FNB Quick Sell is a proactive and constructive programme in which the bank and its panel of estate agents attempt to sell your property at the right price and in the quickest possible time.
FNB Quick Sell provides an alternative to conventional methods available for the sale of your property, in the event of you experiencing financial difficulties or a change in circumstances that requires a fast sale.
A realistic market value for your property will be obtained prior to resuming marketing through the various channels.
| Quick Sell | Sheriff's Auction | ||
|---|---|---|---|
| A | Market Value of Property | R 600,000.00 | R 600,000.00 |
| B | Outstanding Balance on Bond | R 720,000.00 | R 720,000.00 |
| C | Estimated Selling Price | R 510,000.00 | R 342,000.00 |
| D | Less Costs/Fees | R 76,077.00 | R 61,077.00 |
| E | Estimated Shortfall (B-C+D) | R 286,077.00 | R 439,077.00 |
| F | Less Quick Sell Shortfall Discount | R 143,038.50 | R 0.00 |
| G | Estimated Revised Shortfall (B-C+D-F) | R 143,038.50 | R 439,077.00 |
| H | Effective Selling Price (C+F) | R 653,038.50 | R 342,000.00 |
| Effective Sales Value (A/H*100) | 109% | 57% | |
| Monthly repayment | R 1,191.99 | R 5,385.39 | |
| Voluntary Sale | Yes | No | |
| Discount of up to 50% 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
