First National Bank repossessed property can be found through a number of websites, the best of those however, is the FBN website. When you visit www.fnb.co.za, there are specific sections dedicated to the sale of properties in execution and repossessed properties.
What is more is that FNB has realised that potential buyers do not want to spend hours going through list of properties that have been repossessed, and instead have developed a link from their website to another webpage where you can search properties by province. This allows potential purchasers the opportunity to narrow down their searches, and you can further narrow it down to specific towns that you are interested in buying in. So if you are specifically looking for a property that has been repossessed and is being auctioned off by FNB in Fourways, Johannesburg, you can narrow down your search to that extent. It really is that simple.
If you are unsure what a First National Bank repossessed property is, it is a property where the owner has defaulted on their home loan instalments to such an extent where the bank has taken the home back in to their possession. The reason why these properties is so popular is because of the fact that as the previous owner has already paid off some of their home loan, the bank is therefore only trying to recover what is still owing on the property. This means that you can get a bargain deal on a house in a fantastic area because the previous owner defaulted.
Now you may think that this is a little bit callous seeing as you are purchasing someone’s home that they have been evicted from, however you should not think of it like that. It is unfortunate that they no longer get to live in the property, however if they cannot make the payments then what other action can the bank take? They have the legal ownership of the property due to the fact that the owner took out a home loan through FNB. What is more is that the banks do not just take back the properties without giving the previous owners a fair amount of time to try and sort out their monetary issues. This could be considered a grace period and some banks are willing to do this depending on a number of factors.
The most important of which is to contact the bank as soon as you realise that you may not be able to make your bond repayment. Many people wait for the banks to contact them as they are ashamed of their circumstances, however this is definitely not the right thing to do, especially if you are asking the bank for leniency. The best advice I can give you is to contact your bank as soon as you possibly can in order to try and work out a solution to your problem. If you still have not managed to sort out your monetary issues in the grace period provided, the bank will provide you with the opportunity to try and sell the house yourself before they repossess it. This way, you will not have a black mark on your credit history as would be the case if your home was repossessed.
What many people do not realise is that if their houses are repossessed, the banks are obliged to report this to the credit bureaus. What is worse is that if the bank cannot make back the money owning in its entirety through the auctioning off of the property, you will be liable for the outstanding amount which can leave you even worse off as not only will you be blacklisted, but you will have outstanding debt too.