Bank Repossessed Properties

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. 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. 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, since the banks only want the outstanding amount on the mortgage. 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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Bank repossessed properties are an attractive option for the parties involved. The bank or financial institution gets "reimbursed" for the outstanding part of the loan on the property. Potential buyers, on the other hand, get great deals on property seeing as how banks want to sell the properties as quickly as possible and therefore charge premium rates. There is however a third party that can benefit from bank repossessed properties: those who sell them.

There are obviously certain things you will need (to get in order) if you are interested in selling bank repossessed properties. Bank repossessed properties are real estate, and as such you'll need a real estate license if you want to sell this specific "product". There are many courses and institutions specialising in the training of real estate and the business aspects thereof. If you are interested in getting your license, and in finding out where the best place would be to do that, you could go down to your local realtor's office and have a chat with the real estate agents there. Not only can they give you information regarding the processes you'll need to follow, but you can also get info on what exactly the job lifestyle and pay entails.

Of course, even if you do get the license, that doesn't mean that you'll magically begin to sell property left and right - the most important thing you'll need (and this applies to almost any career you can think of) is to have proper experience. Therefore, the quicker you can get into the game the better. Try to get a position at a real estate company, even if it's an administration of clerk position, while you're busy with your license. Just being around the topic of real estate all day will count in your favour. Also keep up with what's happening in the world of bank repossessed properties; if there's someone at work that specialises in this field of real estate, learn all you can from these people who already have experience.

Other than experience, moving in the realms of real estate will give you another advantage - that of networking. It's a good thing to know who's who concerning real estate in your area, and as stated above, even more so regarding individuals who specialise in bank repossessed properties.

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Want to buy a bank repossessed property, but do not have the time to go to auctions? With our website, you can look at bank repossessed properties whenever you have time. You can view bank repossessed properties online at www.myroof.co.za.

You can buy repossessed properties at online auctions direct from the bank. The advantage of this is that you can do it from the comfort of your own home. This means that you do not need to drive somewhere in order to see the repossessed property. This is good news for those who have a busy schedule and need to multitask day-in and day-out, since the website is always available.

Furthermore, there are pictures listed of the repossessed properties as well as floor plans.

You simply go to www.myroof.co.za/repoauction, browse for the perfect property, and make an online bid. Be sure to know exactly what you have in mind, since there are many repossessed properties listed on this website. Knowing what you are looking for will make the browsing process much simpler.

This is the new trend in auctions, it is less tiring and stressful while keeping the excitement. So don't get left behind, register today and start looking for your dream home.

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In today's world buying a house or business building can be extremely expensive - especially if you are young. A great way to get your dream house, even though you don't have the money for its actual worth, is buying a bank repossessed property. A bank repossessed property is a cancelled home loan agreement when the loaner continued to get behind on regular instalments. The bank then has its attorneys take legal action and obtain a judgement against the loaner from the High Court. The bank repossessed property is then attached and the Sherriff and sold for any price higher than the reserve price.

Except for potentially buying the house for a lot less, there are more reasons for you to buy a bank repossessed property. As buyer you will be relieved from all transfer duties (if you buy personally) and the bank repossessed property's property rates and taxes are paid by the bank up until the date of registration. Once your offer to buy the home is accepted you can ask your bank's assistance in gaining a home loan. If you want to buy a bank repossessed property the first thing you need to do is track down the repossessed house or building you're interested in. This can be done with a few thorough web searches. Remember to add your identification documents and proof of current residence when making an offer to a bank. The second step is the confirmation by the bank you made an offer to. If your offer to buy the bank repossessed property is accepted the bank will nominate a transferring attorney to handle the transfer.

There are also a few other things you'll need to know before deciding to buy a bank repossessed property. The first is that the bank does not usually pay for any repairs so you should try to get a house in a very good condition. As the buyer of the bank repossessed property you will also be responsible for obtaining an electrical compliance and Entomologist Certificate.

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Busy property-hunting, but need to know about all the potential expenses? You can save some money when buying on auction. Many properties that are being sold nowadays are repossessed properties on auction. This means that you can get your hands on a nice property for well-below market value as the bank only wants to recover the outstanding amount owed on the property.

The good news when buying a repossessed property is there are no transfer duties payable. Furthermore, property rates and taxes are being paid by the bank until date of registration.

When buying a repossessed property on auction, you should have a good idea of how much you can spend, and what type of property you are interested in. This will narrow down your search.

Try to have a cash deposit on hand, since financial institutions will more likely give you a home loan when you have some cash on the table.

A good place to search for a property would be online. This can be done anytime of day, from the comfort of your own home. Furthermore, you can place a bid on a property with the online auctions we offer you. All the listed properties have pictures as well as floor plans included, making the decision easier for you.

With all these advantages of online auctions, wouldn't you rather search for the perfect property online instead of using all your hard earned money for petrol instead of a deposit?

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Do you want to buy a repossessed home on an auction? With the economy the way it is right now, there is no better time to get into the property market than right now.

However, there are a few things you will need when applying for a home loan. The first thing you need is to decide whether you are going to buy the property on your own, or with someone else. Remember, the higher the income, the higher mortgage amount you will qualify for.

You need to determine what your budget will be before buying a house. This will give you the knowledge on what price range of properties you can search for on auction.

Be familiar with the bond process and what it entails. Have a deposit in place since this will help you to qualify for a home loan, or alternatively increase the loan amount you qualify for. Also consider the interest you will need to pay on your home loan.

After all this, you need to get your documentation in order. The documentation needed is:

1. A certified copy of your ID.

2. In a case where you are employed full time, you will need to submit three months' bank statements.

3. The offer to purchase.

4. At least one month's pay slip(s), depending on the request.

If you are self-employed, you will need six months' business account statements, six months' personal bank statements and proof of your monthly income.

MyRoof.co.za has staff dedicated to helping you make the process of first-time buying less complicated, so why not call us today?

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It's no secret that repossessed property can be classified as below market value property and happens to be the next best thing in South Africa lately. Usually repossessed property is bought, renovated and then resold at a profit or alternatively rented out.

A very smart way of utilizing the opportunity attached to a repossessed property in distress would be for the investor to place an ad saying that he/she is a cash buyer and can help fore come repossession and is willing to purchase it for 10% below its market value. The owner or seller then decides on the price from there. Always consider the restrictions involved when comparing where establishing a price is involved. This may therefore make evaluating the below market value challenging.

The key aspect of repossessed property that stirs some excitement is the 10-30% markdown on the starting price. Since the guidelines of a good purchase involve a purchase at a bargain, this discount carries substantial influence.

Purchasing bank repossessed property or property headed in that direction can be highly profitable for any investor. Even though this is a logical or practical option, it is often overlooked. A wise buyer should take advantage of this supply in distressed property before a higher demand for repossessed property raises the asking price.

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The recent increase in the availability of repossessed property has made owning a home more affordable and has presented countless investors with the opportunity to get their hands on some big bargains and quality repossessed property.

With the gradual stabilization of the property market, numerous investors are scouting for a diamond in the rough, however, they are soon to discover that the variety has become almost overwhelming and making a decision is becoming more and more difficult. This makes for wonderful news as seasoned investors are now able to expand their property portfolio whilst potential first time home owners now have a variety of selections to pick and choose from.

Though repossessions are a tragedy in one regard, they stand to be extremely beneficial to the property investment sector in the next. If your sole objective is investing you are then in the business of purchasing property in order to rent it out as a cash flow opportunity or to sell it as a capital gain. You may be thinking, why repo-property? The answer is simple. Repossessed property is more often than not sold at a fraction of its market value with virtually no effort to the potential buyer.

An excellent way of benefiting yourself, the bank and the home owner of the house in distress is to buy the distressed property and lease it out to its previous tenants allowing them to keep their home in some small way. This is also a very good method of generating a continuous cash flow.

With repossessed property in full supply and interest rates at an all-time low, there is no better time than now to bag that bargain. Repossessed property is the way to go.

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Searching for a repossessed property to purchase for investment purposes can quickly turn into an overpowering experience and though finding a repossessed property at an attractive price may be somewhat difficult, it is not impossible. Excellent repossessed properties are still waiting to be found if you know where the best places are to look.

