Residential property auctions in durban
New families and even older ones are always seeking to buy residential property at some point. Many live in apartments for a long time and it might come a time where they would want to settle in a home as opposed to a flat or apartment. Buying residential property is not the easiest or cheapest though because it seems to be pricey most of the time, buying a house off an agent or company could be a painful process too. Which is all the reason why Residential property auctions in durban make the process simpler for aspiring home owners, what auctions do is eliminate the truck load of paperwork and make it simpler for an owner to purchase on the spot no questions asked. It is as easy as bidding and you are well on your way to owning a house.
Firstly there are different types of property auctions, so choose what type of auction you go to carefully. In South Africa there is a growing trend to sell your house through an auctioneer in a VOLUNTARY auction, with the main purpose to get a better price for the property playing buyer against buyer in a live environment. These auctions can work well for the seller in an active property market but seldom work for the buyer. The seller has a reserve price and the sale is subject to the seller’s acceptance.
Look out for the bank auctions, also a voluntary auction kinda, organised by the bank but where the distressed seller (who is significantly behind with his bond) is given an instruction to sell at the auction, subject to the bank accepting the bid. In this case in most circumstances the properties are sold at a discount and the bond holder agrees to write off the shortfall on the outstanding bond. (in fact they give the seller an unsecured loan with soft terms for the shortfall) So in this circumstance you are buying a home from a seller with all the normal warranties and on transfer the rates and taxes will have been sorted by the seller. This is a great place to source realistically priced property, without the risks inherent in forced sales.
These are just some of the things that you need to know before you go and bid at Residential property auctions in durban. Who knows you might just walk away with a house in your name at the end of the day.
For more auctions news read: Auctions in Cape Town