found to resolve issues without going through litigation .
Assist Group ’ s Directors and its subsidiaries have been involved in the impaired and or distressed real estate market since 1991 and , since 2002 , together with attorneys we have developed various uniquely structured solutions within the laws of South Africa .
Let us be clear , Sale in Execution has never been the best solution to liquidate an asset to recover debt ( mortgage or unsecured debt ) while also protecting the proceeds and investment made in the property . There are better ways to address the challenges that real estate owners are facing , which in most cases , can be resolved with the correct advice and guidance at the right time .
How lack of cooperation keeps the impaired property industry from being repaired
At Assist Group , we are fortunate to work with numerous attorneys and financial institutions ’ pre-legal and legal departments who are cooperative , however , sadly this is not the norm .
Presently the impaired property industry and its processes offer too many opportunities for parties to abuse the system for their own gain . These include financial institution employees as well as unscrupulous parties who seek to purchase the property at ridiculous prices , because the property owner lacks knowledge or awareness of alternative solutions , and is terrified of the outcome and threats .
Too many institutions , creditors , and attorneys ’ are still unwilling to implement alternative solutions that will save time , money , and cost . While we have met with at least two institutions on a national management level and proposed these solutions to them , none of the institutions have yet agreed to test the model , even though we have numerous case studies and a proven track record of implementing these solutions successfully over the last eight years .
“ I sincerely believe that resolution to the huge challenge that the Impaired and Distressed Owner industry is facing can only be achieved through collaboration and cooperation between the various professionals and role players in the industry .”
Although institutions and credit providers provide solutions , they are not always successful e . g ., Real Estate Owners use mandated sales to stall . Mandate sales result in one outcome , which is the sale of the Real Estate Owners Home or Property , and in most cases , is not the solution the owners prefer . Most Agents , unfortunately , encourage this , which is understandable given that they have few options and solutions available to them .
SA Real Estate Investor Magazine APRIL 2022 61