Are you:
If you answered yes to any of the above questions, the EasySell program can help you. If you are unable to afford your home loan, the bank will try to limit your risk by selling the property. This sale can happen voluntarily via the EasySell program or involuntarily via a sheriff auction after a legal process. As can be seen below, the EasySell option is by far the better option for anyone trying to sell a property!
| EasySell | Sheriff's Auction | ||
|---|---|---|---|
| A | Market Value of Property | R 1,101,000.00 | R 1,101,000.00 |
| B | Outstanding Balance on Bond | R 1,266,150.00 | R 1,266,150.00 |
| C | Estimated Selling Price | R 1,018,425.00 | R 627,570.00 |
| D | Less Costs/Fees | R 132,395.25 | R 81,584.10 |
| E | Estimated Shortfall (B-C+D) | R 380,120.25 | R 720,164.10 |
| F | Less EasySell Shortfall Discount | R 38,012.03 | R 0.00 |
| G | Estimated Revised Shortfall (B-C+D-F) | R 342,108.22 | R 720,164.10 |
| H | Effective Selling Price (C+F) | R 1,056,437.02 | R 627,570.00 |
| Effective Sales Value (A/H*100) | 96% | 57% | |
| Monthly repayment | R 2,850.90 | R 8,833.00 | |
| Total Repayment over 10 years | R 342,108.23 | R 1,059,960.21 | |
| Voluntary Sale | Yes | No | |
| Discount of up to 10% on shortfall* | Yes | No | |
| Sell via estate agent at higher price | Yes | No (auctioned) | |
| Shortfall repayable over 10 years, interest free | Yes | No | |
| Your name gets cleared on the Credit Bureau** | Yes | No |
* Discounts are not guaranteed but negotiated on an individual basis.
** Once your shortfall has been paid
