ABSA Bank Repossessed Houses
ABSA Repossessed Houses, also known as a ABSA property in possession, is a cancelled home loan agreement. The bank has have to repossessed the property as a result of the previous owners not being able to pay off the full outstanding home loan amount.
Theses properties are sold by ABSA, or by agents working on behalf of ABSA, at prices well below their normal market value.
There are a number of excellent reasons to be shopping in the bank repo market:
Low Prices and 100% Home Loans
Besides getting a potentially great deal on the price of these repo houses, the bank is often willing to offer you a full 100% bond when applying for a home loan to by a bank repo house.
No Transfer Duties
If you buy the house in your personal capacity, you will be exempt from paying property transfer duties.
No Arrear Property Rates & Taxes
ABSA will settle all outstanding Rates & Taxes before selling you the property. This could amount to many thousands of Rands.
Discounted Attorney Costs
By financing your new home through Absa Home Loans, you’ll enjoy the benefit of discounted attorney fees. (Check with the bank, as this benefit may not aways be available)