n Personal Finance Newsletter - Value in repossessed property : property

Volume 2006, Issue 311
  • ISSN :



Extracted from text ... November 2006 13 PROPERTY Value in repossesed property If you compare prices carefully, and don't mind a few repairs, buying a bank-repossessed property could provide great value. But there are pitfalls... By GAYLYN WINGATE-PEARSE MOST people look for bargains when buying property. One of the cheapest avenues is the repossessed market but be warned. Savings The biggest advantage is that you don't have to pay transfer duties since the bank, as the seller, has to pay VAT on the sale of the property. By not paying transfer duties, you can save thousands of rands - but you still have ..

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