First National Bank repossessed property listings in South Africa can be found online. However, the best of these is the FNB website. When you visit www.fnb.co.za, there are specific sections that show the sale of properties in execution and repossessed houses.
What is more is that FNB has realised something. That is potential buyers do not want to spend hours going through lists 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 narrow it down more to specific towns. So if you are specifically looking for a property that has been repossessed… You can narrow down your search to that extent. It really is that simple.
What is First National Bank Repossessed Property?
First National Bank repossessed property 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 are so popular is because the previous owner has already paid off some of their home loan. Therefore the bank is 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. Because 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. They give the previous owners a fair amount of time to try and sort out their monetary issues. This is a grace period. And some banks are willing to do this depending on a number of factors.
Repossessed Property Advice
The most important thing 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 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. Then 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.
Some people do not realise that if their house is taken back, the banks will report this to the credit bureaus. If the bank cannot make back the money outstanding through the auctioning off of the property, you will be liable for the amount remaining. Which can leave you even worse off. You can be blacklisted. And still have debt to pay off.