FNB property repossessions happen when people have been repeatedly unable to make their repayments on their home and thus are no longer legally entitled to live on their properties. Whilst this is obviously an inconvenience to them, it is also a huge inconvenience for their bank. When people don’t make their payment the bank is at a loss for money and thus must remove properties in possession of owners and sell them at auction events in order to recoup the costs that they have incurred. This is happening around South Africa and First National Bank is not the only bank to pursue this type of action. The recession has hit across the country from Cape Town to Durban to Gauteng. It’s a hard time for everyone.
There is the saying that there are two sides to every coin and FNB property repossessions are no different. Bank repos are extremely affordable for property buyers because the bank wants to make back the money as fast as possible. So whilst auction events can be sad for former home owners, they can also be great for first time home owners who are looking for a good deal. Whether you’re in Gauteng, Cape Town or Durban, there is nothing better than owning the property you live in. Properties in possession of the bank or rented properties do not offer the same freedom to experiment and play. So if you’re part of First National Bank, enquire at the bank about auction events in South Africa.
If you’re not a member of First National Bank, that doesn’t exclude you from participating in the auctions at all. In fact, banks are always looking for new clients and what better way to become a client than by purchasing a new home via bank repos. So keep an eye out for advertisements about auctions in your area and you may find some wonderful FNB property repossessions.