SA Homeloans
BUYING A BANK DISTRESSED PROPERTY

An offer on a property (bank distressed) was signed in June 2012 authorizing S A HomeLoans to sell the property by Special Power of Attorney, offer was accepted by the bank after four months in September 2012. The property has not been registered into the new owner's name as the bank is delaying the registration process. Every process needs to go through higher management and needs higher managements approval before the next step can be taken, and it is impossible to speak to higher management as they refuse to deal with the public. Not even the agent who sold the house is able to speak to higher management. An entire new electricity meter need to be installed by the bank (which per the contract is the Seller's responsibility - being the bank) as the previous owner had an illegal connection. They can take up to 2 months just to sign off documentation. Never in my life did I think that the bank would give so much hassle to register a property into the new owner's name. One would think that they would be happy to have sold the property and actually getting rid of the property which is costing them money. This has been ongoing for 6 months

Company: SA Homeloans
Country: South Africa
City: DURBAN HEAD OFFICE

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