Reserve: R312,948
Auction ended
Sheriff auction
3 Bedroom House on Auction in Pullens Hope, Central Mpumalanga
45 Rooihout Street, Pullens Hope, Hendrina, Mpumalanga, Pullens Hope
3
Bedrooms
1
Bathroom
1
Garage
915m²
Erf size
Property valuation
Last sold price
Sale date
Municipal valuation
Suburb trend
Outstanding bond
Bond amount
3 similar auctions coming up near Pullens Hope, Central Mpumalanga
Buying at a sheriff auction
Why can you get such big discounts at a sheriff auction?
Sheriff auctions are the ultimate source of great-value property. This is why:
- Sales are only advertised a few weeks before the auction, in the Government Gazette and one local newspaper, so few buyers hear about them.
- There is no official show day or way to inspect the property.
- When there are very few interested parties the bank often has to buy the property itself, and it becomes a bank repossession. Usually the bank does not bid more than 60–65% of market value, and there are cases where the bank lets a property go for 50% of market value.
Why do unique properties sell for the biggest discounts?
Unique properties are a fantastic opportunity to buy at a discount. Here’s why:
- They are harder to value. Unique properties have no comparable sales and features that are not often disclosed, so buyers who haven’t done enough research bid conservatively.
- Bonus features. Thorough research can reveal improvements that are not widely known: home offices, cottages, pools, zoning advantages and undisclosed renovations.
- Fewer bidders. With fewer buyers interested in unique properties, your chances of securing a great deal increase significantly.
If a property needs more research than average, start early to get as much information as possible. These can be golden opportunities.
Unique properties are phenomenal opportunities →Have people really made big profits at sheriff auctions?
Yes, when they do their homework. Three real-life examples:
- Apartment with a private pool, R1.2m profit. A buyer paid R2.2m for an apartment in Morningside that, unknown to the other bidders, had a large garden and a private pool. He sold it three months later for R3.4m without any renovations.
- Residential plot, R2m profit. A buyer found that a vacant plot on auction had planning permission for a sectional title complex. He bought it for under R1m and sold it a few months later for R3m.
- Cluster in a security estate, R400,000 profit. A bidder found the property was also listed with an estate agent, who showed it to them and gave an accurate valuation. They bought it at the auction for R1.7m and sold it a few months later for R400,000 more.
Each of these buyers knew something about the property that the other bidders did not. That is where the big discounts come from, so start your research early.