Repossessed property is considered to be a sensible investment and offers outstanding opportunities for seasoned and would-be investors to bag irresistible deals and mind blowing bargains. It may come as no surprise that the current property market is especially tough to steer and requires a good know-how and quick thinking to make a property investment profitable so we have provided some tips to help you along the way.

Have a Good Look at the Different Types of Repossessions:

Know about the various properties listed for auctions as the rolling stone gathers no moss and the faster and earlier you jump in, the cheaper the price to purchase is.

Attend a Live or Online Auction:

Repossessed property is sold on auction for a fraction of what they are actually worth. Tenderfeet are easily frightened off by auctions, so before you bid get to know the process and how it works. No question is a dumb question. Ask someone knowledgeable if you are struggling to understand.

Start your Search for the Right Financing:

Be sure to obtain the proper financing before entering to bid. Once the gavel hits the block the repossessed property ultimately becomes yours. When this happens a deposit is required immediately. If you don't have that many bills on you, be sure to have a loan already settled and seen to. Once you are informed and finally prepared you may start the bidding process on a repossessed home of your choice.

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Are you somewhat uncertain on how the online auctions at MyRoof work? It consists of three basic processes namely "Before making an offer", "Making an offer" and "Acceptance of an offer".

Before making an offer:

The status of each property will indicate clearly what the current status of that property is. "No active offer" means that there currently is no offer on the property for the seller to consider. "Highest pending offer" means that the offer currently displayed on the property is the highest offer and it is still active. This amount will change when the offer expires or someone else makes a higher offer. "Transaction in progress" means that the seller has already accepted an offer on the property. However, you are still welcome to make an offer on the property. Should the current transaction fail, your offer will be considered and you will be notified via e-mail.

Be sure to know the status of the properties you are interested in. This will save you time and effort.

This is the first of the three processes, read more in part 2

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The auction process at MyRoof will be further explained in this blog. It consists of three basic processes namely "Before making an offer", "Making an offer" and "Acceptance of an offer".

Making an offer:

When you are making an offer on a property, be sure that you are logged onto the MyRoof website, and click on the "make an offer" button. You need to provide us with the following information:

1. Offer price

2. Cash deposit

3. Additional cash (would you like to pay the property cash or would you like to put down an extra cash amount on top of the deposit amount to reduce your loan amount)

4. You will also see the following on the left side of the make an offer block:

- Loan affordability: Please click on the button that says Pre-Qualify me, fill in the form and send it back to us. We will assist you with an estimate on how much you can spend on an auction.

- Property visit: Please indicate if you have visited the property and if you have gained access.

5. The provided information will give the seller an indication on how serious you are about buying a property. The seller does not only consider the highest amount offered, but the best offer in terms of supporting information.

This process is the second of the three processes. Read more in part 3

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The final auction process at MyRoof, the "Acceptance of an offer", will be explained in this blog.

Acceptance of an offer:

Once your offer has been accepted on a property, you will be notified via e-mail as well as SMS. In the acceptance e-mail you will be provided with a link that will take you to your Offer to Purchase. You can then print out the Offer to Purchase, fill it out and send it back to us. As soon as we have received it, we will forward it to the seller to counter sign. Once the seller has signed the contract and sent it back to us, we will forward it back to you.

If you require finance for the property, you can either try to obtain a loan yourself or use MyRoof as we can submit your finance application to all banks on your behalf. You will have 14 days to obtain finance and 30-45 days if you are paying the property cash.

As your finance application proceeds, our website will be updated until such time that your finance has been granted or the full purchase price has been paid. As soon as the full purchase price of the property has been arranged or paid, the transferring attorneys will start to register the property in your name. As soon as the registration is completed you will be the owner of the property.

This is the final process when buying a property on auction at MyRoof. Do you agree that the whole process is quite simple?

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Looking to buy an affordable repossessed property on auction? On www.myroof.co.za, many such properties are listed. However, make sure to be bid-orientated when bidding on auction, as the repossessed properties are going for a song.

The first thing you must have in place is an adequate deposit. This will be determined by the price of the property. When you have a deposit in place, do research on the different properties on auction to get an idea of what you really want. When you find that perfect property, the game is on.

Place an online bid on the property you want. Keep a thorough eye on the website to see whether you have been outbid by anyone or check your inbox for a mail stating that your offer has been improved. Remember, there are many people also browsing the MyRoof website for bargains. Also keep your limit in mind while bidding on an auction as it is possible to get carried away and bid more than you can afford.

When you are the highest bidder for the property, you have outbid everyone. You will be notified when your bid has been accepted. This means that the property you were longing for will become yours!

It is very easy and convenient to bid on properties on our online auction. Do you think it is convenient and easy to bid on properties online?

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Wondering what has been the drive for the property market lately? The answer is simple - lower priced homes, which is easily accessible when buying a property on auction. Auctions are done online by MyRoof, in your own time, and in the comfort of your own home.

It is also easier to acquire a house nowadays due to the low interest rate. Reportedly, first-time buyers are actively involved in buying houses under R600 000.

There are also the second- or third-time buyers, who are downscaling and buying smaller homes. This is done because it is much cheaper to buy and uphold. Many home owners have the desire to decrease their debt load, thus buying smaller homes.

Smaller and more affordable homes are popular amongst first-time buyers as well as people who want to downscale. There are many repossessed properties going on auction, big and small, that can be viewed at www.myroof.co.za.

So, whether big or small, expensive or less-expensive, your individual needs will be adhered to. Wouldn't you like to have the status as a home owner?

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Not sure if you should follow the route of buying a property on auction? Buying a repossessed property can save you a lot of money. When you are looking for a property that will suite your needs, but only have limited funds available, this is the way to go.

You are bound to find the perfect property on auction for your needs on www.myroof.co.za. Many unique repossessed properties are listed on this website from which you can pick and choose.

Furthermore, these properties are being sold for less than their market value. The banks often only want to settle the outstanding amount due by the previous owner, which means that some of the original mortgage was paid by the previous owner. You will find something to suit your space requirements as well as your financial needs.

Buying a repossessed property on auction is a great long-term investment. Would you, as an individual, look at the option to buy a repossessed property on auction?

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Can't decide whether to buy a house on auction or build your own? Here is some information you may find helpful.

There are some factors that you need to consider when making the decision:

1. Affordability - keep in mind that building costs have raised significantly in the past year. Most established areas also have very few vacant stands available and getting building plans approved can be tedious.

2. Property price reductions - existing homes are almost 30% cheaper than building new homes currently. What's more, properties going on auction are even more affordable since these properties are sold for well-below market value.

3. Availability - there are many repossessed properties on auction available at MyRoof, and there is bound to be one that will suit your requirements.When building your own house, you need to be patient with the building process, while when you buy a repossessed property on auction, the bank wants to sell it as soon as possible to recover their losses.

4. Needs - decide whether your needs are so specific that you would rather build than buy.

In a nutshell, you will have to make the decision. Would you rather build and wait for ages while struggling with contractors or just buy a repossessed property on auction and start enjoying it almost immediately?

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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?

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Ready to make some money on a low-risk investment? One of the best options is still property-investment. Myroof offers you an even better investment: buying repossessed properties, which is the cheapest way to buy property. Repossessed properties can be viewed at www.myroof.co.za.

No matter what happens with South Africa's economy or how bad a recession is, property still is a good investment. Over a long period of time the value of a property increases -property is not a short term investment. Properties can not be stolen; however you will need to take building insurance out. This is to insure against fire and storms.

Land and property become more valuable as population increases and the land becomes more scarce. This in turn makes the land or property more valuable. The demand for properties will increase greatly during the next few years.

With the inflation rate the way it is, it is the right time to invest in property. Bargains on properties can be viewed at www.myroof.co.za so why not start investing right now?

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Repossessed properties are just thing you've been looking for. Bank repossessed properties or foreclosed homes as they are sometimes called. A house is repossessed by a bank if the tenant failed to pay off his or her loan instalments regularly. Bank repossessed properties are on the rise according to various studies and even though this is not the best of news for the property market, bank repossessed properties give you the opportunity to buy an affordable home.

