01
Jan
2012
Sale in Execution : What it means

Not sure what the term Sale in Execution means? This is when a public auction is held by the Sheriff of the Court, after a home loan could not be repaid to the bank. This is not a repossessed property. But why does this happen?

When money on a home loan has not been repaid, the bank will get a court order to sell the relevant property. This will only be done by the bank when there is no other alternative, and after many requests to pay.  The banks prefer not to repossess property, but rather help the clients to the best of their ability to keep their property.

In case of a Sale in Execution, the banks cannot accept or decline the offers, since it is not their property. The property will still be registered in the owner's name. Before the Sale in Execution can commence, the auction needs to be advertised in the Government Gazette as well as in two local news papers, in the location where the property is situated. The banks will also market these properties to the public.

On the other hand, there are many repossessed properties available nowadays. It is a well-known fact that these properties often sell for well-below their market value and you can get your hands onto great property bargains. These properties can be viewed at www.myroof.co.za. You can search for your dream property amongst different types and sizes of properties. Will you, as a potential buyer, be interested in buying a repossessed property?

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