So says one of Rawson Properties' most successful franchisees, Johann van der Merwe, owner of the Rawson's Somerset West, Strand and Gordon's Bay franchises.
Van der Merwe said that he has yet to find a case where a home repossessed by a bank and sold on auction is bought at anything like its true market value.
"It is always preferable for the bondholder in difficulties to come to his estate agent and get him to sell the home as quickly as possible. That way, he will get a far better price than is achieved at a repossession auction."
Bondholders in difficulties, said van der Merwe, are often understandably too proud to admit this to an agent but in eight cases out of ten their predicament is not of their own making but due to adverse economic conditions.
In some cases, he added, the agent can actually help the bondholder to retain ownership of his property by advising him how to negotiate a new deal with the bank.
Rawson's managing director, Tony Clarke, has pointed out that every bank with whom he has discussed bondholders' problems has indicated that they are prepared to be flexible and to adopt such measures as extending the bond repayment period or allowing the bondholder to pay only the interest for a specified period of time.
For more information contact Johann van der Merwe on 021 854 8905.
Readers' Comments
Have a comment or question about this article? Email us now..
Property News
Click here for more property news articles.
Need a blog?
Start your own blog with a free blog from 24.com.
Print
