A Western Cape High Court rejects Nedbank’s bid to confirm a much lower auction price for a Mitchells Plain property, after the bank pursued an auction despite a higher private offer. The home, valued at R699,000, drew an auction bid of R401,000.
According to the court, the property owners had already secured a private buyer willing to pay R650,000. The judge criticises Nedbank for acting unreasonably by continuing with the auction process instead of taking the higher offer available at the time.
Outlets describe the same core facts: the auction bid is significantly below both the valuation and the private sale price, and the court’s ruling focuses on the bank’s conduct in proceeding with the auction. While the reporting varies in emphasis—some focus on the judge’s criticism and others on the legal outcome—the overall accounts agree on the decision to reject Nedbank’s confirmation attempt and the amounts involved.
