Purchasing repossessed flats and apartments is one of the best investments one can make. There are always auctions taking place in big cities like Cape Town and Gauteng, but also in some provinces, Natal being one of them. Repo properties are sold by banks, so if you are interested in purchasing a property that has been repossessed you should visit the Nedbank, FNB, ABSA or Standard Bank that is the closest to you and find out what you need to know about the auctions they have coming up. The reason why it is better to buy repossessed places rather than buying new ones is because the repo properties are sold for cheaper prices as the bank is just trying to make back their money.
When a property is repossessed it means that the bank has taken it back because the owners were unable to pay their bond, so when you are looking at buying repossessed flats and apartments you will be surprised at what they are sold for, given the condition they are in. These auctions are held in many different venues, so the only way you will be able to tell where they are held will be if you visit a Nedbank, ABSA, FNB or Standard Bank branch and ask them for the details. Most of the banks in South Africa have auctions like this quite often, so if you miss one of them it is fine as there will always be more in the near future.
These banks have branches all over the country so it doesn’t matter whether you are in Gauteng, Natal or Cape Town, you shouldn’t have a problem finding a bank branch to visit to find out what you need to know about repo auctions. Look through a few of the repossessed flats and apartments before you make a decision to buy and be one hundred percent sure of the place before you actually pay for it.