You'll have to push your sleeves up high and dig though, because bank repossessed properties are becoming harder and harder to find. This is because recently mortgage buyers started to stop letting out that the houses they are selling are in truth bank repossessed properties - the reason being their company's image. No company wants to be known for taking people's houses from them. They would rather be seen as home-makers than home-takers. So it is very important for you to do some decent and thorough research on bank repossessed properties first. This is even more so when you found the home you want. Try to note all the damage done to the property, which location it's in and all the other stuff you would look at when buying a home.

Bank repossessed properties often has some catch, so make sure you know everything about the property before you put in an offer. Keep an eye on your local newspaper because there are often auctions the bank organizes to sell off repossessed property. You can also find these auctions online. Shortly put you should be very careful and realistic when buying a repossessed property. Make very sure you're not done in, before you sign and clinch the deal.

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Since the property market is booming again, don't you think it is time to invest in property? Here are some good reasons for buying a repossessed property online at www.myroof.co.za.

There is a definite increase in the market activity. This means that property is being sold more frequently than a while ago. Furthermore, the interest rates remain fairly low, meaning this is the best time to invest in property. With the new announcement that the interest rate will remain the same once again, you can be rest-assured that you will be able to repay the loan. Property prices are now affordable, and even more favourable when buying a repossessed property. Repossessed properties are bought directly from the banks, where you (the buyer) and the bank (the seller) will agree upon a purchase price after you put in an offer on the property.

Visit www.myroof.co.za to see all the repossessed properties listed. There are many different property types, sizes and prices to choose from. You can also make an online bid on properties.

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Bank repossessed properties are one of the most cost-effective ways of obtaining real estate. Many people don't even know about this option, while other potential investors are wary of bank repossessed properties. The fact of the matter is that these bank repossessed properties are a great way of investing in real estate due to the fact that "normal" quality properties can be obtained for a price significantly below the market average. As with any other form of real estate, you can have the purchasing and associated administration handled by real estate agencies and similar services. If, however, you prefer to cut out these middlemen, bank repossessed property offers an easy and effective way of purchasing the property yourself by way of auction.

The auctioning of bank repossessed property is becoming increasingly popular; although it the practice is still relatively unknown enough to ensure you won't have thousands of bidders to compete with. There are two very important things you'll need to do before engaging in the business of bank repossessed property: you'll need to do proper research and finalise all financing. The research involves doing a background check on the bank repossessed property in question, as well as the auctioneers. Establish that the auctioning agency is in fact legitimate and licensed before you even consider taking part. Secondly you'll need to have the property you're interested in checked out. Make sure that property is actually for sale. You'll also need to determine whether the property is worth the asking price, and whether there are any hidden costs or dangers. In order to establish the latter you might want to consider investing in a professional, accredited survey of the property.

After having certified that the property and price are up to scratch, you can start planning for the auction itself. A very important aspect of bidding is to decide on a strategy and a limit of what you're willing to pay for the bank repossessed property. Strategy wise it's important to not let anyone know anything they don't need to. No one needs to know what your bidding limit is - they don't even need to know what property you're interested in beforehand. Also, it's generally wise to not get involved in the bidding too early in the auction, but rather take some time to determine the swing of things. Lastly, and most importantly, never pay more for the bank repossessed property in question that you limited yourself to prior to the auction.

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Do you want to have a good, yet stable credit record? Here are basic guidelines to put yourself in a good light with the banks, to obtain a loan for your perfect, not so expensive repossessed house.

1. Character - this entails your willingness to repay your debt. Financial institutions will look at these, which is obtainable from your ITC status.

2. Capacity - the financial institutions will determine your ability to pay back the loan.

3. Capital - this is your net worth. When you are a first time buyer without any assets, make sure to apply for the correct mortgage.

4. Collateral - these are assets to secure the amount borrowed. The lender will require security before granting a loan.

5. Conditions - entails the borrower and the current economic situation, both nationally and internationally.

When adhering to these basic guidelines, your credibility will increase greatly, giving you a greater chance to obtain finance for a repossessed house. Don't you think this leaves your credibility in your hands?

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With the current economical situation, who can not afford to buy a repossessed property on auction? Property is a good investment, yes, but an even greater investment when you can save thousands on repossessed properties.

1. Property prices will keep on rising. This means that if you invest in property while the prices are favourable, you will get a good turnover at the end of the day.

2. Interest rates are at its lowest since 1974. When the interest rate is low, your repayment on your mortgage will be less than in a high-interest rate environment.

3. Rental yield. Most tenants will move from renting to buying eventually. This will cause property value to incline due to the higher demand.

Also keep in mind that repossessed properties bought on auction are sold for less than their market value. This already will save you thousands of Rands. Even when you decide to rather use the repossessed property yourself after buying it on auction, it will still be an investment. Repossessed properties on auction can be viewed at www.myroof.co.za.

Can you think of a reason to NOT invest your money in a low-risk investment?

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Wondering exactly what an Offer to Purchase entails? First-time home buyers may find this concept a bit confusing. When deciding on buying a repossessed house, you need to know exactly what the function of the Offer to Purchase is.

An Offer to Purchase is an agreement containing the terms and conditions for transactions on a property. An agreement between the buyer and seller needs to be in place.

Some of the aspects which will be addressed in an Offer to Purchase are occupation date, occupation rent (when applicable), and the conditions of sale. Once the Offer to Purchase is sealed and signed by both the buyer and the seller, it becomes the Deed of Sale.

A thorough and precise Offer to Purchase is needed in order to avoid possible future disputes. It eliminates confusion and both parties know exactly what to expect from one another.

Buyers need to be well-informed with what the Offer to Purchase states. When unsure about any clause, they should find out exactly what it means.

Luckily, when buying a repossessed house, the banks use a standard, set-out Offer to Purchase. Great bargains are available when buying repossessed properties so why not start filling out an offer to purchase for your dream home today?

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Finding a home you can afford can be really hard in this day and age. The days of banks giving 100% loans are gone and everyone needs to put a very hefty deposit down. If your search for an affordable home doesn't deliver, it may be time for you to have a look in the bank repossessed property-market. Bank repossessed property are often sold for 30% to 50% below it's market value because the bank needs to sell the property off as soon as possible to prevent further losses.

A property is normally repossessed when the current owner fails to pay his or her loan payments of regularly. The bank then has its lawyers obtain a court order to lay claim on the borrower's movable property. When this still doesn't cover the outstanding payments, the bank repossessed the house in order to sell it off to get its money back from the loan it gave out. Bank repossessed property are therefore sold off to the highest offer above the banks set reserve price, so you can come away with quite the steal. Understandably the demand for bank repossessed property has soared. Banks are known to relax their lending criteria when the borrower wants to buy a bank repossessed property, so for first-time buyers this isn't a bad option. Another pro when buying a bank repossessed property is that the buyer does not pay any transfer fees on the purchase and the transaction process are normally much quicker than when buying a normal property. Bank repossessed property can be a great investment but before you start bidding make sure you have legal proof that you'll be able to pay the price you've offered. Also visit the property you want to bid on beforehand and have a professional inspect it for any damage you might have to repair.

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Everybody knows that buying a repossessed property on auction is a good and stable long term investment. Ever wondered how to create prosperity through property? Here are a few basic tips.

Begin by setting goals for yourself. You need to decide what you want to achieve, how you want to achieve it and by when you want to achieve it.

Have a concrete foundation to start from. Do you have funds available immediately? If not, how long will it take to access it? Make sure you have financing in place if you want to borrow money.

When you are making decisions, use your head and not your heart. Be well-prepared to make an investment decision rather than an emotional decision.

You also need to decide what route you will follow with the property. Are you going to keep on to it forever or are you going to sell it in a few years' time? Another aspect to consider is adding value to the property to make it more profitable.

Understand the power of borrowing an institution's money. This can improve and build your portfolio greatly. Be wise when planning and make room for interest rate increases.

The last and best tip is to buy a repossessed property on an online auction. There are many repossessed properties listed on www.myroof.co.za which suit different needs. So make the smart choice and invest in property.

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Trying to figure out the difference between distressed properties and repossessed properties?

According to the Business Dictionary, a distressed property can be defined as "Property that is under a foreclosure order or is advertised for sale by its mortgagee. Distressed property usually fetches a price that is below its market value." A distressed property is being sold by the owner in order to prevent foreclosure of the property, to try and cut the potential financial losses.

