ABSA

Does Absa sell properties via online auctions?

No. Private Property advertises and lists Absa’s repossessed and mandated properties. When you submit an offer on a property you are not bidding against anyone else. Previous offers are merely indicated as a way for prospective buyers to establish the value of any given property. Absa will inform a prospective buyer when other offers are made on a property to afford them the opportunity to increase their offer if they so wish.

On what grounds does Absa accept or reject an offer?

Absa accepts or declines offers on a property at its sole and unbiased discretion. Absa considers the following factors:

• The method of payment.

• The amount of offers previously made by any person.

• The amount of previous offers that were accepted by Absa where the transaction was unsuccessful for whatever reason.

• The duration for which the property has been in the Bank’s possession.

Therefore, it may be possible that the highest offer on a particular property is not accepted due to any of these reasons.

Is Private Property an estate agency for Absa?

No. Private Property provides a platform for Absa to list properties. Private Property operates as a property advertising portal that allows the public and estate agents to view and buy property in a secure, easily accessible and current manner.

Does Absa sell properties to make a profit?

No. Absa’s main objective is to minimize the default indebtedness of the property’s previous owner. Absa does attempt to cover the costs incurred through the purchase of the property and sale in execution process.

Why is my offer rejected so quickly?

In order to lessen the previous owner’s debt, a minimum offer may be required on a particular property. Thus, if an offer is submitted below this amount it will automatically be rejected and the prospective buyer will be notified via e-mail.

Are all offers on any given property considered?

Yes. All offers are logged on a central database where Absa will review and consider them.

Why can I make an offer on a property when a transaction is already in progress?

Absa may consider alternate offers should the current transaction fail for any reason.

How many offers are received per month and per property?

Absa can receive up to 200 offers on a single property while an average of 8000 offers are made per month.

Who owns the Absa properties in possession?

All repossessed properties listed by Absa were previously bonded by Absa. When the previous owner defaulted on their financial obligations the property was put up for sale at public auction. When a property does not reach its asking price it is bought by Absa. As such, properties in possession are registered to, or in the process of being registered to Absa.

How long does it take to register a repossessed property?

The process of registering a repossessed property in an individual’s name is more complex than a transfer between private individuals. Absa endeavours to make the process as swift as possible, but the registration may take between 4 and 6 months. However, buyers do have the option of occupying vacant properties by paying occupational rent to Absa.