Repossession Advice - It’s Never Too Late to Act

The property market in South Africa has already started to experience great falls in house prices, many people are unfortunately being hit by this and many more stand the risk of losing their homes. Despite the tough times we are currently facing, solutions to these problems are already being offered to home owners in South Africa by companies who are able to purchase houses for cash and allow the home owner to remain in the property after the sale. This is known as a ‘Sell And Rent Back’ scheme.

‘Sell And Rent Back’ is the most utilized service which aids in preventing repossession and eviction when as a home owner you are not able to meet the mortgage repayments on a monthly basis. The great part about these schemes is that you will be allowed to stay on your home and not have to worry with being kicked out of the property out of the sale. You can simply carry on with your life as it was before and rid those sleepless nights.

Essentially this now means that the original owner (who is now renting the property back from the company), no longer will be responsible for paying rates and taxes as this is now the responsibility of the new owner. This is a great benefit as it helps in reducing the previous home owners extra outgoings which is where the problem started in the first place. The less outgoings for the home owner, the better. Another great thing that these repossession services offer is a buy-back option. This is where the repossession service gives the home the owners the option to buy the property back at a later date if their financial situation proves to be healthy enough to do so. Ideally the home owner would rent the property back from the repossession service, save money for a deposit while living in the property, and then buy the property back say 5 yrs down the line when market conditions have improved, as well as the home owners financial situation being in a better state.

In order to sign up to a deal like this, the home owner simply needs to source one of these companies that has the ability to buy houses for cash. These repossession services don’t normally charge anything for their service so its great for the home owner as they don’t need any upfront cash in order to enter into an agreement like this. The home owner will also be under no obligation what so ever which takes the pressure off the home owner completely. These companies are able to prevent repossession days and even hours before the actual repossession of the property. They really do provide a valuable and life changing service which is well worth looking into.



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