Nedbank Bank Repossessed Houses
Looking for a great deal on a property? Enquire today to find your home sweet home among the Nedbank-owned properties and get a great deal on the price and the home loan.
With repossessed homes you do not need to pay any transfer duty and all outstanding rates, taxes, and levies are paid by Nedbank in full. You could also secure a great
interest rate for your home loan. With these benefits, repossessed properties can become an attractive prospect.
That said, the process of buying a repossessed property is a little different from that of a standard sale, so our team of specialists is available to walk you through everything
you need to know and ensure you understand all the risks and benefits of purchasing a repossessed property.
We have listed some important considerations as well as the steps you need to take when purchasing a Nedbank repossessed property.
Important legal considerations
- We do not guarantee that the property will be unoccupied. If it is occupied, you must have it vacated at your own cost.
- After you have inspected the property, you agree to and accept the risks associated with the property.
- You purchase the property voetstoots, which means you buy the property as it stands with all its defects and subject to the conditions and servitudes mentioned in the current title deed or that have been imposed by law. We will not profit from any excess nor be responsible for any deficiency in the property.
- If there is an error in the description of the property, it will not be binding on you, us and any other party to the sale, all of whom will in such an event be entitled to rectification of this agreement so that the description of the property is as set out in our title
- We are obliged to provide you with only the keys in our possession.
- We will have no liability if it is found that the electrical wiring, installations and/or connections are faulty.
- We will not accept any offer to purchase that is subject to the sale of an existing property.
- You may not do any renovations or alterations to the property before it is registered in your name.
Taking the first steps
- Browse our list of repossessed properties.
- Once you have found a property you are interested in, send an email to [email protected] or call us on 0860 555 111.
- To apply to purchase the property you are interested in, you can get an abridged offer to purchase (also known as an agreement of sale) from us by sending an email to [email protected] (remember to include the property web reference number).
- Complete this form and submit all relevant documents so we can review your application . Please read the offer to purchase to make sure you understand the terms and conditions before signing it.
- If your offer to purchase is approved, you will receive an approval-in-principle letter.
- You will then need to pay a non-refundable reservation fee, either through an electronic funds transfer or as a cash deposit at any of our branches. Reservation fees are as follows:
- R2 500 for properties up to R250 000
- R7 500 for properties up to R750 000
- R12 500 for properties over R750 000
- You must pay this reservation fee to Nedbank within two business days of receiving the approval-in-principle letter (account details are in the letter) or we will revoke the offer.
- Once we have received the reservation fee, you have 19 days from the date of the acceptance letter to provide us with proof of a
bond grant or of cash available*. You can email proof of your bond being granted
or of your cash available to us at [email protected]
- We will then transfer your deposit to the transferring attorney and it will be used to offset the transfer costs.
* If you are unable to secure a loan within the stipulated 19 days, you will forfeit your deposit and we will revoke our approval of the offer to purchase.
Understanding the costs
Before buying a Nedbank-owned property, it is important for you to understand all the costs involved.
- You will not have to pay a transfer duty, which is a substantial cost saving.
- You will have to pay the attorney transfer and registration fees.
- We will pay all outstanding rates, taxes and levies on the property until the date of registration or the date of occupation, whichever is earlier
We constantly update our list of repossessed properties. We have a team that has extensive experience in managing these sales and, with a network of accredited attorneys, the sales and transfers are handled efficiently.
If you decide to purchase a repossessed property and finance it through Nedbank, you will receive personalized care from one of our experts, who will guide you on your journey of buying your property. We also offer:
- Loans of up to 100% of the property value.
- A saving of R6 037 on initiation fees*.
- Up to 50% off your bond registration fees*.
- Up to R15 000 cash back when you apply online*.
- A standard loan term of 20 years (up to 25 years).
- A variable interest rate at the outset of your loan term that you can change to a fixed interest rate later.
- A HomeVision option that allows you to register a bond for an amount that is higher than the required loan amount. By doing so, you will not have to register any additional lending in future up to the registered amount.
- A NedRevolve facility that allows you to access any surplus funds that accumulate when you pay more than the minimum instalment or when you pay a lump sum into your home loan account.