PROPERTY NEWS

2012 May 18 - Bank Repossession - There is an Alternative                                                                              Port Elizabeth Property First Article
With distressed properties still very much a reality in the current market, homeowners that are behind on their monthly bond repayments may feel as if there is no alternative but to lose their property, says Deirdre Fibiger, CEO of Propert Network.

"However," she says , "this is not the only option and homeowners that are in this situation do not have to go it alone. They have the option of working with an agent to avoid their property being repossessed by the financial institution that holds the bond. Property network currently has Certified Distressed Property Experts (CDPE) that can assist homeowners to take action because in our experience, the worst option is to sit back and do nothing."

Statistically as many as 30% of property owners residing in South Africa could find themselves needing to sell their property to alleviate some financial strain, a sobering thought considering that on average properties spend approximately 42 days on the market.  "This is why it is so important for homeowners that are in a distressed situation to seek help through the correct channels as soon as possible," says Fibiger, "as soon as a homeowner recognises the need to sell they must act before it is too late. A CDPE can assist them through the process of selling their home in a timely manner for the best possible market value."

CDPE"The certificate training, has been going for ome time in the USA and is limited in South Africa. We are fortunate to be one of the very vew agencies in the country to have people on staff who have completed this course," she says .
 

According to Fibiger, it is vital that homeowners provide the CDPE with accurate information regarding how serious the situation is, in order for the agent to understand the urgency of the matter. This will give the agent an indication of how to proceed and what time frame is given in order to sell the home. A trained CDPE will keep communication channels with the financial institution open and inform them of any offers or signed sale agreements that they receive.

"Perhaps one of the most important elements of selling a distressed property is marketing it at the right price. It is vital to understand the local market and what is perceived to be a fair market value so that buyers will not be scared off by excessive pricing. An overpriced property will sit on the market for longer, which is a luxury that most distressed sellers do not have," she says.

Deirdre Fibiger herself has
sold many distressed properties and has managed to achieve, on average, 96% of the asking price. In this process, the estate agent will guide the homeowner through effective negotiation of each offer they receive to get the highest price and ensure the best possible solution for the seller as well as the bank."

She says that using a specially trained agent to sell a distressed property is a viable solution for homeowners that want an alternative. A CDPE can help a distressed homeowner to avoid the financial implications of having a property repossessed.  The property might be distressed, but that doesn’t mean that the homeowner have to be.


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