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FAQ on Standard Bank Properties Not On Auction
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For Frequently asked questions on properties sold on Auction, click here
Is this a bidding site where the highest bidder for a repossessed properties offer is accepted? No, MyRoof.co.za is NOT a bidding site. It is a private property advertising portal used by Standard Bank to advertise their listing of Bank repossessed and other properties directly to the public. When placing an offer on any repossessed property you are not bidding against another buyer. MyRoof.co.za and Standard Bank merely indicates previous offers as an indication of the prospective buyers' current perceived value for any given property. MyRoof.co.za and Standard Bank also informs anyone who has made an offer on any given property when other offers are made to afford the person who made the offer an opportunity to make another offer if he/she wishes to. Standard Bank accepts offers on its sole and unbiased discretion based on a number of factors, including but not limited to:
Is Standard Bank OR MyRoof Acting as, or performing activities as Estate Agents? Neither Standard Bank nor MyRoof are registered (or licensed) estate agents and therefore are not obliged to adhere to the Estate Agency Affairs Board code of conduct. Standard Bank and MyRoof have therefore engineered a unique way of selling the properties as per the rules set out hereunder. What is the relationship between Standard Bank and MyRoof.co.za? MyRoof.co.za is a private property advertising portal, contracted by Standard Bank to advertise their properties directly to the general public. The enormous interest in these properties as well as the nature of the administration activities moved Standard Bank to contract with the MyRoof.co.za channel, which is a secure electronic medium, easily accessible, and regularly updated, in order for the general public to be afforded the opportunity to view listings and make offers on available properties in possession at any given time. How secure are my personal details on the MyRoof.co.za website? Very secure. Data you exchange with Myroof.co.za is kept on a secure server and never provided to third parties. The only information users need to provide to make full use of Myroof.co.za's functionality, is their contact details. Does Standard Bank sell properties to make a profit? No. Standard Bank's main objective with selling properties is not to make a profit, but rather to minimize the default indebtedness of the previous owner. However, Standard Bank does attempt to recover all costs pursuant to the purchase of the properties in the sale in execution process. To help minimize the previous owner of the repossessed property's debt, some properties might have a minimum offer requirement. If an offer is made below this amount, the offer will automatically be rejected and the prospective buyer will be informed of this via email. What factors play a role in Standard Bank accepting an offer? Standard Bank accepts offers on its sole and unbiased discretion based on a number of factors, including but not limited to:
Are all offers on any given property considered? Yes, all offers are logged on a central database, where Standard Bank will carefully consider all received offers, for a particular property. How many offers are on average received on the site per month and per property? Standard Bank may receive more than 5000 offers per month on its property listings on MyRoof.co.za. in some cases Standard Bank may receive up to 150 offers per single property per week. What happens when I make an offer on a property? There are 4 steps involved once you have made an offer on a property in possession: Step 1 – Making the Actual offer on MyRoof.co.za After making an offer, the offer is received and reviewed by Standard Bank. MyRoof.co.za will simultaneously send you an email confirming receipt of your offer and confirming the property and your contact details. Step 2 – Your offer is accepted or rejected by Standard Bank If Standard Bank accepts your offer, you should receive both an SMS as well as an email (containing the Offer to Purchase document) confirming that your offer has been accepted in principle. MyRoof.co.za will also contact you on the cellphone number you provided when registering on the site. If you are interested in proceeding, you are required to respond by completing the Offer to Purchase, and return such to Standard Bank by fax, within the required time as stipulated on the communication. Should you fail to respond timeously, Standard Bank reserves the right to accept another offer on this property. If Standard Bank rejected your offer, you should receive an email stating that your offer has been rejected. You are welcome to make another offer! Step 3 – Complete the Offer To Purchase Once step two has been completed, you are required to complete, in full, the Offer to Purchase sent to you via email as per step 2 above, and fax it to the Fax number mentioned in the communication. (If you're buying an EasySell property you need to use the OTP document that your agent will supply) It is your responsibility to call the MyRoof call centre on 0861MYROOF (0861 697 663), to confirm that your completed Offer to Purchase has been successfully received. Only when Standard Bank countersigns your completed Offer to Purchase, is your offer deemed formally accepted. MyRoof.co.za will contact you to confirm that Standard Bank has accepted by way of counter signature, your completed Offer to Purchase. Step 4 – Arrange for Bond finance After acceptance of your offer, you have 14 business days to arrange for Bond financing. Should you be unsuccessful in securing bond finance within the required timeframe, and conditions as set out in the Offer to Purchase, Standard Bank reserves the right to cancel the transaction and accept another offer. All decisions and actions by Standard Bank in this regard are final and no correspondences will be entered into. Why can I make offers on properties where a transaction is already in progress? Should the current transaction fail for any given reason, Standard Bank will accept another offer by its sole discretion as explained earlier. Can I stop receiving emails when people make offers on a property I’ve made an offer on before? To stop receiving emails when people make offers simply click on the “unsubscribe” link at the bottom of any email. You need to click on the unsubscribe button once for every property you’ve made an offer on for which you don’t want to be notified when other people make offers. Will the highest offer on a repossessed property always be accepted? No, please see what is Standard Bank's main objective when selling repossessed property? Why is my offer rejected so quickly? Please refer to: Does Standard Bank sell repossessed properties to make a profit? Who owns the Standard Bank properties in possession? All Standard Bank repossessed property listings were previously bonded by Standard Bank. When the previous owner defaulted on the financial obligation, the property was sold at public auction. Where any property does not reach its asking pricing, this property is bought in by Standard Bank. Properties in possession are thus registered, or in the process of being registered in the name of Standard Bank. How long does it take to register a repossessed property bought from Standard Bank? The process of registering properties in the name of the new owner (buyer) is more complex than a normal transfer between private individuals. Although Standard Bank does everything in its power to ensure fastest possible registration, finalizing a transaction of a repossessed property can take anything between 4 and 6 months. Buyers have the option to occupy vacant properties by means of occupational rent to the Bank. Glossary of Terms
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