Across SA, investors are moving distressed homes through the system far faster than lenders, according to Auction Alliance CEO Rael Levitt.
In areas such as Cape Town, Pretoria and Johannesburg's West Rand and East Rand, sale-in-execution speculators are offloading properties faster than ever.
25 June 2011
Saturday Open Thread: Speculators Offloading?
Have you seen evidence of this?
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1 comment:
Yes I'm aware of people who do this. It epitomises buy low and sell higher.
Sheriff's auctions can land you with "rent free tenants" who need to be evicted, outstanding, rates and electricity bills, wrecked properties, etc.
If you know exactly what you're doing or get lucky then you can pick up bargains.
There are ways of buying properties other than via sheriff's auctions which can be quicker, less risky, more profitable.
Basically anyone who buys property at anywhere close to asking price is a fool. 35% off the municipal valuation is closer to fair market value.
L.S.
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