My house was going to be auctioned on the 16 August 2013. I subsequently managed to get a buyer, and on the 15 July 2013, myself and the purchaser agreed to an Offer to Purchase and presented it to the bank who accepted the offer. The auction was subsequently stopped by he lawyers and a total cash amount of one million two hundred and twenty five thousand was deposited into FNB's lawyer's account at the end of July 2013.
On 14 November 2013 the bank's lawyers, for no apparent reason or on no legal grounds cancelled the sale, and advised me that the property will be auctioned in January 2014. It took me 8 months to find, negotiate and conclude the sale, as well as costs involved, only to have it cancelled 5 months later after the bank accepted the agreement in the first place. What will happen now is the obvious, the property will be sold at the auction for less than half of the value and for hundreds of thousands less than my initial offer and I will be left with no property and a huge outstanding amount owed to the bank. The bank as well as their lawyers cannot explain to me why the sale was cancelled and do not want to comment.
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