PROPERTIES FOR SALE
SA Home Loans strives to place as many South Africans into their own homes and we take great pleasure and pride in offering home loans to clients throughout South Africa.
There are, however, a small percentage of clients who find themselves unable to honour their repayment obligations on their home loan agreement. We then assist clients to find a solution that allows them to retain their home. In some cases, financial circumstances do not allow clients to continue to meet their repayments, in which case these properties may be foreclosed on in order for SA Home Loans to recoup the outstanding balance on the home loan.
While many people refer to all distressed property sales as “repossessed properties”, there are in fact different legal terms for properties that are available for sale:
- Sale in Execution
A sale in execution is a public auction of a bonded property by the Sheriff of the Court. A sale in execution is usually the last step that is taken when clients are unable to service their home loan repayments; the home loan is in arrears and all other efforts at rehabilitating the loan have failed.
- Property in Possession:
A property becomes a Property in Possession (PIP) or Repossessed Property, once the borrower has defaulted and SA Home Loans purchases the property at the Sale in Execution because the reserve price was not achieved.Benefits of buying a repossessed property:
- As VAT is included in the purchase price no Transfer Duty is payable by the purchaser.
- Property rates and taxes will be paid by SA Home Loans until the date of registration.
- The transfer is often much faster.
- In many instances repossessed properties may require repairs. This can create an excellent opportunity for an investor to upgrade the property for a profitable resale.
- Insolvent Estate properties
A property becomes an insolvent estate when a client, company or CC is declared insolvent or sequestrated by the High Court. A trustee or liquidator is appointed by the Master of the High Court to manage the estate including disposing of the property.
- Deceased Estate properties
In the unfortunate event that a client passes away, one of the options available to the beneficiaries of the estate is to sell the bonded property. Once the estate is formally reported, the Master of the High Court appoints the Executor who is responsible for administering the estate including disposing of the property.
- “Sell Assist” Properties
“Sell Assist” is a service that we provide to clients in financial distress. Our aim is to assist our clients with marketing their property to achieve the best possible sale price for the property. The process begins by the client signing a mandate that allows SA Home Loans to list the property on Private Property and to appoint agents on our panel to market the property. The listing on Private Property is free to the client and the agents on our panel agree to reduced commissions on the successful sale of the property. Our clients are in full control of the sale of the property. Should a satisfactory offer be obtained that is acceptable by both the client and SA Home Loans, then the normal transfer procedure will follow. For more information, feel free to contact us.
SA Home Loans has partnered with Private Property to make these properties available online for interested buyers to view. Further details are given on the SA Home Loans section of this site for the process to follow in order to purchase these properties.View Properties For Sale >