If you are looking to buy a property as an investment or as a home for you and your family, looking at Gauteng repossessed house sales will probably be your best bet in finding a good property for a good price.
What is a repossessed house?
Because homes are so expensive, most people require loans or mortgages to purchase a piece of property. Financial service providers who finance the homes will require monthly loan repayments to get back their money and the interest owed to them. Because loan repayments themselves can get quite expensive, many people might find themselves in a situation where they can no longer afford their loan repayments.
This can easily happen to anyone. Should you or your partner lose your job, if there is an unexpected expense that crops up or if an investment that you have made turns sour you will find yourself short on money. The financial service provider will then repossess the house (after a few warnings). They will keep the house for a short holding period giving the client a last chance to come up with outstanding money, and if they do not pay up, the bank will then have the property auctioned off to make their money back.
Why buy a repossessed property?
There are two main reasons.
- Because they are generally sold on auction, there is a better chance of getting the home for a good price. In an auction situation, there is no set price that is higher than the actual value of the property (as is the case with many agencies and house sales). The potential buyers decide how much they want to spend on a home.
- When an owner decides to sell a home, there is often a niggling worry among potential buyers. What is the reason for the sale? Is there something wrong with the property? With repossessed homes, there was no desire to sell and so there will be no worry at some hidden problem or fault within the property.
However, not all bank repossessed houses sell at auctions. There are many properties that are sold by property agents, by financial service providers and in private sales.
Gauteng repossessed house sales
There are a large amount of property agents, financial service providers, auctioneering houses and private sellers offering bank repossessed houses in Gauteng. Because the Province is such an extensive area with so many homes, sub areas and people, there are a large amount of homes and properties available at all times. There are also a huge amount of repossessed homes available. The following is a list of some of them.
- Property 24
- First National Bank
- ABSA Property Sales
- Nedbank Property Seekers
- Private Property
- Repossed Houses South Africa
- Standard Bank My Roof
All of the above are well-known, reputable sellers of repossessed homes. You should always ensure that you choose a company or seller who is honest and reliable and who has a good reputation. Buying a home is a very big step and you will want to make sure that you do not regret your decision in the future. You will also probably have to get financing which means you will be tied into loan repayments for a number of years. It is essential that you go through a solid, reliable financial service provider to ensure that you have signed yourself into payments that you can afford. You do not want to end up in the same situation as the property’s previous owner.
Ensure that you are making the right choice in purchasing your home by doing a thorough inspection, asking to see all the relevant documents, getting a professional to check out the wiring, piping, flooring and other bits and pieces to ensure that you do not land yourself with a problem home that will cost you a fortune in repairs and maintenance.