ABSA Properties in Possession
Obtaining a properties in possession list is quite an art however they are available.
Now is the ideal time to take advantage of the great property opportunities available in today’s difficult economic climate. Whether it’s for long-term property investment, or for the savings you’ll get on transfer fees, Absa’s properties in possession are made publicly available for purchase or short-term rent.
A bank repossessed property is a cancelled home loan agreement as a result of the borrower repeatedly defaulting on agreed installments. Legal action is instituted by the attorneys and a judgement is obtained against the defaulter from the High Court. The property is then attached and the Sheriff then sells the property at a sale in execution. If the bank’s reserve price is not achieved at the auction, the property is bought into possession.
Currently ABSA home loans are using a new system. The latest list of ABSA bank owned properties – click here
To download an older list of properties repossessed by ABSA