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Repossessions


Repossessed Property

Home > Repossessed Property

What are Bank-Repossessed Properties?

Bank Repossessed properties arise from borrowers defaulting on their home loan repayments to the extent that the home loan has to be terminated.

There are 3 different phases during which buyers are able to purchase these properties: ‘Distressed Sales’, ‘Sale in Execution’ and ‘Properties in Possession’

These different phases may be best explained by describing the repossession process:

  • borrower defaults on their home loan to the extent that the only alternative for the bank is to recover the debt via repossession;

  • The bank's attorneys will apply for a judgement at the magistrates court;

  • Assuming the mortgage in arrears is not recovered, the borrower’s movable assets assets will then be auctioned;

  • If the sales from the movable assets will be auction still do not cover the mortgage in arrears, then the property is auctioned - a ‘Sale in Execution’. Up to this point the owner may however try to sell the property - the so-called "Distressed Sale";

  • Should the bank’s reserve price not be met at the ‘Sale in Execution’, the bank has the option to buy back the property itself - a ‘Property in Possession’.

Why are Properties in Possession popular?

  • There is usually no transfer duty;

  • Home loans are more easily approved by banks;

  • Properties are perceived to be good value for money;

  • Properties have often been neglected and therefore present a good to renovate and resell.

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R 575 000
2 beds 1 bath Apartment / Flat for sale by Keageoz Property Solutions

This spectacular unit offers all that is required for the first time home owner. a garden and lock-up garage - two of the pre-requisites for most people. 2 bedrooms and 1 full bathroom. a...

R 1 550 000
3 beds 3 baths House for sale by Pro Namic Real Estate

Be quick to own this tuscan double storey in sought after 24hr security estate!!!! close to shopping centres and schools!! three bedrooms 2.5 bathrooms, stoep with built in braai, spaci...

R 395 000
4 beds 3 baths House for sale by Aida Goldfields

4 bedrooms, 3 bathrooms (main-en-suite), 3 reception areas, kitchen, garage, carport for 4 cars, domestic room, outside toilet, full flatlet

R 255 000
1 bed 1 bath House for sale by I Do Homes

Prepaid electricity. needs tender loving care.

R 250 000
2 beds 2 baths Complex for sale by Seeff Bloemfontein

Investment. spacious 2 bedroom unit. en suite bathroom. dining room/lounge. face brick finish outside.

R 1 100 000
3 beds 2 baths Apartment / Flat for sale by Homezone Real Estates

Modern and finished well, this is a 3 bedrooms, 2 bathroom apartement in blythedale beach, undercover parking, pool in complex, modern fully fitted open plan kitchen and tiled open plan l...

R 795 000
3 beds 2 baths House for sale by Pro Namic Real Estate

Priced below market value close to shops and exit roads

R 450 000
3 beds 2 baths House for sale by Venditor

Bargain property.

R 1 085 500
3 beds 3 baths House for sale by Jawitz Properties

This renovated property offers you 3 bedrooms (bic), 3 full bathrooms, open plan lounge & new kitchen. entertain your guests at the bar or outside at the braai. ample parking with 3 garag...

R 532 000
2 beds 1 bath Apartment / Flat for sale by Brightstone Properties

Urgent sale. offers welcome. please contact the agent for terms and conditions

R 2 680 000
1 bed 1 bath Apartment / Flat for sale by Seeff Hermanus

Luxurious lock up and go apartment in the heart of town. fully furnished and equipped, one spacious bedroom with aircon, stunning full bathroom, modern kitchen and scullery. lounge with...

R 440 000
Vacant Land / Plot for sale by Venditor

Beginners bargain.

R 600 000
3 beds 2 baths Apartment / Flat for sale by Brightstone Properties

Urgent sale. offers welcome. please contact the agent for terms and conditions

R 1 100 000
3 beds 2 baths House for sale by Venditor

Very neat property in faerie glen, just move in and stay. bargain. viewing by appointment only

R 750 000
3 beds 2 baths House for sale by Brightstone Properties

Urgent sale. offers welcome. please contact the agent for terms and conditions

R 1 700 000
5 beds 5 baths House for sale by Venditor

Insolvent property - nina park view hotter then ever bargain. price subject to 10% deposit not negotiable and transfer cost.

R 900 000
3 beds 2 baths House for sale by Brightstone Properties

Urgent sale. offers welcome. please contact agent for terms and conditions

R 500 000
2 beds 1.5 baths Apartment / Flat for sale by Brightstone Properties

Urgent sale. offers welcome. please contact agent for terms and conditions

R 880 000
3 beds 3 baths House for sale by Venditor

3 x bedroom, 3 x bathroom, lounge, dining room, kitchen, scullery, laundry, store room x 2, servants toilet, garden flat consist of: 1 x bedroom, 1 x bathroom, lounge, kitchen with w...

R 1 100 000
3 beds 2 baths House for sale by Brightstone Properties

Urgent sale. offers welcome. please contact agent for terms and conditions

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