The best way to be aware of the differences between the 3 types of Property Purchases is to understand the process.
Prior to the introduction of these Bank Assisted Property Sale programs, many South African properties were sold at a Sheriff’s auction. Often the results were disappointing. Poor prices were achieved & the repossessed Property Seller was left with a large shortfall on their outstanding bond.
Now, when a borrower defaults on the home loan, to the extent that the only alternative for recovering the debt is via sale of the bank repo property, the banks, (and Chas Everitt through its own property “LifeSaver” programme) offer the property seller the opportunity to elect to enter the Bank Assisted or Distressed Sale programme, where in many cases superior results are achieved.
