Repossessed Property

What Are Bank-Repossessed Properties?

 

Bank repossessed properties are the result of 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 phases are best explained by describing the repossession process:
A borrower defaults on their home loan to the extent that the only alternative for the Bank is to recover the debt via repossession
The Attorneys representing the Bank will apply for a judgment at the magistrate’s court
Assuming the mortgage in arrears is not recovered, the borrower’s movable assets will be auctioned
If the sales from the movable assets auction do not cover the mortgage in arrears, the property is auctioned: a ‘Sale in Execution’. Up until this point, the borrower may try to sell the property: a "Distressed Sale"
If the Bank’s reserve price is not met at the ‘Sale in Execution’, the Bank has the option to buy back the property - a ‘Property in Possession’
 
Why are Properties in Possession popular?
There is usually no transfer duty
Home loans for Properties in Possession are more easily approved by Banks
Properties in Possession are perceived to be good value for money
These properties have often been neglected and therefore present a good opportunity to renovate and resell
 
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R 1 975 000
4 Bedroom House for Sale in Monument

Bank owned house for big family at low price. Four bedrooms with built-ib cupboards. Three bathroom with shower and bath and guest toilet. Two bedrooms with ...

  • Bedrooms
  • 4
  • |
  • Bathrooms
  • 4
  • |
  • Garages
  • 3
Erf Size: 1487 m2
R 3 500 000
House for Sale in Groenkloof

Dwelling of some 350m², converted and used as offices and outbuildings of some 164m² comprising of double storey office building. Other ...

  • Bathrooms
  • 3
  • |
  • Garages
  • 1
Erf Size: 1214 m2
R 340 000
2 Bedroom House for Sale in Soshanguve

Low maintenance home situated in the centre of Soshanguve, surrounded by all basic amnesties such as Nafcoc Center, Mabopane Staion, Central City Mall ...

  • Bedrooms
  • 2
  • |
  • Bathrooms
  • 0.5
Erf Size: 233 m2
R 425 000
2 Bedroom House for Sale in Parys

Negotiable ! With a little attention you can convert this to a home for the beginner family or holiday cottage/ retiree cottage. House in decent condition and ...

  • Bedrooms
  • 2
  • |
  • Bathrooms
  • 1
  • |
  • Garages
  • 1
Erf Size: 1000 m2
R 1 350 000
6 Bedroom House for Sale in Lydenburg

This property consist of a Modern 3 bedroom house, with 2 bathrooms, open plan Modern Kitchen, with 2 big living areas. It also has a wash-up and a nice garden ...

  • Bedrooms
  • 6
  • |
  • Bathrooms
  • 4
Erf Size: 3000 m2
R 940 000
1294 Piet Vd Merwe, Mountain View
3 Bedroom House for Sale in Mountain View

This lovely family home is situated in quiet safe neighborhood the house offers 3 bedrooms with 2 bathrooms , lounge and living room , lapa and pool the ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 2
Erf Size: 898 m2
R 850 000
3 Bedroom House for Sale in Woodlands

House for first time buyers. Modern kitchen, bedroom with built in cupboards, dining and lounge. Entertainment area with lapa plus pool and an out ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 1
  • |
  • Garages
  • 1
Erf Size: 668 m2
R 850 000
3 Bedroom House for Sale in Mayberry Park

This house consist of: 3 bedrooms, a bathroom, kitchen and a lounge. There is a double lock up garage with a carport. 1 bedroom flat let. Offers from R ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 1
  • |
  • Garages
  • 1
Erf Size: 1032 m2
R 695 000
3 Bedroom House for Sale in Brakpan

3 bedroom 2 bedroom house in Brakpan reasonable offers will be considered Estimated valuation on property R850 000 no transfer duty all outstanding ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 1
Erf Size: 991 m2
R 1 695 000
3 Bedroom House for Sale in Lenasia South Ext 1

This repo property is situated in Lenasia south Ext 1 3 bedrooms 2 bathrooms lounge and dinning room spacious kitchen build in cupboards tiled, modern ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 2
Erf Size: 968 m2
R 795 000
22 Mustang Street, Kempton Park
3 Bedroom House for Sale in Kempton Park

This 3 bedroom house is situated in 22 Mustang str Kemptonpark Reasonable offers are welcome. NO transfer Duty Purchaser don't pay agent ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 1
  • |
  • Garages
  • 1
Erf Size: 991 m2
R 980 000
4 Bedroom House for Sale in Del Judor

This 4 bedroom home in a excellent area is the perfect home for the handy man or someone looking to fix it up. Its very cheap price gives the ability to do ...

  • Bedrooms
  • 4
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 1
R 750 000
28 Gardiner St, Brakpan, 1540, South Africa, Brakpan
3 Bedroom House for Sale in Brakpan

You will not want to lose out on this repossessed property , still in good condition staff room, pool 3 carports and lock up garage is rounding off the very ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 1
Erf Size: 991 m2
R 1 750 000
7 Crayfish Creek, Meer En See
4 Bedroom House for Sale in Meer En See

This lovely family home is situated in Meer en See upmarket neighborhood of Richards Bay close to schools churches and shopping and best off all close to the ...

  • Bedrooms
  • 4
  • |
  • Bathrooms
  • 3
  • |
  • Garages
  • 2
Erf Size: 1500 m2
R 750 000
28 Gardiner St, Brakpan, 1540, South Africa, Brakpan
3 Bedroom House for Sale in Brakpan

You will not want to lose out on this repossessed property , still in good condition staff room, pool 3 carports and lock up garage is rounding off the very ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 1
Erf Size: 991 m2
R 800 000
Naeser, Parkdene
3 Bedroom House for Sale in Parkdene

Close to Parkdene Primary school , this 3 bedroom house has a lot of potential. Repo property and reasonable offers will be considered by the seller. mo ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 1
  • |
  • Garages
  • 1
Erf Size: 991 m2
R 1 750 000
7 Crayfish Creek, Meer En See
3 Bedroom House for Sale in Meer En See

This lovely family home is situated in Meer en See upmarket neighborhood of Richards Bay close to schools churches and shopping and best off all close to the ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 2
Erf Size: 1500 m2
R 1 650 000
3 Bedroom House for Sale in Vaal Marina

This lovely holiday or retirement home consist of: 3 bedrooms, 2 bathrooms, kitchen, dining room and a lounge. There is a double lock up garage, and a huge ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 1
Erf Size: 1000 m2
R 580 000
30 Griet Venter, The Orchards
2 Bedroom House for Sale in The Orchards

lovely 2 bedroom house with enough stand space to extend later on lock up garage living room 2 bathrooms lovely kitchen and lock up garage 100% bond ...

  • Bedrooms
  • 2
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 1
Erf Size: 297 m2
R 580 000
5 Schalk Swarts Street, The Orchards
2 Bedroom House for Sale in The Orchards

2 bedroom house with lock up garage perfect for first time buyer , property gated call today for viewing arrangements and further details on this property

  • Bedrooms
  • 2
  • |
  • Bathrooms
  • 2
  • |
  • Garages
  • 1
Erf Size: 311 m2
R 800 000
3 Bedroom House for Sale in Middelburg

Bank owned house on very big stand. Three bedrooms and one bathroom with separate toilet. Kitchen no cupboards and three living areas. Need some TLC. Outside ...

  • Bedrooms
  • 3
  • |
  • Bathrooms
  • 1
Erf Size: 2231 m2
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