If you are looking to buy a bargain property, look no further than repossessed houses for sale in the Mitchells Plain area. Mitchells Plain is situated in Cape Town on the Cape Flats in the Western Cape. This area is its own town within a cluster of suburbs just south of the N2 Highway.
When is a house repossessed?
Houses are repossessed by lending institutions such as South Africa’s major banks such as First National Bank (FNB), Absa, Nedbank and Standard Bank when people are unable to make the payments due on their home loans. When a home loan holder defaults on payments or is late making payments, the bank may apply for the person to lose their home as a result. If the motion is granted, the bank may then take the property into their possession and resell it to make up for any money lost.
What makes repossessed houses cheaper?
You can find some great deals on repossessed houses because the bank or lending institution is not concerned with making a profit; they just want to regain any money they have lost as soon as possible. Homes will generally sell for a price close to the amount still owing on the loan, and if the previous home owner was close to paying off the house, this price can be very low. Even if the home owner hasn’t paid in much towards the house, the house will still sell for a lower price than it would if sold privately or through a real estate agent. In this case, one man’s loss is certainly another man’s gain. Essentially, the previous home owner has already paid for some of the house for you, however big or small that portion may be.
One of the easiest ways to find and make an offer on repossessed houses in the Mitchells Plain area is to use online resources that list repossessed houses for sale and allow you to make an offer over the Internet.
One of the property listings on which to find repossessed houses is My Roof (www.myroof.co.za). My Roof is not an estate agent, but is a property listing company which uses the internet and other technologies to streamline their service and allow them to provide the listing service at a low rate. The listing includes various home repossessed by the major banks, listing the asking price and the address of the home.
The first step in buying a repossessed property online is to decide on the location, so once you have chosen Mitchell’s Plain, the next step is to decide on how much you are willing to spend. Once you have a set figure in mind you can begin to search for repossessed property in the Mitchells Plain area within that price range.
My Roof offers a number of services to help you find the right property:
- If you choose to sign up to property alerts, My Roof will keep you updated as new properties are listed on the website, sending you updates via email.
- You can track properties you are interested in on my website by using the “My Favourites” tool. When you have selected interesting properties, you can add a pros and cons list to each to help you compare them.
- You can be sent email reminders of appointments you make to view properties.
- The team at My Roof will help you through the entire process of finding a property, making an offer, securing a bond and finally transferring the property to your name.
A simple internet search will reveal other companies dealing with the sale of repossessed house, one of them being Property Seekers (http://www.propertyseekers.co.za/).
An example of a repo house for sale in Mitchells Plain
There are a great variety of repossessed houses for sale in the Mitchells Plain area of different sizes, conditions and price ranges, here is an idea of a current house on sale so that you have an idea of a typical property you can expect.
- A two-bedroom, 1-bathroom house is selling for R170 000 on 26b Olifantshoek Street.
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