The Seeff Express Sales Programme is a Bank-Assisted Sales Programme designed to help homeowners who are struggling with their home loan payments and facing financial difficulties. It aims to sell the property as quickly as possible at a market-related price while providing the homeowner with the benefits of a bank rescue package.
The benefits of the Seeff Express Sales Programme include:
- Financial Relief: The program is a "lifeline" for clients in financial distress, helping them avoid foreclosure and further debt. It works in partnership with major banks like Standard Bank, Absa, Nedbank, and FNB to offer a range of solutions.
- Expert Guidance: Seeff agents are trained and certified in "Bank Assisted Sales," enabling them to provide expert and compassionate assistance throughout the process. They can help clients navigate the complexities of bank-assisted sales and make informed decisions.
- Potential for Debt Reduction: Depending on the specific bank program, homeowners can receive benefits such as:
- Discounts on the outstanding loan balance: Some banks offer a percentage discount on the outstanding debt, especially if there is a shortfall after the sale.
- Shortfall forgiveness: Certain programs may forgive a portion of the shortfall after the property is sold.
- Interest-free shortfall repayment: If there is a remaining shortfall, it can be repaid over a period of 5 to 10 years, interest-free, making the repayments more manageable.
- Protection of Credit Score: Some bank programs, like Nedbank's NAS Assisted Programme, can help prevent an adverse credit bureau listing, which protects the client's credit score.
- Avoidance of Legal Action: The program aims to sell the property before it reaches the foreclosure stage, which helps avoid legal action and the significant stress that comes with it. Properties sold through this program can achieve a much better price (often 80-90% of the valuation) compared to a foreclosure sale, which can be as low as 40-50% of the value.
- Streamlined Process: The program is designed to facilitate a quick sale, and may include features like the use of a specific attorney firm (e.g., Easysell Attorneys) to ensure a smooth and efficient process.
- Assistance with Arrears: In some cases, arrear rates and taxes can be debited to the account to help with cash flow management.
By working with a credible and well-resourced agency like Seeff Queensburgh the property receives professional marketing to attract qualified buyers quickly. The program's objective is to achieve a swift sale at the best possible price, minimizing the time the homeowner remains in financial distress. It's not simply a sales process but a structured, bank-assisted program designed to protect sellers from the severe consequences of foreclosure.
