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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’
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’.
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
This triple storey cluster-style home offers 3 bedrooms, 2 bathrooms (en suite) and 3 living areas with a guest toilet.
Open-plan kitchen (with scullery) / lounge / dining room leadi...
This unique property offers a cellar, spa, sauna, laundry room and much more. Discount on transfer fees. Please contact us for more information on this property.
6 bed, 4 bath, 4 living, study, kitchen, scullery, 2 storerooms, 3 garages, servant quarters, swimming pool, lapa.
This house is a must see! Perfect for the entertainer - entertaining area consists of a Lapa, Swimming pool, splash pool and built-in braai area. Spacious 3 bedroom house plus 1 bedr...
3 bed, 3 bath, study, 4 living areas, kitchen, washing room, pool, servants quarters, 2 garages
Bank owned spacious family home with separate flat at reduced price. Main house has six bedrooms plus three bathrooms. Two study areas. Big kitchen with separate scullery. Lounge wit...
This family home is in need of work to turn it into the gem it can be. It is ideal for a DIY'er or a speculator. Views of the Knysna Heads and Knysna Lagoon makes this the...
Needs a bit of TLC. Come view NOW ! ! !
All this for so little ! You can't afford to let this one pass you by ! Come view NOW ! ! !
Put your personal touches here. Lovely pool and spacious enclosed garden. beautiful house a must to see
beautiful house very secure close to schools and shopping centrums a must to ...
Bank owned house ideal as guest house close to Tygervalley shopping centre. Six spacious bedrooms and six bathrooms. Three bedrooms en-suite. Lounge, TV room, entertainment room with...
This Property which used to be a restaurant and hair salon is situated in South End in the Strand. Adjacent to the huge commercial space, is living quarters where the owners used to ...
Cosy two bedroom family home situated in the heart of Shallcross.
Offers a seperate lounge and dining room,
a fully fitted kitchen, fully fenced with an
automated front gate. A sin...
This property is well located near the Mandini Plaza. The property is an ideal family home with lots off space for improvements, has two levels, downstairs has 2 bedr...
Modern home in Heidelberg. All this for only R 500 000 ! Come view your new home NOW !
This house is in the process of being renovated
All offers from R550 000 will be presented. Hurry for this one!
Bank owned house close to shopping centre and easy access to highway. Spacious living areas with pressed ceilings. Three bedrooms and two beautiful bathrooms. Nice kitchen. Flat with...
Bank owned house with Victorian charm. Two bedrooms with lots of built-in cupboards and beautiful pressed ceilings. Two bathrooms, second bathroom need to be renovated. Lounge, dinin...
This is the perfect family home with 4 bedrooms and 3 bathrooms situated in Vanderbijpark SW1, Gauteng.
All bedrooms are spacious with built in cupboards and carpets...
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