PLUSH TUBUNGU HOUSE SELLING FOR E1.1M

MBABANE - A three bedroom house located at the plush Tubungu Estate will attract bids in two days.

The property situated at lot number 670, extension number three will be auctioned from a reserve price of E1.1 million outside the Regional Administrator’s offices on Friday starting from 2:30pm.

The wall-fenced property, which has ample space for further development, sits on 1 147 square metres of land.

Conducted

The sale will be conducted pursuant to the writ of execution in the matter between Nedbank and Maxigroup Alliance.
On the conditions of sale, it has been mentioned that the purchaser would be expected to make a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer.

The balance against transfer ought to be secured by a bank or Building Society guarantee; to be approved by the plaintiff’s attorneys was supposed to be furnished within 21 days after the date of sale.

Pay

“In the event of the purchaser being unable to pay the 10 per cent deposit immediately, the deputy sheriff shall be entitled to forthwith cancel sale and put the property on auction. If transfer of the property is not registered within three months after the sale, the purchaser shall be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award,” read the conditions of sale in part.

If interested in trying to pick up a bargain property at auction, there is a lot to learn. An auctioneer advised that auctions can be a riskier way to purchase a property than buying a property through a real estate agent. He said it remained important to be extremely well-educated about the process and about the properties you are interested in bidding on.

Property

“Also, just because a property is for sale at auction doesn’t mean that you will be able to get it at a good price (or that the home is a good deal at any price - it could be a money pit!).

“But for the savvy, intelligent and motivated individuals, property auctions are worth exploring as a way to pick up an investment property on the cheap,” the auctioneer explained.

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