Buyers market ?

[supersunbird]

Let's see. The one with the most wow factor was probably the 5 bedroom(subdivided into 5 flatlets) one for R410k. Already has occupants paying r6500 a month.

Area? If I tell, I might end up bidding against you at the next auction so unfortunately I'm gonna stay mum on this one. sorry mate, no hard feelings

Yoh! If I had a extra R6000 a month lying around I'd be all over that...

 

[thatdamnJoe]

hehe no I understand. Just wanted to know if the area is nice, not perfect or good.... just a nice area

But that is a damn steal... R 410 000

I think I'll also start doing auctions before I go via an agent. With the amount of repo's might not be a bad idea

Thank you for the info.

put it this way. The area is slightly 'better' (however you want to measure that) than the ones you mentioned earlier in this thread.

What really amazed me was the size of the hits the banks were willing to take. Some lots were going for 1/3 of the judgement value. Unbelievable.

The thing about auctions though is that you need to have some cash lying around. You have to pay 10% immediately ( as in after the hammer falls you have to walk up and present a bank guaranteed cheque or go and do a straight internet transfer), as well as pay the auctioneers fees which can go up to just under R10k.

Then you have to have the transfer fees or VAT available as well.

On a house of say R1.3mil that adds up to some cash