The debate – whether it is more financially sensible to rent or buy a house – is an ongoing one. South Africa’s current economic condition has created a doorway for many new buyers to enter the property market. Those that could not previously afford to buy property because of the higher listing prices are
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According to several sourced reports the majority of distressed properties are listed within the Gauteng area. While indicators have shown that the conditions within the national property market are slowly improving it is obvious that distressed and repossessed properties are still a stark reality within that market. The opinion of experts within the market
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Repossessed properties, or ‘Properties in Possession’, comprise such properties that have been bought by the bank after the current owner defaults on the bond that the bank holds. Distressed properties can be classified as such when a homeowner misses home loan repayments to the extent that the holder of the bond, usually the bank, issues
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Home buyers and investors in the Western Cape are spoilt for choice – with a veritable buffet of delicious properties available on the market. Geographically, the Western Cape stretches 400 kilometres to the north along the Atlantic coast-line and about 500 kilometres along the Indian Ocean’s coast to the east. Known for its diverse landscapes
...read moreWant to buy a repossessed property on auction, but afraid you will not qualify for a home loan? We all know that right now is a good time to invest in property. So, why not save some more money and buy yourself a repossessed property? ...read more
With the South African interest rates at its lowest in 30 years, the property market has become very favourable for young- as well as first-time buyers. Furthermore, they have the added advantage of buying a repossessed property on auction, where they can get their hands onto a property for below market value. ...read more
Do you know the difference between insolvency and bankruptcy? People tend to confuse these two terms. However, they do have different meanings and different purposes. Together, insolvency and bankruptcy form part of a process. ...read more
As you get older, you will need to retire sooner or later. But do you have the adequate back-up in place to retire comfortably? Only a few people in South Africa can afford to retire on their retirement fund only. So, do you have any more ideas on how to retire comfortably? ...read more
Struggling to decide whether to buy or rent? Here are five good reasons why buying repossessed property on auction is better than renting: ...read more
The South African Reserve Bank (SARB) made the decision that the repo rate should remain unchanged at 5.5%. The SARB has kept the rates unchanged for 16 months, and it is the lowest in 30 years. This decision leaves the Rand less volatile. ...read more
Both buyers and investors find the idea to buy repossessed property on auction attractive. It is a common fact that repossessed properties are bargain buys. ...read more
Interested in buying a repossessed property on auction, but want to know how to get the best out of the deal? Here is what you can do to make the process go smoother, and what you can expect. ...read more
With the many repossessions taking place in South Africa, the market has reached a point where property has become relatively cheap. This is good news for would-be owners, enabling them to get their hands onto repossessed properties at a good price. ...read more
When buying a repossessed property on auction, you will uncover a great deal that will suit your needs as well as your budget. But how do you go about buying on auction? Here are some handy tips. ...read more
When you buy a repossessed property on auction, there are also some post-sale expenses that you will need to take into consideration. Here are a few of them: ...read more
While buying a repossessed property on auction, you might tend to wonder why you need to own a property instead of renting one. Everybody needs to be a homeowner at some point or another. There are many advantages when you own a home instead of renting from another homeowner. ...read more
Believe it or not, but in a recent survey taken by the UK’s “Daily Telegraph”, South Africa was rated as the sixth location where it is safe to invest in property. Keeping in mind that the South African property market is sought after by foreigners, this makes the idea to buy a repossessed property so much more appealing. ...read more
Looking to invest your money in a long-term investment? There is no better time than right now to invest in repossessed property. The worst part of the recession seems to be behind us and the property sector is busy recovering. 2012 looks very promising in terms of property investment, and here are the reasons why: ...read more
The New Year has arrived, and you have set some goals for yourself. One of these goals is to buy yourself a place you can call home. You are somewhat skeptical, thinking that it is more expensive to own your own place than to rent from someone else. This is not necessarily the case, since buying a repossessed property is even more affordable. ...read more
Useful Terms and Terminology Explained ...read more
There are obviously certain things you will need (to get in order) if you are interested in selling bank repossessed properties. Bank repossessed properties …
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When money on a home loan has not been repaid, the bank will get a court order to sell the relevant property. This will only be done by the bank when there i…
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You can buy repossessed properties at online auctions direct from the bank. The advantage of this is that you can do it from the comfort of your own home. Th…
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Except for potentially buying the house for a lot less, there are more reasons for you to buy a bank repossessed property. As buyer you will be relieved from…
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A number of honest citizens have lost their property in the struggle due to unemployment or becoming financially unfit to provide the mortgage payments. Many…
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The good news when buying a repossessed property is there are no transfer duties payable. Furthermore, property rates and taxes are being paid by the bank u…
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However, there are a few things you will need when applying for a home loan. The first thing you need is to decide whether you are going to buy the property …
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A very smart way of utilizing the opportunity attached to a repossessed property in distress would be for the investor to place an ad saying that he/she is a…
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With the gradual stabilization of the property market, numerous investors are scouting for a diamond in the rough, however, they are soon to discover that th…
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Repossessed property is considered to be a sensible investment and offers outstanding opportunities for seasoned and would-be investors to bag irresistible d…
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Be one hundred percent certain that the property fully belongs to you. Before bidding do your research pertaining to the laws involved with repo property. On…
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The first thing you must have in place is an adequate deposit. This will be determined by the price of the property. When you have a deposit in place, do res…
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As a result of far fewer mortgages being granted, banks have witnessed their returns reducing along with the reduction in private property and repossessed pr…
