Invest in bank repossessed property during the current financial climate and it could be one of the best investments in South Africa you ever make. The major banks in SA, ABSA, Nedbank, Standard Bank and FNB all have property in possession lists and are repossessing houses and homes on a much regular basis than in the past. These bank repo houses and homes get sold off at often bargain prices at auctions in Cape Town, Johannesburg, Durban and other parts of the country weekly. For investors with large amounts of capital finance, there are many bargains ripe for the picking as we speak.
When the property market recovers, those who invested in repossessed property and land around SA are going to reap the rewards and great those rewards will be for some. As the banks have to repossess more and more homes and houses nationwide over time, so these assets are going to have to be sold at cheaper prices in order for the financial providers to get any kind of return on them. As time goes by, not only are people losing their houses but also people are reluctant to spend at bank repossession auctions in South Africa which means that the lists and catalogues of property in possession from the banks is simply getting longer.
Auctions are public events and being held in Cape Town, Gauteng, Durban, Bloemfontein and other parts of the country regularly and anyone who qualifies can join in the bidding at an event. There are of course rules and guidelines to follow for anyone looking to buy property through one of the auctions nationwide so it is wise if you are interested to speak to a member of the bank whose event you plan on attending and participating in. It is extremely sad to think how many South Africans are losing homes due to their financial troubles but the bottom line is we all make choices and those losing a house are more often people that made the wrong choices. A good starting place for those interested in viewing catalogues and seeing lists of bank repossessed property for sale in SA is on the bank websites online.