On the other hand, a repossessed property is a property that is taken back into the possession of the lender, which usually is the bank. The bank will attempt to recover most of the outstanding amount of the mortgage and usually sells the property for an amount close to the outstanding mortgage. This results in repossessed property being even cheaper and more affordable than distressed property.

Are you interested in cheap, below-market value properties? Click here to see many properties like this for sale, uploaded on a daily basis. Do you think it is worth-while?

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We have awoken to find ourselves in an era which has become a progressive struggle in terms of budget cuts and high interest rates leaving us unable to purchase the homes we desire. So when things become tough we become smart. Now you can finally have a piece of the pie and eat it.

Perhaps you have heard of it a thousand times and never once stopped to consider that it may work for you. The good news is that it's become quite the trend and produces an excellent result. The most favoured option nowadays is to make use of a surety where another person (perhaps a member of your family or a close friend) acts as warranty for a loan in order to take on the responsibility for the buyer should he fall behind on his monthly instalments.

We can agree that in theory this method provides you with a 100% fool proof guarantee however, in practice, banks have discovered that it's inefficient and takes too much time.

This problem led to the creative solution of the co-ownership. In signing a co-ownership both owner share the responsibility of the loan. Regardless to say few properties have sunk and had to be repossessed when using this method.

Before considering a purchase of property using a co-ownership loan, careful attention must be given to the subsidiary issues that could arise later in the ownership. This includes the potential death of a co-owner.

It therefore becomes detrimental for co-owners to set up a will in which it stipulates exactly how this property should be dealt with and managed in the event of a co-owners death.

It is also strongly advised for both owners to take out life insurance for each other so that they are covered in their share of the loan or bond.

A few issues such as these must naturally be seen to. Co-ownership however, remains an excellent doorway into the property market and helps to greatly increase your stake in it. Now is the time to buy while the property market is still ripe for the picking.

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So, you decided that you want to buy a repossessed property on auction but are afraid of making debt? Luckily, there are two different types of debt when it comes to borrowing money - Good debt and bad debt. But what is the difference between the two?

"Good debt" has to do with the purchase of items which have an ongoing resale value, thus escalating in value. This can be considered an investment. A property, for example, can be sold for more than it was bought for. Furthermore, a repossessed property bought on auction can turn out to be an even bigger investment, since these properties are known to be sold for well-below market value. Repossessed properties can be viewed at www.myroof.co.za.

"Bad debt" occurs when you borrow money in order to buy luxurious items or make use of credit to cover your everyday expenses. When you want to buy a luxurious item you don't really need, rather save the money and buy it cash than buying it on credit. Furthermore, you won't be paying interest on it.

Here are three basic guidelines with respect to borrowing:

1. You should not have to borrow money in order to pay for everyday bills. If you are, you are spending more money than you are making.

2. Borrowing does make some sense if it is for an investment like buying a repossessed house on auction.

3. Do not borrow too much money; you still need to repay the debt. Make sure you can afford the payments.

There is a significant difference between the two types of debt. Now that you know the difference, you will be able to make good decisions regarding the types of debt you sign yourself in for.

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Wondering whether or not to buy a repossessed property? The good news is - now is the right time to buy!

South Africa's residential property price growth is slowing down. Due to the economical recovery, property prices are remaining reasonably stable, while the lower interest rate is making life easier for all of us.

This gives would-be property owners a chance to get into the property market. Despite a slow start for the property market in 2011, an improvement can be seen. Due to the low interest rate, individuals are now able to qualify for larger loan amounts or pay lower installments.

With the interest rates being so low nowadays, combined with all the available repossessed properties (where you can get great bargains), the logic would be to buy now. Repossessed properties of all shapes and sizes, for different individual needs, can now be viewed online at www.myroof.co.za.

This is a great time to buy repossessed properties, given all the factors so why not start looking for your dream home today?

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If you do your research thoroughly and have a bit of luck on your side you can really get the best out of buying a bank repossessed property or a foreclosed property as they are sometimes called. Bank repossessed property is in very great demand in the real estate market nowadays and is the buyer's chance to buy bank repossessed property for prices way below the market value.

This is the main reason why bank repossessed property is such a popular buying option as it's cheaper for the first-time buyer or someone running a bit low in revenue. A bank repossessed property is a house seized by banks or other lenders when the borrowers are unable to pay the required monthly payments. Bank repossessed property are houses which were sponsored by loans from the bank. Essentially then the bank bought the home and their client are supposed to pay them back monthly. When this doesn't happen the bank repossesses the home in order to prevent any further losses. This home is then sold by the bank in order to get its money back. They are often sold off at auctions and the highest bid above the banks reserve price wins the bidding. That's why you can really buy a great house for a price below market value - just buy a bank repossessed property! Often a home can be bought for 10% to 30% below its market value.

The reason why the price of a bank repossessed property can sometimes be that low is because the owner wants his money back as soon as possible so they slash the price of the house dramatically. It's not unusual for buyers to find their perfect home and not paying an insane amount of money - because it's a bank repossessed property. Surf the web and find your bank repossessed property now.

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Thought it was difficult to buy a repossessed property? Here are three easy steps to follow in order to buy a repossessed property :

1. Search

Go to www.myroof.co.za and search the hundreds of repossessed properties listed. Amongst them you are bound to find your dream home. When you find that dream home, submit a bid.

2. Confirm

You will receive confirmation whether your bid application was successful.

3. Accept

Upon acceptance of the offer, a transfer attorney will be instructed to start with the registration of the property.

You will find many bargains on the MyRoof website. Furthermore, there are homes that will suit your individual needs. So, do you agree that it is not complicated to find the perfect repossessed home of your choice?

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Need more clarity regarding online auctions? MyRoof.co.za is a website where bids can be made on an online auction for bank repossessed properties. This is done in conjunction with Standard Bank. Moreover, this can be done from the comfort of your own home or office.

MyRoof introduced online auctions to specifically comply with the Consumer Protection Act (CPA), whereby a specified end date and -time for each auction is indicated. Thereafter Standard Bank will consider the received bids.

In the relationship presented by MyRoof and Standard Bank, Standard Bank is the Seller while MyRoof acts as the agent to the transaction. This is in terms of the Consumer Protection Act.

In a case when a property on auction has a "reserve price", MyRoof has no knowledge of the reserve, acting solely as agent to the transaction. An auction will clearly indicate when it is a "no reserve auction".

When a property has not been sold at the online auction, it will be listed to go onto another upcoming auction.

The highest bid will also not necessarily be accepted, since Standard Bank holds sole discretion to accept a bid or not. Reasons for not accepting a bid may include, but not limited to:

1. Amount of deposit to be paid vs. bond grant required

2. Bidder's previous behavior and historical data in terms of online auctions

You can see for yourself what online auctions are all about on www.myroof.co.za. What have you got to lose?

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When you want to view a property that you are interested in, you will need to make the arrangements yourself but luckily this is easy to do. Also please take note that MyRoof does not have access to any of the properties listed on our website, and we cannot arrange for access either.

Making your own arrangements is quite simple. You need to be logged onto the MyRoof website to get the owner's contact details. After you have logged in, find the property you want access to. You will see "owner details" on the page of the property under the photos and property details. Click on "view contact details" to get the information you need. You can make arrangements that will suit both parties' needs.

MyRoof is a listing company, assisting the banks in selling repossessed properties as well as owners to sell their properties privately. Unfortunately we cannot give you access to any of the properties listed, since you will need to get consent from the registered owner.

When you visited the property and want to place an offer on it, go to the MyRoof website and place your bid there. It is a straight forward process with little effort. Your dream house is waiting for you.

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Don't like taking chances with investments? Then investing in property is for you. MyRoof offers you an online auction, where you can bid live on repossessed properties of all shapes and sizes.

Some advantages in investing in property include:

1. When investing in property, you will have a much more stable investment than investing in shares.

2. Furthermore, it is a fairly low-risk, long-term investment.

3. It can also generate a second income when rented out.

4. It offers long-term capital growth as property value grows.

5. You get some tax benefits.

So, the only chance you will need to take is to go to www.myroof.co.za, place a live bid on a property which suit your needs on the online auction, and enjoy the life of low-risk investments and long-term capital growth. Can you believe that it could be so easy?

