sales in execution

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Frankie_Yale

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Any experts here on MyBB care to share their knowledge on topic?

processes , pitfalls , etc.

thanks in advance.:)
 
Last edited:
Yes, because the experts sit on MyBB all day long and just WAIT for a post....
 
also looking into this. Not a a primary, rather as a secondary income. Either buy and rent, or buy and sell again.

So far, biggest hurdle (assuming you have cash to play with for this) is

- outstanding bills from Rates & Utilities.
- if it has prepaid electricity thats a big win.

If existing tenants, you might have a hard time evicting them. Especially if they had a lease with previous owner. Unsure what the legal standing is here.

Do research, find out going prices of houses in the area, past sales, going rentals. If its an auction, have a limit to your bidding and never get emotional during the auction!
 
How much does a good execution cost these days?
 
je$$ie_jame$ said:
Any experts here on MyBB care to share their knowledge on topic?

processes , pitfalls , etc.

thanks in advance.:)
Click to expand...

I have bought 2 x properties this way. But mine were bank-owned repos.

Pro:
1. you get the property at a discount (assuming there's no bidding war)

Cons:
1. the previous owners/tenants might refuse to move out ---> sheriff eviction costs. I paid R10k in total to get the guy kicked out. Took me 6 months to finally get rid of him (he didn't put up a fight!)
2. Repairs to the property --->sometimes you will find intentional damage on the property & will foot the bill
3. Hostility from neighbours - depending on where the property is located. ie close-knit community = tough time
 
naeem said:
also looking into this. Not a a primary, rather as a secondary income. Either buy and rent, or buy and sell again.

So far, biggest hurdle (assuming you have cash to play with for this) is

- outstanding bills from Rates & Utilities.
- if it has prepaid electricity thats a big win.

If existing tenants, you might have a hard time evicting them. Especially if they had a lease with previous owner. Unsure what the legal standing is here.

Do research, find out going prices of houses in the area, past sales, going rentals. If its an auction, have a limit to your bidding and never get emotional during the auction!
Click to expand...

thanks naeem. have you done 1 successfully cause you said your still looking into it.
 
je$$ie_jame$ said:
do you think it's illegal if someone at the bank provides you with info on their repossesed properties?

such as the outstanding balance, current offer amount, account holder, and bank valuation?
Click to expand...

I think the outstanding water&lights, highest offer amount etc (public info) would be easily accessible.
Anything else sounds illegal.
 
je$$ie_jame$ said:
I see.

Someone sent me a list once with the outstanding loan balances included.
Click to expand...

That is confidential information as you can very easily tie that info back to the person since properties are publicly registered to peoples names.

The person who sent you that information should theoretically be fired.
 
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