Repossessed home on auction by South African banks offer investment opportunities for those who are looking to buy a house or for properties that they can renovate and then sell again. The four major banks in the country, Standard Bank; Absa; FNB; and Nedbank; all have a number of repossessions which they need to sell in order to get the money back. The reason that these properties are offered at such reasonable prices is due to the fact that the previous owners defaulted on their home loans and therefore the banks need to get their money back and want to get it back sooner rather than later.
For those who are in the market to buy a house, then the repossessed homes on auction by South African banks should be the first place you should look. There are certain benefits to purchasing a property at one of these auctions. One such benefit is that should you purchase the property in your personal capacity you are not required to pay the transfer fees. Certain banks such as Absa, additionally offer discounted attorney fees should you finance your home through the bank. Another benefit that is on offer from Absa is that the property rates and taxes will be paid by the bank until the date of registration. So these repossessions are a great investment for those who are looking to purchase a property.
Whether you are looking for a new house, your first house, or a property to invest in, repossessed houses offer great value for money. The only downfall that can be thought of is that you have to purchase the house as it and banks such as FNB and Nedbank will make no repairs to the home in possession of the bank. Other than that, there is great value to be found at these auctions held by Standard Bank for example and if you want to buy a house you should look here first before visiting a real estate agent who is only looking for commission.