What is a repossessed property?
When a homeowner is in financial difficulty, unable to meet their bond payments and all our attempts at payment rehabilitation have failed, Nedbank is left with no option but to repossess the home.
In selling the home to another buyer, our main objective is to offer financial relief for the previous property owner, while recovering the outstanding debt on the home loan account.
Benefits of buying a Nedbank-owned property
A repossessed property can be a good way to find a property at a lower cost.
No transfer duties
No transfer duty is payable, which is a substantial cost saving.
Nedbank pays all outstanding rates and taxes on the property until the date of registration or occupation, whichever occurs earlier.
What to consider about repossessed properties
Occupying the property
Nedbank does not guarantee vacant or immediate occupation of a repossessed property.
The repossessed property transfer process is more complicated and takes longer than the standard property transfer process.
Sold as is
The property is sold in its current condition, without any warranties.
Subject to sales
Nedbank will not accept any offer to purchase if it is tied to the sale of an existing property.
The reservation fee is a non-refundable deposit payable in cash or by electronic funds transfer. No cheques will be accepted. The amount payable for the reservation fee depends on the purchase price of the property. The reservation fee will be used towards the property transfer costs.
Documents you’ll need to apply
How to buy a repossessed property
Browse through our repossessed properties to find one you’re interested in.
Get a Nedbank offer to purchase from PIPSales@Nedbank.co.za include the property reference number in the email subject line.
Send through your completed offer and documents to NOPOTP@nedbank.co.za
Read through the agreement of sale to make sure that you understand the terms and conditions.
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