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Repossessed property often brings to mind the endless images of abandoned homes in ruins and the odd tumble weed driven forward by the wind. A remembrance of good times gone bad. When you find these thoughts slowly creeping into your mind, remember the potential they carry to be the symbol of hope to countless want-to-be homeowners. If you are a potential first time property buyer or an investor on the lookout for excellent bargains, repossessed property is exactly the thing you need.

* The first part of buying a repossessed property involves selecting a property you wish to purchase. Simply go online and register with a sound property listing company in order to view the various houses up for auction, as well as their various viewing dates.

* Once you have decided upon a property, attend its viewing. In so doing you will be able to spot any essentials, such as leaks, cracks and any other necessary repairs. A viewing such as this will help you to assess whether or not the house is worth buying.

* For first time buyers, auctions on repossessed property differs quite a bit from a usual property purchase. Once the highest bidder wins, the deal is practically finalized and backing out may be a pricey mistake.

* Even though this simplifies things tremendously you now become responsible for handing over a deposit on the day of your winning bid, which you would have to part with should you decide to change your mind and back out.

* Be mindful of the fact that repossessed property has been vacant for 'X' amount of time, therefore it may require some repairs. Remember to account for these when looking at its purchase price to ensure that the property is worth your while.

With any luck you should now have come to the realization that there is a lot more to repossessed property than meets the eye. Buying repossessed property doesn't just revolve around finding the best deals or buying at a bargain. It's essential for you to always be aware of what lies ahead. With some patience and perseverance that dream house may not be as far from you as you imagine it to be.

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1. You need to register yourself on the MyRoof website before you can make any offers. You can do this by filling out the "Quick register" box on the right-hand side of the Myroof.co.za home page. Make sure your cellphone number and email address is correct as this will be used for correspondence.

2. You have to be logged in to make an online offer. A box on the left-hand side of the Myroof.co.za site will show whether you are logged in or not.

3. Go the property you are interested in. Be sure this is the property you want to bid on.

4. Click on "make an offer"

5. You need to fill out all the applicable fields here. Make sure that your info is complete in order to eliminate the delay in your application.

6. On the right-hand side a green tick will appear as soon as everything is in place. Make sure that all of them are green as this will improve your support rating.

7. Click on the pre-qualification link. An email will be sent to your email address. Fill this out and send it back to our offices. This is only a once-off occurrence since you will be pre-qualified for any property after this.

8. You can also submit a motivation in the motivation box if you want to add additional information that will improve your application.

9. Finally, click on the "submit" button. An offer to purchase will be sent to you as soon as you have submitted your offer. This you will also need to fill out and send back to our offices to complete the process. After this you will be notified on the status of your application via email or phone calls from our dedicated bonds staff.

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Repossessed property offer a wonderful opportunity for people looking to buy residential properties and can be as inexpensive as 50% of their original market value. It's a given fact that repossessed property provides a killing, and has the potential of saving you a lot of money. Be advised however that snagging a repossessed property may be tougher than it looks since the competition is fierce and a lot of investors are also looking to make some easy money.

When should an offer be made?

Unless the repossessed property is in mint condition and its price is attractive the most opportune time to make your offer would be right I the middle of the bidding war amongst quite a few potential buyers. Prime properties in excellent condition and at low prices qualify for an instantaneous offer, however, should it be the opposite and in a state of deterioration at a price equal to a usual asking price then wait before making an offer.

If the amount of buyers interested exceeds two people the lender is likely to wait for better offers. It is then the better option to wait a little while in order to have a look at how the other bidders are bidding and the provisions being offered along with their bids. If you feel that you are able to outdo these offers you may then put down your own offer amongst the others and negotiate certain aspects of your bid to increase your chances of winning.

When repossessed property enters the picture timing is extremely important just like a good offer is. You may imagine yourself to have the best offer however other bidders may just have better ones, so a sound knowledge may assist you in snagging that repossessed property you have your eye on.

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In recent year the recession has caused many a homeowner severe headache and sleepless nights. Some of them have trouble keeping up with their bond payments and others just can't survive with paying bond payments as well as living expenses so they are forced to sell their homes. Selling a home isn't the best answer either because hiking tax rates, the large deposits banks request makes your home all the more unattractive for possible buyers. Therefore many homeowners get stuck with a property they cannot afford, and the property then gets repossessed thus a bank repossessed property. If you have saved up for a decent deposit though, a bank repossessed property is not at all a bad investment.

Banks don't have that many options when they repossess a property, so the best way for them to cover their losses and get rid of the liability as soon as possible is selling off the bank repossessed property. Because the bank needs to sell the bank repossessed property as soon as possible to prevent further losses they come at a big discount. Also the bank generally relaxes its lending criteria so you don't need that humongous deposit everyone keeps telling you about. Loans are therefore much more accessible for buyers of bank repossessed properties. Steps for buying a bank repossessed property are much the same as buying any other. You firstly need to apply at a bank for a bond. All the banks will be able to give you a list of their bank repossessed properties. Especially if you need a bond to finance your home, it's better to deal with the bank directly. In order to prevent any shady deals it's always a good idea to visit the property. It's also a good idea to get experts to evaluate the property as well.

After you have decided that you are going to buy the bank repossessed property you can apply for a bond at your bank of choice. After the bond has been approved and your bank repossessed property is financed the transfer processes go on normally.

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Do you want to get more information regarding all the advantages of buying a repossessed property on auction? Besides the known fact that you get these properties for cheaper, here are some more advantages.

There is no need for you to visit property after property, since it can be viewed online. This will save you much time and effort. Furthermore, these properties can be viewed from the comfort of your own home, on your own time.

There are many repossessed properties listed on the MyRoof website. When browsing through them, you will get an idea of the type of properties you are interested in. Also, you can take some precious time to decide whether or not to participate in an online auction.

Keep in mind that you will also pay no transfer duties when buying on auction, another big save for you. Also, the repossessed properties are transferred much faster into your name. The bank that is selling the property will take care of the rates and taxes until the property has been registered into your name.

As you can see, there are many advantages in buying repossessed properties on auction. Would you take the opportunity to buy a repossessed property and save on expenses?

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When purchasing a repossessed property you should already know whether it's to be for "Capital Gains" or "Cash Flow". Before looking to purchase repossessed property visualize a clear goal of your perfect investment strategy which is easily classified as either capital gains or cash flow. Lastly are you're buying without intending for it to be an investment simply to satisfy the need for you to own your own property? You will find the last of these to be the lousiest option. Repossessed property is a bargain why not make it as profitable as possible?

All of this may seem a bit confusing so let's discuss what it all means. When looking at buying a repossessed property for capital gains it simply refers to the potential profit you stand to make should you decide to sell or liquidate your property. In other words after selling your house and covering the outstanding balance owed to the bank you are left with the remaining money which becomes your profit or capital gain. Countless investors buy property to sell property, so simply put, while one loan is applied for another is being paid off. Many investors scoop up the best bargain at auctions and wind up selling them at well planned profits. Some buy when the property market experiences a waning with the purpose of calling it a temporary home in order to sell it once the market starts to find its feet again. This method is tough and your knowledge regarding the area as well as the selling value of your acquired property placed beside your planned market value must be solid and fool proof to the last detail. Touching up your newly purchased property with refurbishments and a bit of remodelling is bound to add to the inclusive value of its selling price.

Cash flow however, often refers to the purchase of a property with the single intention of renting it out in order to generate a continuous flow of income. Using this income you are then able to pay off any monthly expenses including the loan on your property. If you play your cards right and manage your decisions with deadly accuracy you may be assured of having money generated from the rent of your tenants flow straight from their bank accounts directly into your pocket. Any 'left overs', regarding you managed your property wisely will inevitably become your monthly net income or cash flow.

If you are hoping to get the best value for money we could come to an agreement that sticking to the cash flow option may very well be most rewarding. Investors hoping to buy a repossessed property in order to sell it for a profit wind up with loans and bonds that take years to pay off, not even taking into account the increases on monthly instalments which you plant in a hole with the foolish hope of making it more than its worth. Repossessed properties and a constant cash flow, who could ask for more.

