2012 May 18 - Bank Repossession - There is an Alternative
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."
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
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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