitchells Plain
There are a variety of repossessed houses for sale in Mitchells Plain. All different sizes, conditions and price ranges.
Here is an idea of a current house on sale so that you have an idea of a typical property you can expect.
A two-bedroom, 1-bathroom house is selling for R170 000 on 26b Olifantshoek Street.
You can find ABSA, FNB, Standard Bank, Capitec and Nedbank repossessed houses in all locations of the Mitchells Plain area.
In Conclusion
Repossessed houses in the Mitchells Plain area are typically cheaper than regular homes for sale because they are properties that have been taken back by lenders, usually due to mortgage defaults.
The lenders, often banks, aim to recover the outstanding loan amount quickly. So they price the properties below market value to attract buyers and facilitate a fast sale.
Additionally, repossessed homes may require repairs or maintenance. Further lowering their price compared to similar homes in better condition.