Buying a home, whether it is for you and your family to live in, to fix up and sell on for a profit or whether you are buying it to rent out as an investment, is a big step. Properties are incredibly expensive and generally require loans from financial service providers to finance them. When you are considering buying a home, it is always a good idea to consider all of your options carefully and weigh up the pros and cons of each of them.

What is a repossessed home?

When an individual purchases a home, they generally need to take out a loan or mortgage with a financial service provider. Once a bank or other financial service provider has approved the loan and the client, they will provide the finance for the purchase. The client is then required to pay back the loan with interest through monthly instalments.

If a client cannot make payments at all or in full or on time, the financial service provider will have to repossess the home. The bank will then hold the property for a period of time to allow the client a last chance to pay them back, and if the client cannot make the payments, the bank will have to sell off the home to make back their money.

Which companies sell repossessed home?

Repossessed homes are usually sold through auctions but some are sold through normal sales. Some financial service providers conduct their auctions or sales themselves, but several banks auction their repossessed homes through large, well-known auctioneering companies like Aucor. Most auctioneering companies will have some repossessed homes on their sales list. Banks like Standard Bank often conduct their own auctions and sales through their My Roof segment.

What are the advantages to buying a repossessed home?

There are several pros and cons to buying a repo home. Some of the advantages include:

• You will not have the stress of worrying whether there is something wrong with the home. Many buyers believe that the previous sellers must have decided to sell their home for a specific reason and the reason must be under the floorboards in the form of wood lice, or within the walls in the form of damp mildew. With repossessed homes, you know that the previous owner did not want to leave and so there is probably nothing sinister hidden within the property.
• You will usually be able to buy the home through an auction. Auctions are good because there is no extortionate set price. The potential buyers decide what they are willing to pay for the home.
• You will be able to inspect the home thoroughly before the auction without having someone else living inside the home.

What are the disadvantagees to buying a house repossession?

There are, of course, several cons to buying a repossessed house over a home through a normal sale.

• Auctions can be overwhelming and difficult. Even if you are prepared for an auction and well versed on how it works, it can still be difficult to keep up with the bidding.
• Auctions tempt you to go over your budget. Because auctions encourage fierce competition, if there is a house that you really like you might be tempted to go over you budget. This is never a good thing
• If you are not buying the repossessed home through an auction, you will have to contend with the prices put on by the banks. They will probably try to make their interest back that they lost on the first owner and so the price might be higher than the home is worth.

Whichever option you choose, make sure you know exactly what you are looking for and what your budget is before you start.

Pro’s and Con’s to Buying a Repo Home is an original post from: Repossessed Cars and Houses

What are repossessed houses?

Because houses, like most other large assets, are incredibly expensive, most people cannot afford to buy a home or property without taking out a loan with a financial service provider. However, even though this takes the burden of one large payment off the buyer, they will still have to pay monthly loan repayments. These payments are also expensive and with the cost of living rising, and the unpredictability of most people’s incomes, many people end up unable to pay their monthly loan repayments. Once an individual has missed a few payments or not paid the full amount, the bank that financed the loan will repossess the property.

After they have repossessed the house, they will hold the property for a short period giving the first owner a chance to come up with the money they owe. If they are not able to pay, the bank will then auction the house off themselves or pass it on to an auctioneering house to make their money back.

Why buy a repossessed house over a house in a normal sale?

A repossessed house is not generally a home that someone has left or let go of voluntarily. Therefore you do not have to worry that there is something hidden wrong with the property. Also, a repossessed property is not a house that someone is trying to make a profit out of selling, as the banks are generally just trying to make their money back.

Generally, repossessed houses (like most other repossessed goods) are sold through auctions. At an auction, you and the other potential buyers decide what you are willing to pay for the home rather than having to adhere to a set price that may be extortionate.

Why go through STD Bank?

Standard Bank is a reputable, well-known financial service provider with years of experience dealing with customers and with repossessed goods auctions. They have a large, happy base of satisfied customers and are serious about customer satisfaction. It is always better to buy anything from a reputable dealer, and it is especially important when you are looking to buy something as valuable and expensive as a house. You will definitely be in good hands with Standard Bank, and if you do decide to buy a home at one of STD Bank’s repossessed house auctions, you can rest assured that you and your finances are in good hands.

