Want to buy a repossessed property on auction, but not sure what the implications might be? Repossessed properties have many advantages and are worthwhile looking at. Some of the advantages include the following:
1. You do not pay the transfer duties.
2. Property rates and taxes will be paid by the Bank up until the date of registration. All the arrear amounts will also be covered by the Bank.
3. Properties are bought for well below market value. Since the banks want to sell the repossessed properties as soon as possible, you are most likely going to buy a great property for a good price.
4. The banks offer you relaxed lending criteria. The banks will be more lenient with some aspects when you are approved for a home loan. This is because the banks need to retrieve most of their money.
There are many advantages when buying a property on auction, and a variety to choose from. What is your opinion regarding these advantages?