Category: Problem Bond Community Project


THE STANDARD BANK OF SOUTH AFRICA LIMITED (Reg. No. 1962/000738/06), Plaintiff, and FRANK JONATHAN GREEFF, ID 5609165082002, Defendant


In terms of a judgment granted on the 18th day of August 2014, in the above Honourable Court and a writ of execution on immovable property issued thereafter, and the ubsequent attachment thereof, the undermentioned property will be sold in execution on Wednesday, 3 December 2014 at 10h00, in the morning at the Office of the Sheriff, Middelburg, 17 Sering Street, Kanonkop, Middelburg, Mpumalanga, to the highest bidder: Description of property: Erf 2429, Middelburg Extension 8 Township, Registration Division JS, Province of Mpumalanga, in extent 1 971 (one thousand nine hundred and seventy one) square metres, held by Deed of Transfer T166090/2005. Street address: 5 Robertson Street, Clubville, Middelburg Extension 8. Improvements: Unknown. The nature, extent, condition and existence of the improvements are not guaranteed and/or no warranty is given in respect thereof and are sold “voetstoots”.
Zoning: Residential.
1. Terms: The purchase price shall be paid as follows:
1.1 A deposit of 10% (ten percent) of the purchase price shall be paid immediately in cash or bank-guaranteed cheque at
the date of the sale;
1.2 The balance of the purchase price shall be paid by way of an acceptable bank-guaranteed cheque within 21 (twenty
one) days from the date of the sale.
2. Conditions: The conditions of the sale will be read out prior to the commencement of the sale, which conditions will be
made available for inspection thereof at the offices of the Sheriff of the High Court, Middelburg, 17 Sering Street, Kanonkop,
Middelburg, Mpumalanga.
Registration as buyer is a pre-requisite subject to conditions, inter alia:
(a) Directive of the Consumer Protection Act 68 of 2008 (URL http://www.infp/
(b) Fica-legislation, proof of identity and address and particulars.
(c) Payment of a registration fee of R10 000,00 in cash.
(d) Registration conditions.
Signed at Pretoria on this 3rd day of November 2014.
To: The Sheriff of the High Court, Middelburg.
(Sgd) A van Wyk, Hannes Gouws & Partners Inc, Attorneys for Execution Creditor, 1st Floor, Lobby 3, Brooklyn Forum,
cnr Veale & Fehrsen Streets (opposite Brooklyn Shopping Centre), New Muckleneuk, Pretoria. Tel. (012) 321-1008. Fax. (012)
346-2239. (Ref. Foreclosures/F72566/TH.)

SA Banks struggling to deal with distressed Property Owners

SA Banks struggling
SA Banks struggling

According to South Africa National Credit Regulator’s latest Consumer Credit Market report, about 75,000 property owners were in arrears on mortgage repayments (for more than three months) in June.

SA’s big banks are taking longer to deal with home loan defaulters even though they are continuing to reduce their nonperforming home loan books from 2009-10 peaks, say industry players.

Standard Bank home loan head Steven Barker said last week that although the bank’s percentage of nonperforming loans fell from 6.2% to 4.9% of total advances in the year to June, the reduction rate has not been as rapid as hoped. He said it could become more difficult to deal with distressed clients who have not yet been worked out of the system.

“We are finding it quite challenging to manage the remainder of our nonperforming loan book as most (cases) are legal matters that have gone the sequestration or repossession route and are taking longer to settle than we had hoped.”

Mr Barker believes it could take at least another two to three years to get rid of SA’s overhang of distressed properties, given the worrying state of consumers’ financial positions.

According to the National Credit Regulator’s latest Consumer Credit Market report, about 75,000 homeowners were in arrears on mortgage repayments (for more than three months) in June. These defaulters’ mortgage debt totalled R41bn, about 5.2% of total home loan advances of R799.41bn. Figures released by the individual banks for their June financial reporting periods confirm a default level of 4%-6%. That is a marked improvement on the 10%plus reported by banks in 2010 but still around double pre-crisis levels.

Standard Bank’s research indicates that sales volumes are about 33% down on 2006-07 levels.

“This could well be the new normal for the South African housing market, something the industry will have to adjust to,” Mr Barker said.

First National Bank (FNB) Home Loans CEO Jan Kleynhans expects the bank’s 21% rate of reduction of nonperforming loans in the 12 months to June to continue for the next year.

He concedes that a slowdown is likely thereafter, as the remainder of loans — mostly debt-counselling and insolvency matters — are likely to take longer to work out of the system due to the legal processes involved.

Mr Kleynhans said that it would probably take 18-24 months for FNB’s nonperforming loan book to return to normalised levels of about 2%-3%. However, he said demand for residential property was unlikely to improve in the near term, given SA’s fairly low economic growth rate and “persistent and relatively high” household debt levels, which were constraining the ability of consumers to take on new mortgage debt.

Property economists are equally bearish about house price growth. Absa senior housing analyst Jacques du Toit and FNB property strategist John Loos said they expected a slowdown in growth in the next 12 months. Absa recorded an 8.5% rise in house prices in September year on year, down from about 11% in the first half of this year.

Mr du Toit expected house prices to rise by an average 9% for the year, slowing to 6% next year.

Mr Loos expected house prices to achieve an average 6.5% growth this year and 5.7% next year, down from 7.3% last year.

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