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The benefits of buying a repossessed property

  • No transfer duty is payable, which is a substantial cost saving.

  • Nedbank pays all outstanding rates and taxes on the property until the date of registration 

  • One of our experts can guide you every step of the way.

  • A repossessed property can be a good way to find a property at a lower cost.

What is a repossessed property?

When a homeowner is in financial difficulty, unable to meet their bond payments and all our attempts at payment rehabilitation have failed, Nedbank is left with no option but to repossess the home. In selling the home to another buyer, our main objective is to offer financial relief for the previous property owner, while recovering the outstanding debt on the home loan account.

What to consider about repossessed properties

property occupancy

Occupying the property

Nedbank does not guarantee vacant or immediate occupation of a repossessed property.

Registration timing

The repossessed property transfer process is more complicated and takes longer than the standard property transfer process.

sold as-is

Sold as is

The property is sold in its current condition, without any warranties.

subject to sales

Subject to sales

Nedbank will not accept any offer to purchase if it is tied to the sale of an existing property.

See terms and conditions

Below is an example of what your reservation fee could be on a repossessed property

Property purchase price
Reservation fee

R2,500

R7,500

R12,500

 

The reservation fee is a non-refundable deposit payable in cash or by electronic funds transfer. No cheques will be accepted. The amount payable for the reservation fee depends on the purchase price of the property. The reservation fee will be used towards the property transfer costs.

See our 2024 pricing guide

Be sure to have the following documents ready

A valid South African ID or valid passport
Latest 3 months’ payslips or other proof of income
Your latest 3 months’ bank statements
The signed abridged offer to purchase
A signed addendum to the offer to purchase
The signed important notes to the offer to purchase

Where there is more that one applicant, each will need to submit their own documents.

How to buy a repossessed property

1. View properties

1. View properties

Browse through our repossessed properties to find one you’re interested in. 

2. Get offer to purchase

2. Get offer to purchase

Get a Nedbank offer to purchase from PIPSales@Nedbank.co.za, including the property reference number in the email subject line. 

3. Submit offer

3. Submit offer

Send through your completed offer and documents to NOPOTP@nedbank.co.za

4. Agreement of sale

4. Agreement of sale

Read through the agreement of sale to make sure that you understand the terms and conditions.

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Nedbank Limited does not accept any liability for the information on Private Property's website, its accredited suppliers, their products and/or their services. You are responsible for verifying services rendered by Private Property.