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Repossessed 博鱼体育娱乐平台

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What Are Bank-Assisted Sales and Repossessed Properties?

A bank-assisted sale (sometimes called a 鈥榙istressed鈥� sale) comes about when a property owner runs into financial difficulties and approaches their bond provider for assistance. If they agree that selling the property is the best way forward, the bank steps in to support the transaction.

Should the process fail, and the owner defaults on home loan repayments, the bank may terminate the home loan and begin the repossession process.

There are 3 different phases during which Buyers are able to purchase these properties: 鈥楤ank Mandated鈥�, 鈥楽ale in Execution鈥�, then 鈥楻epossession鈥�.

These phases are best explained by describing the repossession process:
  1. Bank Mandated:
    Once the owner agrees to allow their bank to assist in the sale, the bank appoints a preferred agency, and the property is marketed as a bank-assisted sale.
  2. Legal Process:
    If the bank-assisted sale is unsuccessful and the borrower defaults on their home loan to the extent that the only alternative for the bank is to recover the debt via repossession, a legal process ensues.
  3. Court Judgement:
    The attorneys representing the bank will apply for a judgement at the Magistrate鈥檚 court.
  4. Auction of Movable Assets:
    If the mortgage arrears are not recovered, the borrower鈥檚 movable assets will be auctioned.
  5. Sale in Execution:
    If the sales from the movable assets auction do not cover the mortgage arrears, the property is auctioned as a 'Sale in Execution'.
  6. Repossession:
    If the bank鈥檚 reserve price is not met at the 'Sale in Execution', the bank has the option to buy back the property, at which point the bank takes ownership as a '博鱼体育娱乐平台 in Possession'.
Why are these properties popular?
There is usually no transfer duty, and discounts on attorney and bond registration fees may be offered.
Home loans are more easily approved by Banks
Repossessed properties are perceived to be good value for money
These properties have often been neglected, presenting a good opportunity to renovate and profit from higher valuations.
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Stonepine Crescent    Development in Kuils River South
From
R 2 695 000
To
R 3 190 000
15 Houses
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