Purchase Houses on Auction in Johannesburg at Enticing Rates

Posted by highstreetauction on March 27th, 2017

If you are searching for a property, you may expand your search beyond the real estate listings. You may even look beyond the suggestions of your real estate agent. You may try a less trodden path because many owners are putting their houses on auction in Johannesburg. It is a misconception that only foreclosed properties are presented on auction. Many sellers prefer auctioning to traditional methods of selling in hopes of profitable deals. You do not need experience to purchase a house through auction. A reliable auctioneer will thoroughly verify the documents of every property and save you from grave loss.

Types of Auctioned Properties

Wilfully Auctioned Properties

The bidders tend to pay higher than the specified value for properties in easily accessible locations or with better commercial value. Hence, many sellers prefer auctioning to be a profitable selling option. The wilfully auctioned properties are usually in better condition than foreclosed properties.

Foreclosed Properties

Some homeowners fail to pay the mortgage for several months. In this situation, banks or other financing institutes will file a notice of default with the respective authority. The homeowner is given an opportunity to renegotiate the available payment options with the lender. The homeowner may fail to clear the debt even after renegotiation. In this situation, the bank or lending institute will foreclose the house and auction it to collect the unpaid debt.

Auctioned Property for Unpaid Taxes

The owner may consistently fail to pay the exact amount of property taxes due to poor financial condition. Some owners deliberately miss the payment of property taxes and end up losing the property. Usually, the local or state government is in charge of tax collection for properties. They will seize the property in the event of improper tax filing or missing tax payments. They will put these properties on auction to collect the unpaid amount.

Buyer’s Benefits through Property Auctions

You will enjoy many benefits if you are planning to purchase houses on auction in Johannesburg. It gives you the opportunity to grab some best properties without any delaying issues.

Lucrative Deals

If you are looking for worthy purchases at economic rates, you need to visit the property auction events. It is a misconception that you will be able to grab a cheap deal in these events. The auctioneer usually verifies the value of a house before presenting it on auction. This calculation may not present cheap deals to you. It will certainly present you with economic deals.

Certainty

If the auctioneer identifies you to be the highest bidder, the property will come to you at the bang of the hammer. You will experience no further delay. You will never witness any collapse of the chain to nullify the deal. The auctioned property will be yours within 28 days of bidding.

Verified Documentation

You will experience no untoward legal events after the purchase of houses on auction in Johannesburg. The reliable auction houses keep all relevant documentation ready prior to the event. The documentation may include leases for rental properties, title deeds or any necessary planning permission. The sellers’ legal representatives also help in this task. These documents are available for preview and will save you from any legal problem in future.

About the Author:

The writer is an expert in the field of Online Property Auctions with focus on Auctions South Africa