First National Bank has introduced a process to assist their client to avoid foreclosure. These FNB Repossessed houses are also known as Quick Sell Properties. In today’s harsh economic environment, many people are struggling financially. Various other factors may also affect the ability of people to be able to pay off their home loans. While most people work hard to pay their home loans off, some unfortunate circumstances may cause some individuals to miss their monthly payments – which may lead to repossession.
Repossessed homes are originally financed by the bank on behalf of their client and become repossessed once the client’s home loan falls into arrears. This is often the last resort the bank is willing to take to resolve their losses.
The Quick Sell Properties are segmented into 3 major categories:
Quick Sell Private Sales:
With these sales, the client has appointed FNB to market their property on their behalf. Clients usually opt for this solution when they are typically struggling to sell and are struggling to meet their bond repayments.
Quick Sell Repossessed Properties:
These are bank repossessed houses owned by FNB. Once a client has defaulted and the bank’s reserve price is not met on public auction the property becomes repossessed.
Quick Sell insolvent Estate Property:
The clients have been sequestrated and the court appoints a liquidator to manage the estate.
What are the benefits of FNB Repossessed Houses?
Repossessed properties are often sold well below their true market value. The bank is very likely to accept low offers for the houses.
Full 100% bonds are also offered to buyers of any of their quick sell repo houses.
No transfer duties are payable.
All outstanding rates and taxes are paid for by FNB until the date of registration.
As a prospective home buyer you can choose among the various options for the type of repossessed home you want to buy.