Finance your Home

 

Buy a repossessed property


Now is the ideal time to take advantage of the great property opportunities available in today’s difficult economic climate. Whether it’s for long-term property investment, or for the savings you’ll get on transfer fees, Absa’s properties in possession are made publicly available for purchase or short-term rent.

A bank repossessed property is a cancelled home loan agreement as a result of the borrower repeatedly defaulting on agreed instalments. Legal action is instituted by the attorneys and a judgement is obtained against the defaulter from the High Court. The property is then attached and the Sheriff then sells the property at a sale in execution. If the bank’s reserve price is not achieved at the auction, the property is bought into possession.

Why not take a look at the range of repossessed properties available from Absa?

Not quite right? Maybe you would prefer Full Title Ownership, Sectional Title Ownership, buying directly from a developer or to buy abroad?


Steps involved in buying a repossessed property

1. Search: search for a repossessed property. If you find something you are interested in, please contact us to view the property or to make an offer to purchase. Remember to submit your identity document and proof of residence

2. Confirm: we’ll send you written confirmation within seven (7) working days advising the outcome of your offer

3. Accept: on acceptance of your offer a transferring attorney, nominated by Absa, will be instructed to proceed with the registration of the property. Should you require Absa Home Loan finance, apply online

Why buy a bank repossessed property?
  • If you purchase in your personal capacity, you will be exempt from paying transfer duties
  • Property rates and taxes (including all arrear amounts in this regard) will be paid by Absa until the date of registration
  • By financing your new home through Absa Home Loans, you’ll enjoy the benefit of discounted attorney fees
  • Mobile Express Agents are available to conveniently assist you in completing your Absa home loan application, once your offer to purchase has been accepted
When purchasing a repossessed property, please note that
  • Electrical compliance and Entomologist Certificate is to be obtained by the purchaser
  • All properties are sold “voetstoots” and Absa will not undertake repairs


Contact Repossessed Properties
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