Household contents for sale at repo auctions are good if you are looking to buy second hand items at a low price. When a home gets repossessed in South Africa sometimes the items in the home are also repossessed. Therefore these goods will be sold by the bank in order to make back the money that they lost.
Contents for sale at household auctions include:
- Lounge Furniture
- Bedroom Furniture
- Fridges & Appliances
- Lighting & Lamps
- Computers & Laptops
These items will often be sold through an auction. Many financial service providers run their own repossessed property or vehicle auctions. But it is very rare that the financial service provider will auction the household goods as well.
Generally the bank will hand the household items over to an auctioneer who will sell them off for a take in the profits.
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Where can you find household contents for sale at repo auctions?
In South Africa auctioneering houses offer repossessed household contents at their auctions.
These auctions are mainly in Johannesburg, Pretoria, Durban and Cape Town. However events can happen anywhere in South Africa.
Some of the companies that sell these items are:
- Western Cape Auctioneers
- Ambassador Auctioneers
- Russell Kaplan
- Park Village Auctions
- Kristal Auctions
- Cape Auctioneers
- Alf Duncan Auction Centre
You can also contact your bank and ask them where the household content that they repossess is auctioned at.
What is repossession?
When someone tries to buy a home or vehicle they will usually require credit from a financial service provider.
Most lenders will only give credit to people who present little to no risk of defaulting on payments.
If a person has a reliable income that will cover their living costs as well as their monthly loan repayments with interest.
And as long as they have a good credit record and a high credit score, the financial service provider should approve the loan. And finance whatever item that person wants to buy.
However, no-one’s financial situation is completely reliable. Bad things do happen, and many people find themselves retrenched.
With unexpected payments like vehicle repairs, vet bills or medical expenses. So some people are unable to cover their loan repayments in time, in full or at all.
When this happens, the financial service provider will warn the person.
After that if no payment is made on the loan, the financial service provider will repossess the home. Or any other items that may have been financed by the bank. Such as furniture and household items.
Often, if a loan was used to pay for something that cannot be repossessed (like university fees). The creditor will sometimes repossess other goods in order to make back their lost money.
Why purchase repossessed goods?
If you are looking for well-priced second hand items. With which to furnish your own home. Or your workplace, an organization like an orphanage or old age home or for any other purpose. Repossessed household items could be your best bet.
Buying these items will save you money. So buying them through an auction means that instead of a seller setting a high price, the buyers decide what they are willing to pay during the bidding.
As we have learnt there are auctions in South Africa that offer household goods for sale.
So being a part of these auctions and the bidding process can help you pick up a few bargains.
If you are in the market to buy items to furnish a new home at a fair price. Then the household contents for sale at auctions in South Africa can be the ideal place to buy what you need.