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Auctions are always one of the most time saving and effective ways of purchasing repossessed property and selling private property. This method is speedy and sure and does not involve a situation where the seller may raise the asking price at the very last minute. Once the hammer falls the contract is set. Buying repossessed property at an auction is a fair process. Waving your hand about in the air long enough and the repossessed property is sure to be yours soon enough. When all is said and done the key to having a good auction is to properly prepare yourself. Always be mindful of the fact that the responsibility to enquire and prepare before the gavel hits the block, falls entirely upon the owner. At this stage the owner is bound in contract to his new purchase.

Auctions are plenty of fun and can either get in on the action or simply be a spectator. No matter what you choose, always keep the following few things in mind.

1) As with anything in life one must start by looking, listening and learning. It's a given that the best and most effective way of learning is through quiet observation. Attend one or two auctions and simply learn by watching. Gaining this vital knowledge will familiarize you with the workings of an auction so you may be prepared and avoid expensive mistakes.

2) Make an effort to attend previews as often as possible. The property advertisements will often show the viewing times and contact details of the person responsible for the auction. Take the opportunity given to view the property prior to its auction. This way you are able to see firsthand what the repossessed property is actually worth.

3) Always be prepared for any eventuality and be familiar with what you are viewing. Do the research early on to increase your chances of paying a reasonable price at the auction. Ignorance can lead you to your downfall.

4) Familiarize yourself with auction terms. If you know and understand the meaning of these terms you are more likely to follow what is being said.

5) Reading the auction directory will list the auction properties in their selling order.

6) Before you may bid at any auction, you must be registered. If you are doing an online bid at places like myroof.co.za, this step is easy as pie. Registering is like your immigration form or passport.

7) Always remain calm and confident during the bidding. Decide before hand what you want and how much you're willing to bid, then stick to it.

Repossessed property auctions can sometimes become a circus of grand spectacles and impressive bids but sticking to these tips is bound to have you basking in the glory of your newly purchased repossessed property.

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Managing your credit worthiness is easier said than done. Getting into debt is easy, but to get rid of that debt not so much.

Budget, budget, budget! - ensure that you have a proper budget in place each month. Make sure there is a financial buffer in place for incase the interest rate increases. Furthermore, take out a debit order for your debt to be paid back. This is much easier, since it can easily happen that you forget to pay your debt. This will lead to you being listed as a bad payer.

Avoid taking out unnecessary credit cards. These are a luxury, not a must have. Rather pay cash for your purchases than use your credit card, even though it might seem convenient. Also ensure that you do not skip any monthly repayments. The institution you owe money will be able to detect it and list you as a bad payer.

In a case where you get a cash bonus, rather spend the money on debt that is in arrears than spend everything on unnecessary things. If you are in a situation where you receive demand letters, be sure not to ignore them. Rather pay the institution you owe money, or make an alternative arrangement. These institutions appreciate it when they know where they stand with you.

Remember that there need to be enough money in your account for debit orders to be paid. Whenever a debit order returns unpaid, especially consecutively, debtors tend to list you as a bad payer.

With this information on keeping a healthy credit worthiness, you as the consumer can prevent bad credit worthiness. Do you, or will you, follow this advice?

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The 2 main points to consider when making an investment in bank house bank repossessed houses are location and timing. These 2 elements highly influence the price of a foreclosed property so when you do the research ensure you study these 2 elements carefully.

This online service offers a database of foreclosed homes across the land along with the crucial details a purchaser desires to know. You little investment in a web bank repossessed houses listing service can go a ways in helping you find good bank house bank repossessed houses. You can finish plenty of things with a little help from a good lists service starting with your actual search, which you can customize to yield only the properties you've an interest in according to your buying power and your other preferences. A search online could take you to lists for Fargo foreclosure properties. You need to employ a site that specialises in foreclosure lists. If you search yields a probable prospect, waste no time and right away get in contact with the contact person to start your talks. This bank-appointed contact individual is able and qualified to run you through the entire process from taking your offer and closing the sale. Wells Fargo bank repossessed houses are sold as is and you have to use the eagerness of the bank to let you check the home previous to making an offer. Take along a property inspector who can evaluate the price of correcting the home. This is going to help you identify the offer you may make. On its end the bank will chuck in a pest authorization and title insurance in the package. Eviction is also their area so you needn't fret about it.

Actually purchasing Wells Fargo bank repossessed houses is really a sound investment option that's why more people are buying their own property this way. While there are several stages of foreclosure, bank house bank repossessed houses could be considered the final stage as this happens when the foreclosed property doesn't sell at a public auction. They offer these houses thru an appointed broker who accepts offers to buy from the general market.

Once an offer is formed the bank would often make a counter offer but this is more to show their shareholders that they're trying hard to get a great price for the property.

The person that made the offer can still make a new offer based mostly on the bank's counter offer, that the bank can either accept or decline. Since banks aren't usually in the business of selling houses but are under a large amount of pressure to do it these bank house bank repossessed houses are offered with some benefits to generate interest. A bank owned home will customarily have a pest documentation, a flexible financing and rather significantly, a title insurance and they can look after vacating the home's former occupants.

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Buying a house on auction can be a very stressful event. This can lead to some people making unnecessary mistakes. When you are going to buy a house on auction, be sure to look out for these potential mistakes.

Try to get a pre-qualified mortgage before looking at homes. This will take the additional stress off you in obtaining a mortgage. It will also give you a clear indication of how much you can afford to spend on a repossessed house.

Do not think there is only one perfect home for you. There are many different options for you to consider when choosing a house. List your "must haves" and your "nice to haves" and decide according to that. Many repossessed properties are listed on www.myroof.co.za, catering for different functionalities and needs. You will have a variety to choose from.

Furthermore, make sure that you are familiar with all the costs involved in buying a repossessed house. Luckily, when buying a repossessed house, you are not liable to pay the transfer duties. This alone will save you a lot of money.

You also need to take your long term needs into account, since you need to plan for the day of tomorrow. This will affect growing families greatly. When buying a too small house your family can outgrow the house. People who are about to retire also need to revise this valid point.

Be sure to investigate what each potential property can mean for you thoroughly. You need to be very assertive when dealing with this issue. All these factors will be non-house related, and some will include medical care centers, environmental issues, schools, crime and amenities.

This is basic guidelines you can follow when deciding to buy a repossessed house on auction. This ought to reduce some of the potential stress factors that you might come across.

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The purchase of repossessed property has become quite a favourable option among first time buyers. The recent increase in the supply of repossessed property has created quite an optimistic spirit over this unique opportunity for investors and first time buyers.

A good example of the benefits would be to look at a situation where a person is merely looking for a house of their own but due to a tight budget can't afford property priced at the full market value. This potential purchaser is now able to look into buying a repossessed property at a substantially cheaper price. These repossessed properties were reclaimed by the lender due to the debtors inability to keep up with monthly instalments.

Before such repossessions, a grace period is given to the owner in order to offer the opportunity to repay the missed instalments or to approach the bank with an alternate but suitable payment plan. Should the owner still be unable to repay the outstanding amount during this grace period, the ownership of the property then falls to the bank who may resell it again.

Consider the following should you wish to purchase a repossessed property;

1) Even though a repossessed property is a favourable option, they are tricky to find. A reason for this is that a loan buyer is unlikely to disclose the fact that the property is currently going through repossession. This is done in order to uphold a certain image and to avoid the label of 'home breaker'. Online property listing companies however, are able to provide you with an extensive list of available repossessed properties.

2) As you may already know, when looking to purchase a repossessed property it is important to remember that it may not always be in a good condition. This may be due to a shortage of money or the fact that not every property is situated in a appropriate area.

It's a common misconception to say repossessed properties are sold at dirt cheap prices, however, this all depends on the outstanding balance still owed on the loan.

3) When it comes to bank repossessed property, two surveys are made to assess the market value. When the price is established its put up for auction where the highest bidder is the winner.

With a few simple repairs and renovations a repossessed property holds the potential to become a very profitable venture. Finding a repossessed property however, is a process that should be approached with patience and revere.