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The R19bn lent as secure credit, secured mainly against vehicles and furniture, passed Mortgage lending of R18,9bn in the first quarter. The regulator’s late…
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It is also easier to acquire a house nowadays due to the low interest rate. Reportedly, first-time buyers are actively involved in buying houses under R600 0…
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You are bound to find the perfect property on auction for your needs on www.myroof.co.za. Many unique repossessed properties are listed on this website from …
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Expect the need for renovation to arise. It’s no secret that when it comes to repossessed property, we can safely say many of them have indeed seen better da…
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Unfortunately property shops really require massive shelves and ridiculously large warehouses. So, hello long hours of driving to property, setting up meetin…
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Don’t be stubborn, choosing to struggle, and then wind up falling short each time. Go to the bank and ask them to help you restructure your loan. Always reme…
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You’ll have to push your sleeves up high and dig though, because bank repossessed properties are becoming harder and harder to find. This is because recently…
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No matter what happens with South Africa’s economy or how bad a recession is, property still is a good investment. Over a long period of time the value of a …
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There is a definite increase in the market activity. This means that property is being sold more frequently than a while ago. Furthermore, the interest rates…
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The auctioning of bank repossessed property is becoming increasingly popular; although it the practice is still relatively unknown enough to ensure you won’t…
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Further fall in prices are always a possibility with the credit flow that remains limited and the global economy that struggles from to recover from the rece…
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1. Character – this entails your willingness to repay your debt. Financial institutions will look at these, which is obtainable from your ITC status.…
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An Offer to Purchase is an agreement containing the terms and conditions for transactions on a property. An agreement between the buyer and seller needs to b…
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1. Property prices will keep on rising. This means that if you invest in property while the prices are favourable, you will get a good turnover at the end of…
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A property is normally repossessed when the current owner fails to pay his or her loan payments of regularly. The bank then has its lawyers obtain a court or…
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Perhaps you have heard of it a thousand times and never once stopped to consider that it may work for you. The good news is that it’s become quite the trend …
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Begin by setting goals for yourself. You need to decide what you want to achieve, how you want to achieve it and by when you want to achieve it. …
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According to the Business Dictionary, a distressed property can be defined as “Property that is under a foreclosure order or is advertised for sale by its mo…
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South Africa’s residential property price growth is slowing down. Due to the economical recovery, property prices are remaining reasonably stable, while the …
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“Good debt” has to do with the purchase of items which have an ongoing resale value, thus escalating in value. This can be considered an investment. A prope…
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This is the main reason why bank repossessed property is such a popular buying option as it’s cheaper for the first-time buyer or someone running a bit low i…
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MyRoof introduced online auctions to specifically comply with the Consumer Protection Act (CPA), whereby a specified end date and -time for each auction is i…
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Making your own arrangements is quite simple. You need to be logged onto the MyRoof website to get the owner’s contact details. After you have logged in, fin…
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* The first part of buying a repossessed property involves selecting a property you wish to purchase. Simply go online and register with a sound property lis…
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Banks don’t have that many options when they repossess a property, so the best way for them to cover their losses and get rid of the liability as soon as pos…
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2. You have to be logged in to make an online offer. A box on the left-hand side of the Myroof.co.za site will show whether you are logged in or not. …
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There is no need for you to visit property after property, since it can be viewed online. This will save you much time and effort. Furthermore, these propert…
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Auctions are plenty of fun and can either get in on the action or simply be a spectator. No matter what you choose, always keep the following few things in m…
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All of this may seem a bit confusing so let’s discuss what it all means. When looking at buying a repossessed property for capital gains it simply refers to …
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This online service offers a database of foreclosed homes across the land along with the crucial details a purchaser desires to know. You little investment i…
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Since insurers keep numbers on claims, they are best placed to advise the most common reasons for claims not being paid, says Gari Dombo, the managing direct…
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Budget, budget, budget! – ensure that you have a proper budget in place each month. Make sure there is a financial buffer in place for incase the interest ra…
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Try to get a pre-qualified mortgage before looking at homes. This will take the additional stress off you in obtaining a mortgage. It will also give you a cl…
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Bank repossessed property can begin to become really expensive to maintain. The more bank repossessed property a bank has, the higher its maintenance costs, …
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A good example of the benefits would be to look at a situation where a person is merely looking for a house of their own but due to a tight budget can’t affo…
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Bank repossessed property sold at these auctions normally goes for 30% to 50% less than the market price. So a first-time buyer can get a few steps higher wi…
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You may very well get a bargain however, be prepared to find the answers to some of your own questions. Remember there is legal work involved and the related…
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First of all, you need to determine exactly what your needs are, and take your budget into account. It does not help looking at houses that either does not s…
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