Buying a residential property at auction may be a smart move especially for first time homebuyers. You will need to do your homework and prepare your paperwork before the time, but you can save a substantial amount of money if you take this route.
There are many ways to buy a residential property at auction in South Africa. Just a quick search in Google reveals thousands of results covering hundreds of auction companies including all major banks and lending institutions. Many people assume that the only properties available on auction are bank repossessed properties or distressed sales, but auctions cover the entire gambit of properties from private seller of multi million rand executive homes to entry level townhouses and flats that are being sold by banks.
Due Diligence At Auction
One of the most important aspects of buying a property at auction is to research the type of sale. Find out about the history of the property and why it is being sold at auction. You have the right to ask the auctioneer who in turn has the responsibility to disclose all information about the property and the reason it is being sold. Continue reading
The African Auction Blog 