As South Africa’s economy is slowing down and a recession is looming, the auctions of homes will become more frequent, and a great way to find your dream home. However, there are some pitfalls to be weary of.
An auction is a public sale in which property are sold to the highest bidder. These sales are usually done by the sheriff of the court, but there are many popular auction houses, that attend to private auctions. Banks use auctions as the final step in their debt collection process and here homes of distressed owners can be bought at a reasonable price. Buyers should however take notice that property sold on auction is sold voetstoots and it is therefore important that the buyer should know the following, before making the bid:
Happy auctioning!
Get in touch with us to discuss how we can help you with your challenges