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Live auctions are a very popular way for lenders to sell off bank repossessed property. It is a quick way for banks to get rid of a lot of similar properties. They need to get rid of their bank repossessed property as soon as possible in order to prevent any further losses. This sale method is also popular among buyers as you can get the home of your dreams for a bid way lower than the property's market price. Some numbers indicate that bank repossessed property sold at auctions goes for between 30% and 50% lower than the indicative market price. This sale method is extremely effective when a group of similar bank repossessed property, like a group of condos, needs to be sold.

Bank repossessed property can begin to become really expensive to maintain. The more bank repossessed property a bank has, the higher its maintenance costs, so they want to sell off the properties as soon as possible to get rid of these expenses. So when a bank repossessed property is sold off not only the buyer but also the bank gains a lot from the purchase. The bank gets rid of all those extra expenses and the new home owner bought his or her home for an awesome deal. Although buying a bank repossessed property at an auction may be a daunting idea, you can easily do it. You just need to make sure that you have done your home-work.

A great idea is to take a friend who has already bought a bank repossessed property with you to the auction. This way you can gain valuable knowledge on the entire process. You can also take a property surveyor with you to check out the home before you bid, so that he or she can tell you what extra costs might be have to included in your budget. These extra costs include repairing any damage to your home, and paying to reconnect all the life essentials like electricity and water. A bank repossessed property can be the home of your dreams.

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Finding a perfect repossessed house on auction can be hard to achieve or easily done. You just need to be open minded, and know exactly what you are looking for.

First of all, you need to determine exactly what your needs are, and take your budget into account. It does not help looking at houses that either does not suit your needs nor your budget.

Secondly, make a list of all the features you would like your new house to have, like number of bedrooms, bathrooms, carports etc. This list should be the features you absolutely cannot go without.

Also draw up a list of "nice to have's" for step number three. These are features that are not crucial, but would make your life more comfortable and pleasurable.

Fourthly, consider the location you would like to live in. This will help you greatly in making some money on your property should you sell your property in the future.

For step number five, you need to take the crime rate into account. Also take into account the distance of other amenities such as hospitals, doctors and schools.

From step number six onwards the fun starts: browsing for your perfect home on www.myroof.co.za. There are many repossessed properties listed with different features and prices. It is crucial to keep your budget in mind during this process. Make a list of all the properties you are interested in. This will help you to make an honest and critical decision.

And at last, the seventh step is to take the plunge! Place an online bid on the property you are interested in on www.myroof.co.za. Throughout the process you will be informed on your application's process. Happy house hunting!

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Bank repossessed property is a bittersweet thing. On the one side it's sad that a family has to lose their home because they couldn't afford the house, but on the other side there's a bargain waiting for a future homeowner. When an owner falls back on payments and fails to keep them up, the bank is forced to repossess the owner's home in order to cover their losses and prevent further ones. This bank repossessed property is then sold at an auction.

Bank repossessed property sold at these auctions normally goes for 30% to 50% less than the market price. So a first-time buyer can get a few steps higher with his or her budget than would be the case with a new home. At these auctions the bank normally sets a reserve price and the highest bid above that wins the house. Before you start bidding right and left though, you should make sure you know everything about the bank repossessed property you are bidding on. Have a professional property surveyor make a complete survey of the bank repossessed property so that he can tell you what damages you might have to have repaired, what services you might have to pay to have reconnected. Also estimate how much, I indeed any, money you want to spend on renovating. Further costs you need to add to your budget are that of the lawyer to register the property in your name and your monthly mortgage payments so that your stuff doesn't get repossessed as well.

You should also do some very thorough research on the location of the bank repossessed property. Make sure of the crime rate, safety, noise levels and so on by asking your bank or realtor why they think the house was repossessed. When you are happy with the bank repossessed property you can start the process of buying your dream house!

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Regardless of the fact that the legal requirements in terms of buying a repossessed property are more or less the same when buying any other property, there are certain issues that come into play when one takes into consideration that the financial institution (lender) has no real knowledge of the property and that the repossessed property will be transferred under a 'power of sale'.

You may very well get a bargain however, be prepared to find the answers to some of your own questions. Remember there is legal work involved and the related costs will become your sole responsibility and you will most definitely be caught between a few tight deadlines.

Asking Questions:

It is a given fact that the bank has not taken up residence in the properties they have up for auction so it's only natural that they may not be able to answer all of the related queries. Often it falls to you to become dependant on your own investigation.

There will be factors such as building certificates and other legal documentation you may require however, it will be something the bank may not have. You may ask the banks' legal representative to acquire these documents and certificates but as they are required to alleviate costs they usually advise one to obtain these documents at your own personal expense.

Transfers Involved With Repossessed Property:

In ordinary circumstances the seller would be responsible for the transfer as well as any outstanding balances on any loans for the property however, a lender will transfer under the power of sale which functions both as transfer and release of the lenders charge.

The wonderful thing about purchasing a repossessed property is that there are no transfer fees and houses may be bought at a bargain. Buying a repossessed property remains a time saving way of getting the house of your dreams at a fairy tale price.

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While buying a repossessed property on auction, you might tend to sometimes wonder why you need to own a property instead of renting one. Everybody needs to be a homeowner at some point or another. There are many advantages when you own a home instead of renting from another homeowner.

Owning your own home will give you some peace of mind, knowing it is yours and you can do with it whatever you want. Here are some more good reasons for owning you own home:

1. Security: Imagine having a place of your own to which you can return after a day's hard work. You will never have this feeling of security as long as you rent a place from someone else, with the possibility to be asked to vacate the premises on the most unexpected times.

2. Asset: Real estate is an asset. The longer you keep on to it, the more the value of the property will be.

3. Freedom: When you have your own property, you do not need to as a landlord for permission to change, paint or improve your home.

4. Something to pass on: The day when you depart, you can leave the property to your children or spouse.

5. Makes economical sense in the long run: Regardless whether you are renting or paying a mortgage, you will need to put money aside each month for accommodation. The difference is whether you are paying your own mortgage or your landlord's mortgage.

6. A form of saving: Do not be concerned if you cannot put any saving money aside as soon as you start paying a mortgage. Your house is a form of saving, although the money is a fixed investment.

It makes sense to rather buy that repossessed property on auction than to pay someone else's mortgage every month. Furthermore, you do not need to get permission if you want to do any alterations to your property.

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Believe it or not, but in a recent survey taken by the UK's "Daily Telegraph", South Africa was rated as the sixth location where it is safe to invest in property. Keeping in mind that the South African property market is sought after by foreigners, this makes the idea to buy a repossessed property so much more appealing.

The "Daily Telegraph" wrote "The Euro is in crisis. Stock markets are in freefall. Two prime ministers have been sacked. Italian debt is at record levels and Spain is about to have an early election. Across the pond, America's annual deficit is now measured in trillions."

This survey was conducted with the focus on buying property suitable for holiday use. Here is the list of countries that also made it:

1. Canada

2. Hong Kong

3. Switzerland

4. Mauritius

5. Gibraltar

6. South Africa

7. Barbados

8. St Lucia

9. Cayman Islands

The people conducting the survey agreed that the regular use of English in South Africa can be seen as a bonus. Attention were also given to how intense a country respect free enterprise as well as property rights and the accessibility to facilities such as banks, airports, medical facilities and legal firms.

Furthermore, South Africa is portrayed as a beautiful country with countryside, villages, a first-class wine culture and nice weather climates throughout the year.

South Africa is popular amongst foreign investors. We can be proud to be South African and need to realize that we are very fortunate to live in such a country. With this information, don't you think it is time to buy a repossessed property on auction?

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Looking to invest your money in a long-term investment? There is no better time than right now to invest in repossessed property. The worst part of the recession seems to be behind us and the property sector is busy recovering. 2012 looks very promising in terms of property investment, and here are the reasons why:

1. Repossessed property bought on auction is low-priced: there is an oversupply of repossessed property. If you are in a position to buy a property, you should definitely make use of this opportunity. When buying a repossessed property on auction, you get great value for money.

2. Interest rates are at a 30 year low: home loan interest rates are lower than it was in 1974. With the interest rate being stable the past few months, there is no better time to invest in repossessed property than now.