Finding local Standard Bank house repossession auctions

To find out about any repossessed properties that Standard Bank has for sale, go to www.myroof.co.za. This is Standard Bank’s website for showcasing their repossessed houses. Here, they list repossessed properties for sale, repossessed properties on live auctions and repossessed properties available through online auctions. To find local Standard Bank house repossession auctions you can simply search for properties in your area or peruse the up-coming live auctions for one that is local to you.

Tips for a successful auction

Auctions, while being excellent because of the opportunity for the potential buyers to set the price on the goods that they want, can be stressful and difficult. Participating in an auction can be a pressurised situation and you should research how auctions work and what the correct conduct is for participants.

You should also ensure that you are clear on what you are looking for. You don’t want to purchase a home that is not suitable for you and your family. You will be able to view the property before the auction so make sure that you do a thorough inspection. Settle on a budget and stick to it, regardless of the pressure as overspending could be something you regret later.

Local Standard Bank House Repossession Auctions is an original post from: Repossessed Cars and Houses

Another downfall of purchasing a bank repossessed Harley Davison motorcycles is that the original owners may have had the bike custom fitted to their measurements. This is one of the great benefits of purchasing a Harley off the show room floor as Harley is a true believer in making products that their owners will love and will go to great lengths to ensure that owner is as comfortable as he/she can be. Therefore it is always best when considering purchasing one of these beauties at auction that you find out the specs of the bike before purchasing.

For those of you who are looking to purchase a Harley that has been repossessed by the bank because the previous owner defaulted on their payments then you should definitely get as much information about the bike as you can before you purchase. These bikes are built for the experience and therefore it is best to find out all of the details so that you can have the best experience with the bank repossessed Harley Davdison motorcycles.

Bank Repossessed Harley Davidson Motorcycles is an original post from: Repossessed Cars and Houses

The other great thing about Quick Sell FNB and Repossessed Properties is that property taxes and rates, and this include any arrear costs, will be settled by the previous owner. Properties are always sold “as is”. If the house is guarded by a security company, an appointment should with the company before viewing the home. When it comes to Quick Sell Repossessed houses, no transfer costs will be payable by the buyer. You will receive no discount on any attorney fees compared to Quick Sell Private Sales. Property taxes and rates, and this include arrears; will be settled by FNB bank until the registration date.

The transfer of quick sell repossessed properties occurs much faster. The buyer is responsible for obtaining the electrical compliance-certificate. If the house is guarded, an appointment needs to be made with the security company before viewing it. If you need more information, there are many websites that will be able to help you get the information you need. You can also visit any FNB branch and acquire the information you need on any of the repossessed properties for sale.

Quick Sell FNB and Repossessed Properties is an original post from: Repossessed Cars and Houses

This means that bank repossessed estates and home auctions with FNB are a great place to look for your dream home at a very reasonable price. First National Bank is aware that not everyone knows exactly how these auctions work or how they can view the properties and as a result they have a page on their website which is dedicated to explaining exactly what a repossessed house is and where to view the properties on auction. Therefore it is imperative before you go to one of the auctions of these homes and estates that you visit www.fnb.co.za for all the information you need to make an informed purchase.

For any person who is looking to purchase a home or is looking for a property investment, then you should definitely take a look at the numerous houses and estates that are up for auction. The FBN website is extremely user friendly and informative and gives an in depth explanation of what they offer at these auctions. If you are in the market for a new house or are looking to further your property investment portfolio, then you should definitely look at the bank repossessed estates and home auctions with FNB.

Bank Repossessed Estates and Home Auctions with FNB is an original post from: Repossessed Cars and Houses

So, before you fly into a rage or throw a tantrum, here is the answer to: what happens after the bank has repossessed your car and left you with no transport to get anywhere. What happens is that the vehicle will be taken to a repo storage facility. This is only if the bank has given them no other instructions. The car will remain there until you pay what is owed on the car. Normally, they will give you ten days to do so. If you cannot pay, the cars get re-marketed. This can be a private sale or even at an auction. If the car is sold for less than what you still owe on it, you are still liable for the remaining costs. If it is more than what you owe, this is known as surplus you will be paid the difference.

