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… Read More

Buying property is can be one of the most rewarding investments you will make, so use these 5 beginners tips for investing in property to help you get a head start. Who knows, you could change from a Monopoly player to a property mogul! Property investments are no different to other investments – you need to do your research before you plunge into the property market. These days, there is a shortage of rental properties so if you choose the right kind of place you really can reap the rewards of your investments.   Here are 5 beginners’ tips for investing in property:   1.       Take the long way round When it comes to property investment, it is best to take a long term view. People tend to forget that buying a property doesn’t only involve the cost of the actual building – you also have to budget for upfront… Read More

The property market is increasingly competitive, so these 5 tips for a bond application can help to ensure that you are not left behind in the loan loop. It is important to be well-prepared so that when you find the property you want you can act quickly to get the money you need to nab it.   What is a bond? A bond is a kind of debt security, where you agree to pay back the money you borrowed with interest. Essentially, a bond is a kind of home loan. Bonds are usually issued out by credit institutions such as banks and other lenders if the potential customer meets the eligibility requirements. If you are house-hunting, it is best to follow these 5 tips for a bond application to allow you an ultimate chance for success on your bond application:   1.  Count up the costs Buying a home is… Read More

Is it a good idea to have a joint mortgage bond with friends or family?  Well in the eyes of the bank, this type of mortgage is a safer option for them in terms of making back their money and therefore they will be more likely to grant you a home loan. The banks apparently prefer this type of arrangement instead of suretyships under which banks can recover debt in cases of default, but normally with great difficulty.  As a result, applying for a joint mortgage is smiled upon by the banks due to the fact that more than one person is liable for the debt.  Absa is one bank that prefers this type of bond and as a result has no limit to the number of people who take out the bond jointly. One of the prime markets for co-ownership is the first time buyer market, as well as… Read More

Gauteng repossessed houses up for sale are a great place to look if you do not have a large amount of money to spend and want to find a home that will suit your requirements. Instead of having to look for properties that are outside of the areas in which you would like to live because the property prices are too high, why not look out for repossessed houses in those areas. You can find properties that are being sold for well below market value due to the fact that these houses or apartments have been repossessed by the banks. This has occurred because the previous owners of the property have fallen back on their bond repayments. Although it might seem a little callous to purchase someone’s home that they did not want to leave, it does present a great opportunity for you to find the perfect home, in the… Read More

If you are looking for a great deal on property in Gauteng and Cape Town, you may want to consider bank repossessed houses. While the circumstances surrounding bank repossessed houses are often unfortunate, purchasing this type of property can save you a lot of money, and can be a great way to find your dream home! “Bank Repossessed properties are the result of borrowers defaulting on their home loan repayments to the extent that the home loan has to be cancelled.” (www.iolproperty.co.za). There are 3 phases during the repossession process at which buyers can purchase these properties. The first is Distressed Sale, the second is Sale in Execution (SiE), and the third is Properties in Possession (PiP). Understanding the repossession process is important. There are various stages to this process: 1)      The borrower (property owner) has to default on his/ her payments to the point that the only option is… Read More

Buying a house on a repossessed house auction can be a great way to find a real property bargain. You will need to know where to find information on repossessed house auctions in South Africa. Repossessed house auctions have become a far more common way of purchasing property in recent years. The global recession has resulted in many South African home-owners being over-extended. The result of this is an overflow of properties being repossessed by the banks. The easiest and quickest ways for the banks to re-sell these properties is auctions, and hence this form of property sale has burgeoned in popularity. There are numerous auction houses operating in South Africa. Auction Alliance is an auction house specialising in property sales. Aucor is another key player on the South African property market playing field. If you are looking for repossess house auctions in South Africa, popular property websites are a… Read More

Investing in property is commonly regarded as a fail safe investment tool, and a savvy way to create wealth. Property is an asset in which you can build up equity, which then in turn allows you to invest in further properties, thus building a property investment portfolio. Take note of these three tips for investing in property.   Invest with your head and not your heart Investing with your head means being able to separate your emotions towards the property from your financial assessment as to whether the property will yield good results. Often a property will seem like a great investment as it is cheaper than expected. However, properties that are put on the market at lower than market-value often have very large problems; problems that won’t be visible at first look. Properties in a part of town which seem to be getting “less classy” are generally a bad… Read More

The City of Johannesburg alone has over three million inhabitants (www.joschco.co.za), many of whom lack basic housing, services and infrastructure. The provision of affordable low cost housing has been and continues to be a major issue across the South African political and developmental landscape. In a recent General Household Survey about “one fifth of South African households live in stat-subsidies homes”, with 13% of respondents having at least one family member on a waiting list for RDP housing. (www.masterbuilders.co.za). This is, of course, not taking into account the multitude of people currently living in informal settlements, many of whom have no access to basic plumbing, sanitation or electricity. Since 1994, the governments promises to provide affordable low cost housing and government subsidised housing have continually fallen short. Is this a product of unrealistic, over-zealous claims from government? Perhaps. Is government entirely to blame though? Could it be that the sheer… Read More

Public bank auction property is widely available all over the country, ranging from Sherriff’s auctions to online bank auctions to privately auctioned repossessed properties. The range of properties on auctions is vast to say the least, starting with run-down flats and apartments to massive shopping centres and apartment buildings. Bank auction properties are regarded by most of their buyers as the smart buyers’ choice, given that great deals can be found if you’re willing to do the homework in looking for them and are willing to wait for the right deal. There are a number of factors to consider if you want to buy a repossessed or other bank auctioned property for the first time. Firstly you need to know where to find out about what’s on auction, so aside from newspaper listings and adverts check out www.sasheriff.co.za, it’s a subscription site which will set you back R100 per month,… Read More