I purchased a Standardbank repossessed property from My Roof, listed at R1.7m. My winning bid was R1.2m. I applied for a bond with Standardbank, after already paying 10% deposit of R120 000. However, the approval was for R864 000. Apparently they approved 80% of the value of the property. And the property was valued at R1 080 000. What confuses me, and is blind if you ask me, is that the house is currently a Standard bank repossessed property, which was listed at R1.7m and sold at R1.2m. How on earth is Standardbank able to list the property on My Roof as R1.7 and then they value it to be only R1.08m? When enquiring I was informed that the property value must have decreased. I do not buy this. The house was repossessed in April. I viewed the house just before the auction, and it was in tact. So there is no way that the value could have decreased by R700 00. I am truly upset and shocked by the practice. I have already paid R120k in deposit. Now I have to find an additional R216k due to this rediculous valuation or stand to loose my deposit. And what makes it even worse, is that nobody at Standard Bank bothers to come back to me even after a formal complaint being lodged.
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