07/09/2017
Stopping Repossession
What you want to avoid at all costs is a sheriff’s auction.
All of the banks say that repossession – which leads to a sheriff’s auction – is a last resort and that their intention is always to keep you from losing your home.
If you have no option but to sell your property, and you have not been able to sell it yourself or via an Estate Agent, we at Quick Property Buyers can help by purchasing your property.
Amos Kahn, head of legal recoveries at Nedbank Home Loans, says the financial losses to both clients and the bank are “significant” when a property is sold in ex*****on.
“Sales in ex*****on are dominated by speculators. The prices achieved are not good for the bank or our client,” Kahn says.
Nedbank estimates that, when sold at a sheriff’s auction, a property typically fetches 50 to 60 percent of the value.