3. Buy-to-let: should you want to invest your money in repossessed property, and already have a house you are paying off, why not buy-to-let? When buying a repossessed property on auction, why not let it out? Many people do not qualify for a home loan and need to rent. This will assist you in paying the home loan every month.

If you can invest in the property market right now, why not do it? Why not make that long-term investment now?

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We all know that when you buy a repossessed property on auction, you pay less than the market value of the property. ABSA issued its newest residential report, indicating the price difference between newly built properties and existing properties.

According to ABSA's newest residential report, prospective buyers will pay an average of 34,5% less (compared to building) when buying an existing house in a middle class neighborhood. The price gap between newly built houses and existing houses is the biggest in ten years.

Factors influencing the costs of building include material costs, equipment, transport and labour. On top of this you further have the profit margins of the developers and building contractors. These factors will also be calculated and included when developers resell the property, which in turn will also cause the property's price to rise significantly.

On the other hand, when buying a repossessed property, you will already save some money since most repossessed properties are sold for well-below market value. When buying a repossessed property you will most probably save more than 34,5%. Keep in mind that no transfer duties nor rates and taxes up until date of registration need to be paid when you are buying a repossessed property on auction.

Why wait to buy? The best time to buy a repossessed property on auction is right now, with the inflation rate at on all-time low. Repossessed houses can be viewed at www.myroof.co.za. Happy house hunting!

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The New Year has arrived, and you have set some goals for yourself. One of these goals is to buy yourself a place you can call home. You are somewhat skeptical, thinking that it is more expensive to own your own place than to rent from someone else. This is not necessarily the case, since buying a repossessed property is even more affordable.

Buying a house has never been this affordable in the last 15 years, due to the low interest rates and the fact that repossessed properties are sold everyday at bargain prices. Furthermore, property values in general have declined in all markets.

The interest rate is stable, lingering around the 9% mark. This is the lowest level in 30 years, resulting in bond repayments to be yet more affordable. This results in the rental market of mainly the median and popular suburbs to be more expensive at this point than buying your own property.

Furthermore, due to many people not being able to qualify for a mortgage, this is the perfect time to buy a repossessed property with the aim of letting it out - your monthly bond will be paid, and you will have invested in a long-term investment.

With the current economical situation smiling at you, can you afford not to make an investment on a repossessed property?

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When buying a repossessed property on auction, you will uncover a great deal that will suit your needs as well as your budget. But how do you go about buying on auction? Here are some handy tips.

You will need to do research. Firstly, you will need to decide on the type of property you are interested in as well as the location. Then you will need to decide on the single property you want to buy on auction. When you have done this, you will need to do some research on the property you are interested in.

When you have finished with the research, you will need to view the property. The owners of the property or the banks will give you access to the property with prior arrangement.

After viewing the property, get your finance in place if you haven't done it already. When finance is already in place, it makes the process easier and faster. You can also make better financial decisions when finance is already in place since you have an idea of what your budget is.

After this, you will need to register in order to participate on an auction. Myroof offers you live online auctions. Be sure to have your green bar-coded ID document ready when you want to bid on the auction.

One of the most important factors you need to keep in mind is to put emotions aside while you are in the bidding process. Do not overspend your budget because you think the property is your dream home. If you are not the highest bidder, there will be another property going on auction that will suit your needs.

Visit www.myroof.co.za to view all the repossessed properties going on auction and find your dream home.

With the many repossessions taking place in South Africa, the market has reached a point where property has become relatively cheap. This is good news for would-be owners, enabling them to get their hands onto repossessed properties at a good price.

Furthermore, there are many repossessed properties available to choose from. With so many repossessed properties available, combined with the market remaining over-supplied, you have a choice of different properties, prices and sizes to choose from.

You as a would-be owner need to take advantage of this situation. Keep in mind that repossessed properties bought on auction are usually sold for well-below their market value, making this even more affordable. Imagine the capital gain you can achieve when buying on auction!

Myroof differs from normal on-site auctions in the way that you do not need to put down a deposit in order to participate in the online auction. When you are the highest bidder, you will be informed where after you will be requested to transfer the deposit

With the auctions of repossessed properties still on a rise, there ought to be a big expansion in this sector during 2012. This will result in an even bigger over-supply of properties

With all this advantages when buying on auction, can you afford to not go and see what is available?

Visit www.myroof.co.za to view repossessed properties

Interested in buying a repossessed property on auction, but want to know how to get the best out of the deal? Here is what you can do to make the process go smoother, and what you can expect.

There are some things you need to consider, however. First of all, get the appropriate finance in place before bidding on an auction. This will speed up the process significantly as well as give you an indication of how much you can spend.

Then do your online research on www.myroof.co.za to determine the type of properties you will be interested in. Since you have your own, unique idea of what a home should be, only you will be able to decide this. Luckily there are many repossessed properties to choose from.

Lastly, make sure that you are prepared and know how much you will spend with all the costs involved. This will include the selling price, deposit and renovations if you want some done.

Make use of our website to view the listed properties and services we can offer you. We can also assist you in obtaining a mortgage for a repossessed house - everything through one company! Then all that's left is for you and your family to find a house that you can call a home.

Visit www.myroof.co.za to view the repossessed properties we offer

Both buyers and investors find the idea to buy repossessed property on auction attractive. It is a common fact that repossessed properties are bargain buys.

Bids are being placed constantly on Myroof's online auctions where many of the potential buyers or investors become property owners in the process. You too can become a property owner by viewing the repossessed properties on www.myroof.co.za.

Here are some advantages house buyers will benefit from:

It is the ideal way to buy property since you get more house for less money; and
You save thousands and get property for well-below market value.
It is an ideal opportunity for house buyers to get onto the property ladder and build your property portfolio.

On the other hand, this is how investors will benefit from repossessed properties:

Investors can buy more properties since it is more affordable; and
Investors will build their property portfolio greatly in the process.

Furthermore, the investor can rent out the property he has bought with the eye on reselling it later on.

Some of the advantages of auctions include:

The prices are much more affordable than the normal, retail prices of property.
You can expect to get properties for well-below market value.
Repossessed property provides bidders with excellent property opportunities at great prices.

The decision to buy a repossessed property on auction is very smart. Many "happily ever after" stories take place everyday by people who invest their money in repossessed property. Are you attracted by auctions on repossessed property?

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The South African Reserve Bank (SARB) made the decision that the repo rate should remain unchanged at 5.5%. The SARB has kept the rates unchanged for 16 months, and it is the lowest in 30 years. This decision leaves the Rand less volatile.

Gill Marcus, South African Reserve Bank Governor,said "The exchange rate is, as always, highly uncertain, but the risk posed to inflation in recent months has subsided somewhat given the less volatile, albeit uncertain, global environment".

She also said "the immediate threat to the global economy posed by the eurozone debt crisis appears to have subsided somewhat, but significant risks remain."

So, what does this mean for property investment? The lower the repo rate is, the better it is to invest in property since your bond repayments will be less.

You can save even more money when you buy a repossessed property on auction. It is a well-known fact that repossessed properties are sold for below market value.

With the economy the way it is now, you can expect to gain more due to:

* The repo rate is unchanged and at a 30 year low
* Your bond repayments will be less
* Buying a repossessed property on auction can save you thousands

Taking all of these factors into consideration, there is no better time to invest in property than right now.

Do you know the difference between insolvency and bankruptcy? People tend to confuse these two terms. However, they do have different meanings and different purposes. Together, insolvency and bankruptcy form part of a process.

Many repossessed properties are revoked due to either insolvency or bankruptcy. This is done by the financial institutions as a last resort, not by choice. The financial institutions are very helpful in situations like these, and will assist the person experiencing the problem to the best of their abilities.

Insolvency and bankruptcy both deal with liabilities exceeding assets, but they are different in structure.

Insolvency is a financial condition experienced when someone's liabilities (debts) exceed their assets, or when a person can no longer meet up to their debt obligations.

Bankruptcy has to do with successful legal procedures resulting from either a person declaring himself bankrupt, or a resolution filed with the Registrar of Companies in order to be declared bankrupt.

Insolvency can lead to bankruptcy, but does not always. Insolvency can also be temporary, whereas all bankrupt debtors are considered insolvent.

This clearly indicates that bankruptcy is the advanced and final stage of insolvency.

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