What is a repossessed property?
A repossessed property is a property that is bought back by the bank during a sale in execution as a way of recovering the outstanding debt on its home loan account. This process is only followed if the previous owner comes into financial distress, and is unable to continue with their home loan repayments despite the bank's attempts to assist through a payment rehabilitation programme.
- No transfer duties are payable when you purchase a repossessed property which means that you will enjoy a huge saving.
- Nedbank also pays all outstanding rates and taxes on the property.
Your feedback was successfully submitted
Thank you for taking the time to help us understand how best we can improve your digital banking experience.
