Buying a bank repossessed house in Tembisa
I don’t know about you, but for me I think it is better to own a house than to rent.
Tau ya Masepeng
Renting, just like everything on Earth, has its own disadvantages and advantages. The same applies to owning a house.
While we all cannot afford to buy a house of our own, some can.
As we know by now, houses in Tembisa are not as highly priced as in other parts of SA, like in Soweto.
I do not know what determines the price for a four bedroom house in Tembisa, what I know though is that most of the houses for sale in Tembisa are not new.
They are either on sale because the owner has decided to move to another town or the repo man is doing what he knows best – claiming what belongs to him.
Once in a while (if not every day), you find a house that is on sale like any other but only because the current owners can no longer afford the bond payments. As a result, the bank decided to repossess the house.
As most banks are mostly interested in making sure they minimise risks, especially with home loans, they tend to sell the house while the current owner is still occupying the house.
In most cases you will find that the bank tried by all means to reach some common ground with the current owner as far as bond payments are concerned but to no avail.
There are reasons, obviously, but if any of those reason don’t include any payment plan suitable to both parties, banks end up selling the house to recoup what they are owed.
The thing is, when you do not have money, you simply don’t. Maybe you lost your job or your business venture failed.
As a new buyer, you might end up in serious house triangle should you wish to buy a bank repossessed house in Tembisa.
This kind of a situation does not always end well, as reported in various media outlets.
Even though there are legal routes to deal with the situation, the community often does not necessarily believe someone has to be thrown out of a house they called home for decades just because they cannot afford bond payments.
They tend to react in ways that are sometimes intimidating.
I am not saying do not buy a bank repossessed house in Tembisa, I will too.
However, I am highlighting what is being reported in the media.
As a new buyer, looking into buying a nice house in Tembisa, make sure you do your homework properly.
