Due to the current global economic climate, many property owners are facing difficulties in meeting their bond repayments.
The Seeff Express Sales Programme (ESP) is a Bank Assisted Sales Programme to assist clients who find themselves in financial difficulty and struggling to keep up with instalments on their property loan.
Our bank-assisted sales programme offers expert guidance to help you take decisive steps and minimise financial stress. Our property practitioners are trained in bank-assisted sales and work with the major banks i.e. Standard Bank, FNB, Nedbank, and Absa.
We are competent to assist clients in this process. We will inform you what your options are to take decisive steps to minimize the risk of added financial stress and burden.
Here are the list of banks and their express sales programmes and shortly what each of them offer:
Standard Bank - Easysell programme
- Up to 10% discount on the outstanding balance of your bond (applicable if there is a shortfall).
- Arrear rates and taxes can be debited to the account to assist with cash flow.
- Property practitioner commission 5% plus vat.
- Mandate period of 90 days, divided into Sole Mandate of 60 days, and thereafter 30 days open mandate, if not sold in the 60 days.
- Only Easysell attorneys will be used. (determined by the Bank)
- Shortfall can be repaid interest free between 5-10 years.
ABSA Bank - HelpUSell programme
- You will qualify for a 50% discount on what you owe if your account is only 3 months in arrears.
- You will qualify for a 30% discount on what you owe if your account is more than 3 months but less than 6 months in arrears.
- You will qualify for a 10% discount on what you owe if your account has been in arrears for 6 months or longer.
Nedbank - NAS assisted programme
- A 50% shortfall forgiveness after the sale of the property.
- Acknowledgement of debt (AOD) on the shortfall after the 50% forgiveness, payable within five to ten years, interest free.
- No adverse credit bureau listing.
- No legal action.
First National Bank - Quicksell programme
- Buyers receive a 50% discount off both transfer and registration fees–provided both transfer and registration is handled by the FNB appointed attorney. This does not include transfer duty.
- Up to 50% discount on the remaining shortfall after the sale of the property.
- Shortfall is repayable over a period of up to 10 years, interest free.
- FNB offers buyers up to 100% bonds on quicksell properties.
How do I become part of an express sales programme?
- Contact your Seeff agent
- Your bond needs to be in arrears
- Supply the agent with your personal details and bond information.
- Your agent will refer your request/application to the relevant bank (via the Seeff Express Sales Programme) for approval and acceptance into the programme.
- Once confirmation from your bank is received, your agent will contact you to get the necessary documentation signed and list your property for sale.
Seeff is also currently running a competition where a homeowner who sells through Seeff, stands the chance to win R1 Million. By awarding Seeff a sole mandate to assist you in selling your home, you would also qualify for entry into this competition and a chance to win R1 Million!
For any first-time buyers, here are some tips to get you started as a first-time home buyer:
- Keep a clean credit record by paying your bills on time and ensuring minimal debt.
- Maintain a deposit to look financially sound and ready to negotiate a better interest rate.
- Cast a discerning eye over your budget and use a bond calculator to determine what you may qualify for. Get a pre-qualification from a reputable bond originator.
- Don't forget additional legal costs, maintenance, and property fees.
And lastly, did you know that 78% of our community say the best time to buy a house is when the market is slow? Our market might not currently be that slow, but now is certainly a good time to buy! We have lots of stock on the market and with interest rates that went down with 0.25 basis points recently, you should at least be budgeting and start looking for a suitable property.
Whether you are buying or selling, Seeff is ready and eagerly awaiting to assist you with your property journey.