This is basically what happens when your car is repossessed. It is taken away due to non-payments and you are given a time limit to come up with the money. After that time and nothing has been paid from your side, it is re-marketed. If you believe you have been treated unfairly in any way then the best thing to do is approach a professional lawyer to get some solid legal advice on the repossession issue.

What Happens after a Bank has Repossessed a Car? is an original post from: Repossessed Cars and Houses

You just have to make your bond repayments every month to avoid the bank having to sell your home; that’s all there is to putting a stop to house repossession. To refinance isn’t always the wisest idea as it leaves you owing more money to the bank, but if it is the only option, then that is what you will have to do, but maybe get some advice from the bank first. The consultants should be able to give you some advice, and maybe even some tips that may help you this time round. If after the refinance you are still struggling to make your payments, it may be best to let the house go, but until then you have to do everything you can to keep it yours.

Having a home repossessed is one of the worst things that can happen to anyone; after having your own home for such a long time, having to give it up at an auction will break your heart. Avoid it at all costs, pay your bond no matter what, get rid of the second vehicle if you have to, but make putting a stop to house repossession your first priority.

Putting a Stop to House Repossession is an original post from: Repossessed Cars and Houses

Finding bank auctions to find repossessed homes is not simple anymore. The reason for this is that many of the mortgage buyers will not reveal that the property is actually foreclosed homes. The reason for this is a behind-the-curtain-approach. These mortgage buyers involved in bank repo properties would rather see themselves as family friendly home-sellers. Make sure that you visit ABSA, Standard Bank or Nedbank as part of your research to make sure that you know everything before jumping at the opportunity to buying a repo property.

Make sure that you find out why the bank approaches a certain property and forecloses it. Sometimes people will try to sell the houses themselves because of financial difficulties before the bank comes to claim it. So, before heading to the auction house, make sure you know why the house was repossessed. You might learn that there is cemetery in the back garden. Know exactly where you stand in terms of the repo house you buying and what you might face so you can find decent bank auctions to find repossessed homes.

Bank Auctions to Find Repossessed Homes is an original post from: Repossessed Cars and Houses

As most children get their licenses at 18 years of age, many parents have started looking at second hand car auctions for their child’s first car. As the prices of the cars are much lower than normal, this is ideal for parents who are tired of their children borrowing their cars and who want to give their children some independence.  The auction houses offer a large number of makes from Toyota to VW’s all at very reasonable prices.  This means that this is a great place to look for a first car as there is a wide variety to choose from and which can be bought without breaking the bank.

So for people looking for first cars for their children, a second car for the family, or cars to add to a fleet of cars for a business, Burchmores is a great place to start looking. Although there is no guarantee that you will be driving out in the car due to the fact that you would be bidding against other people for the vehicle. These bank repossessed vehicles are ideal if you are looking around for cheap prices for your favourite Toyota or even BMW, so there isn’t really any reason why you shouldn’t visit one of these second hand car auctions.

Second Hand Car Auctions is an original post from: Repossessed Cars and Houses

You can visit your bank if you would like to know where these auctions for second hand motor cars are being held. If you have put away some money for these events make sure to bid on repossessed vehicles and walk away with that Toyota. You will only be able to find the best deals at auction houses when bidding on repossessed cars. There is no doubt that you will find it much more worthwhile and more sensible bidding on second hand vehicle than actually visiting motor dealers and buying a new vehicle from them.

Sometimes we can only fantasize about owning that luxury 4×4, but knowing that you can bid on one of these vehicles and stand a chance to win it at an auction event is great. The price difference is another story. Think about the price tag on that 4×4 at an auction as a discount, because these prices cannot be found anywhere else. Remember, there are many other bidders after the same vehicle that attend these auctions for second hand motor cars.

Auctions for Second Hand Motor Cars is an original post from: Repossessed Cars and Houses