To get lists of bank repossessed houses in South Africa you have two main choices. Firstly you would either have to go into your nearest ABSA, FNB, Nedbank or Standard Bank branch and enquire. Or secondly you can look the information on the house repossessions and get the lists online.
Buying homes that have come off repossession or a foreclosed deal means that you will get them at a good price.
Visiting a repo auction means that you are looking for a property. Whether a specific one or not, you are likely to find something suitable.
These major South African banks normally hold auctions like this quite often. So keep in touch with them and find out where and when you can attend the next auction.
Once you have the lists of bank repossessed houses in South Africa, you should look at each of them carefully. Decide which auction events you can make it to.
Of course if you attend one of the repossession auctions and find what you are looking for then you don’t have to attend any of the others. Unless you are interested in purchasing more than one of the homes.
Getting a List of Home Repossessions Directly from the Bank
Visit a Standard Bank branch if you have one near to where you live. Otherwise go to an ABSA, FNB, Capitec or Nedbank branch for the information.
The foreclosed deals and repo houses are where the bargains are. However not all of them are dirt cheap.
But you will find that they are cheaper than they would be if you bought them when they hadn’t been repossessed by the bank.
If you don’t have the time to visit a bank to get the lists of bank repossessed houses in South Africa, you can look online. You should find the information easily and then you can check the lists from there.
Buy a House from Lists of Bank Repossessed Houses
Finding out how to buy a bank repossessed house is easy, but it depends if you have to go through an auction or not.
Auctioning is normally the way the banks sell the repossessed houses, so what you have to do is go to your nearest bank and ask them for information on their auctions.
They will tell you where and when the next one is and you can attend.
Make sure it is a house auction though as you might end up at a vehicle auction. Which won’t help you if you’re looking to purchase only a home.
You don’t have to only go to the bank that you are with. Go to all the banks in your area to find out about their auctions. Attend them all until you find what you are looking for.
What you need to know when you want to find out how to buy a bank repossessed house. Is that before you do anything else, make sure you have the cash available or if not, you can get finance.
Certain banks in South Africa will offer you finance to buy repossessions.
Buy a Repossessed House with Bank Finance
If you want to apply for bank finance, make sure you do this a few days before the auction is due to take place. Even if you don’t find the house you are looking for at the first auction you attend, at least you know you have the cash when you attend the next one.
Also, then you know more or less what your budget is and you can work around that.
Of course it’s better if you have your own money to purchase a repossessed home. But with the bargains you can get at some of the auctions… Borrowing cash from the bank might not be a bad idea for a good investment like a home.
At an auction, the auctioneer will name prices and whoever bids the highest for the house will win it. So you have to be quick.
Absa bank, Standard Bank, Capitec, FNB and Nedbank should all have lists of bank repossessed houses for sale.
Get to your nearest banks and find out the information you need to get the ball rolling.
This may also interest you: Houses Repossessed by ABSA Bank Auctions