FAQs - Facts and fine points

General FAQ

• Does FNB sell properties via online auctions?
• No. MyRoof.co.za advertises and lists FNB’s repossessed and mandated properties. Your offer is made directly to the bank.
• Is MyRoof an estate agency for FNB?
• No. MyRoof provides a platform for FNB to list properties. MyRoof operates as a property advertising portal that allows the public and estate agents to view property in a secure, easily accessible and current manner.
• Does FNB sell properties to make a profit?
• No. FNB's main objective is to minimize the default indebtedness of the property’s previous owner. FNB does attempt to cover the costs incurred through the purchase of the property and sale in execution process.
• Who owns the FNB properties in possession?
• All repossessed properties listed by FNB were previously bonded by FNB. When the previous owner defaulted on their financial obligations the property was put up for sale at public auction. When a property does not reach its asking price it is bought by FNB. As such, properties in possession are registered to, or in the process of being registered to, FNB.
• How long does it take to register a repossessed property?
• The process of registering a repossessed property in an individual’s name is more complex than a transfer between private individuals. FNB endeavours to make the process as swift as possible, but the registration may take between 4 and 6 months.

Bank Owned Properties FAQ

• Once I found the property I like, what is the next step?
• FNB Bank Owned department will contact you to discuss the way forward.
• Does FNB supply me with the Offer to Purchaser or I get it from MyRoof?
• The Bank Owned department will provide you with the OTP.
• How long does the process take?
• This will depend on all relevant information and documents are submitted accurately and in stipulated time.
• Who owns the FNB properties in possession?
• All Bank owned properties listed by FNB are owned by FNB. FNB has the title deed to the property.
• Are there building plans to the properties?
• No. FNB does not have the property plans, should the purchaser require them they can do so at the municipality.