You can find an FNB repossessed house for sale at auctions at locations in South Africa. Property repossessions from First National Bank go on sale weekly. So if you’re in the market to buy a new property these events might be worth checking out. It’s a matter of finding the nearest property repossession auction to where you live.
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With the way things are in the world right now and house prices not going up as much as expected it might be a good idea to check out FNB repossessed house auctions when buying your next home.
Sadly many people and families are struggling with money and some have not been able to pay their home loans every month. This has made banks like First National Bank take the hard step of repossessing their houses.
Even though it is a tough situation for those families it gives you a chance to buy a house at a lower price which can save you money.
FNB has created a website where it has placed all of its repossessed properties online. This is ideal for the following reasons:
- There’s no need to go visit house after house every weekend
- You can view houses from the comfort of your own home
- Easily browse through an entire range of properties and decide which suits your needs best
- You can take your time deciding whether or not to take part in the auction, based on the houses you view
Benefits to buying an FNB repossessed house:
- You don’t have to pay transfer duties. This would be your second major saving after a cheaper property price;
- The transfer of the property into your name is a much faster process. Ideal so that you can move quickly on securing a tenant or moving into the house yourself;
- Property rates and taxes will be paid by FNB until transfer has taken place. Your third area of saving;
- FNB will be able to offer you a bond of up to 100%. This is ideal, as you do not have to search far and wide for a bond. Although it may be wise to at least get counter offers to take to FNB should the rate not be the best.
However, there are a few shortcomings when you buy repossessed houses, notably:
- No discount of attorney fees. There is no room to negotiate or bargain;
- As a prospective purchaser, you will have to make use of FNB’s conveyancers. Not ideal but generally speaking the seller does have the say in which attorney’s are used.
Having weighed up the pros and cons, you will still be amazed at the pricing you will receive when you log onto FNB’s Quick Sell property website. Not only does this website cater for a first-time buyer, but it also caters for the investor.
Consider the following:
- Because you can browse by province, and from the comfort in your own home, you can adjudge whether a property in a different part of the country is worth pursuing;
- Or, as a parent, with your child attending a university in a different city, you could look at investing in a flat, and can search through the provinces to see which house fits the student lifestyle of your child.
And at the end of the day, you will be able to secure home financing, based on your FICA requirements.
In Conclusion of FNB Repossessed House Sales
If you have not considered it yet, FNB repossessed house and auction sales are a really good bet.
Having the patience to visit property auction events can help you save thousands on buying a new home.
Alternatively if you are having difficulty finding FNB repossessed houses for sale in your local area then speak to a consultant at your local FNB bank branch. https://www.fnb.co.za/