Judge criticises Nedbank for pursuing home auction despite higher private offer
Considering the private sale, Nedbank can confirm that an offer to purchase was received shortly before the scheduled sale in execution, however with no guarantees and supporting information in place (which is the bank’s criteria to cancel an auction).
While the court ultimately directed that the property be transferred pursuant to the private sale, it also expressly found that Nedbank was justified in bringing the application after the reserve price at the sale in execution was not achieved.
Nedbank required several documents before it would consider halting the auction, including the sale agreement, confirmation of the buyer’s approved home loan, a breakdown of deductions from the purchase price and a bank guarantee securing payment.
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