DISTRESSED REAL ESTATE
Impaired & Distressed Real Estate needs Urgent Change
Daniel Lombard , Executive Chairman of RealEstateAssist looks at the current state of the impaired and distressed real estate industry , and why it needs urgent change through collaboration and cooperation .
By Daniel Lombard
There are many dynamics surrounding family homes thus , what is required is knowledge and information to help the family resolve these matters , or to even avoid getting into these troubles and heartache in the first place .
This article follows the Gauteng High Court Ruling in February 2022 on misconduct related to Sale in Executions , and the subsequent process of implementing Rule 46 . In effect , the ruling has laid down the law on how attorneys and home loan providers may execute forced auctions of people ’ s homes .
It is evident from the numerous unscrupulous acts of industry participants that Sales in Execution is not the solution for the industry , and each of them has contributed to its current sorry state of affairs .
As the Judge Denise Fisher said in this ruling , “ Real Estate Owners need to be properly served ” and that process does not begin during a court action , but from the beginning of the pre-legal , legal , and litigation process , or , more importantly , by preventing litigation . Avoiding litigation is the goal but all too often there is not enough done in the initial stage to achieve this . Substantially better solutions can be
60 APRIL 2022 SA Real Estate Investor Magazine