Bank repossessed houses are amongst the most sought after on the market because of the potential to not only make healthy profits off the resale but also because as new home buyers entering the market only to be hit by sky rocketing prices which force them to seek alternatives such as bank repossessed houses. There is a substantial amount of secrecy regarding these houses as far as where to find them but we will discuss these locations here now. For tips on how to buy bank repossessed houses visit our "How can i buy bank repossessed property?" page.

1. The first place to look for bank repossessed houses is every friday in your local newspaper, in Cape Town it would be in the Cape Times or the Cape Argus. Lawyers who handle the repossession process on behalf of the bank are legally obligated to post such notices under the classifieds section, look under legal notices, under sale in execution. Current conditions considered, you will find between 20 to 30 bank repossesses houses listed weekly but this figure will vary from week to week. This not the only place to view such listings as some websites choose to capture this information and post in online but most often than not they feel to keep their databases updated and most end up not updating their websites at all.

2. As another legal obligation lawyers who are acting on behalf of the banks have to post these sale in execution notices in the weekly government gazzette, legal notices, section B. This is done for record keeping purposes and therefor also now becomes public information for anyone to view. The weekly gazzette is printed every friday but it is printed only in Pretoria, it is however shipped over the weekend down to other offices located in each province. If you would like to purchase the weekly gazzette, you can pick up a copy at yor local printers office for a small fee. When you receive your copy of the gazzette, you will find that not only are the bank repossessions that were listed in the newspaper but you will find about 75% more bank repossessions that were not printed in the newspaper. This practise of not listing all bank repossessed houses is not openly spoken about but it can be assumed that these are left out for a reason. As a result of this "mishap" the only option to view all information on bank repossessed houses would be to get a copy of the weekly gazzette. There is however a small problem when wanting to get a copy of the gazzette in you reside in Cape Town. Due to the fact that the weekly gazzette is printed in pretoria and shipped down to Cape Town, the copies are only available in Cape town from tuesdays. There is a solution to this problem, some website list the government gazzettes on their websites but there is a small fee for this service, usually an annual fee of about R600 to R750. this is however the only way of ensuring that you are kept up to date with the weekly information on a friday.

3. As far as legal requirements are concerned, sherrifs of the court who repossess or sell them by bank repossessed houses have to also put these notices at the courts notice boardswhere the judgements were issued. There is 1 thing to remember here and that is that people who view these notices are usually the one's who remove them so that other may not view them. once again we come back to the only reall source, the government gazzette.

4. Another place to view bank repossessed houses or repo auctions is directly from bank websites. The three major banks will be a good place to start looking but these are only a few of the listings. Some list bank repossessed houses on their websites and they can also list these properties before they are listed in the government gazzette which is why the best advice that can be offered would be to get a copy of the gazzete as well keep checking up on the banks website for listings on bank repossessed houses and how regularly they are updated. It is also not a legal requirement for them to do so which is why the lawyers who handle their default business only list these houses in the gazzette.

Be the first of your friends to share this on facebook or twitter!!!