Repossessed houses from the major banks around South Africa such as Absa, Standard Bank, Nedbank and FNB are for sale to the public at the various auctions and sales taking place on a regular basis. Unfortunately, many people have been living on the bread line for a number of years and with the current financial problems worldwide and the difficulty people find themselves in, many are losing their homes through not being able to keep up with the monthly repayments. Sad as this may be for those in this position, it does mean that there are many homes and properties becoming regularly available for investors and buyers at attractive prices.
Buying bank repossessed houses and properties can turn out to become a fantastic investment for people who have a keen eye for the bargains and know what to look for when purchasing. As with any property purchase, location is important along with all the usual factors and keys to consider when buying a new home. It must be noted that some properties could well have been neglected prior to being foreclosed as the main reason people end up losing their homes is due to a lack of finances. This means that regular maintenance may have been postponed and some major repairs and renovations could possibly be necessary.
It is usually a good idea to have a look through the bank lists or catalogues and choose several properties that may be of interest to you. Make dates to go and have a good look around these places and take somebody with you for second opinions, this always helps. Bidding at an auction is not too difficult for those who have never been and experienced this although it may be another good idea to visit one or two bank repo auctions to see how the process works and gain some confidence before getting involved with the whole bidding event. Another buying tip is simply not to rush, these days there are lists of repossessed houses available in South Africa and those lists are growing on a daily basis.