If you are in financial distress and can no longer afford your bond repayments, you are at risk of your property being sold at a sheriff’s auction – which will not only affect your credit record, but also result in long and costly legal procedures.
At Standard Bank, we understand how difficult this situation can be. That is why we have developed EasySell.
How EasySell works
EasySell makes your life easier because we manage the entire process of selling your property on your behalf. Here’s how:
- We make sure you get the best possible price for your home. We work together with a panel of approved estate agents who specialise in properties in your area and will market your home to ensure you obtain the best price closest to the current market value;
- We attract serious buyers by marketing your property extensively in the media, and through the online property marketing website, MyRoof;
- Once your property is sold and all the relevant costs, fees and levies have been settled, the amount left over will be used to settle your outstanding bond amount;
- If there is a shortfall (in other words, there is still an amount owing on your bond) we will assist you in making an arrangement to pay it off, interest-free, over 5 or 10 years, depending on the shortfall amount outstanding. To help you even more, we will give you up to 10% discount* on the outstanding balance of your home loan account;
- Property arrear rates and taxes, levies and the electrical compliance certificate can also be included as part of your shortfall (which means you won’t have to pay these amounts upfront).
What are the benefits of EasySell?
- You stay in control of the sale of your property;
- Expenses like rates clearance and compliance certificates can be paid from your bond account;
- Your name can be cleared on the credit bureau once the shortfall has been paid;
- You will be able to rent;
- You can buy again in future;
- The bank give you a substantial discount if there is a shortfall;
- Shortfall can be repaid interest free up to 10 years.
