There are South African bank repo homes for sale for those who would like to buy a house, but know that the markets prices are slightly too high for them to afford. Nedbank, ABSA, FNB and Standard Bank all hold auctions on regular occasions where they sell off their repossessions. Many people choose to purchase these houses rather than those sold by agents and privately because these houses are generally cheaper than others. The reason for this is because the banks took the house back from its previous owner as they were not up-to-date with their mortgage payments, so they take the house back and sell it.
All of the banks do this, so when you are looking for South African bank repo homes for sale, you should go into your nearest, FNB, ABSA, Nedbank or Standard Bank branch and ask them about their auctions. Get the details, and ask them if they have a list of upcoming auction venues, times and dates. Then, when you are looking to buy a house you will visit some of these auctions and see what they have to offer and for how much. This is a great opportunity and you will be surprised at some of the gorgeous repossessions they sell off at ridiculously low prices.
You can visit a few of the auctions to get a feel of things before you actually purchase a house, otherwise if you see a house you like that you can afford at the first auction you visit, you can buy it. As long as you are comfortable with it, then that’s fine. Just remember that once you win the bid the house is yours, and you have to pay up. So make sure that you are able to afford the price before shooting your hand up into the air when the auctioneer calls out a price. Visit the South African bank repo homes for sale and find the home of your dreams.