Buying a House

^^vampire^^ said:
Out of interest what was the original asking price of the house?
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It was listed at 1.095. Husband felt no shame at all, I was mortified to face the agent but looks like Celine was right and he did know exactly what he was doing. :D
 
Carol35 said:
It was listed at 1.095. Husband felt no shame at all, I was mortified to face the agent but looks like Celine was right and he did know exactly what he was doing. :D
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Never be mortified by the offers you give, the place we bought was listed at 660 000 we put in an offer at 600 000 accepted no issues, the bond originator can take a month, depends on what you put on your otp as well. Good luck
 
Is it only me or does it seem like house price went up a lot the last 6 months to the point that it becomes rediculous? We've been looking at places in our area in around the R800k-R1million range about a year to six months ago. This is for 3 bed, 2 bath at minimum and townhouse or own title. There were lots to choose from but in the end we opted to rent for now because of financial reasons. Had a look the other day and the same class properties are now R200 or R300k more all of a sudden! I mean, three bedroom townhouses going for close to R2bar wrf? I think sellers are starting to build in the down bargaining into their listing price because by now it is almost common knowledge that places sell for 15% less than listing price. Problem is, you now need to go about 20-30% below list price to get to the actual value as the sellers already added the 15%. Example: I sell my house, valuated at R1m, but know that buyers will look to go 15% lower as this has been common the last few years, or I will have to wait months for my price. So I add the 15% as buffer and list for R1.15m, hoping that I will get my initial R1m value even if buyer drops 15% and feels he scored. When in fact the real price is closer to R850k. Dropping from R1075k to R775k probably means the place should have been listed for R900 in the first place. Good to hear, now I can feel better to be aggressive with offers!
 
@Stefan...yep, you be right. Also, I used that PropIq link in this thread to pull a report on the property. I would highly suggest doing the same if you are seriously interested in putting an offer on a place. It helps to know how much the owners still owe on the bond and all relevant details relating to the property beforehand.

Also, someone here mentioned never believe estate agents...haha- its TRUE!!! Sharks they are, all of them.
 
There's a duplex im interested in going for R525 000 - what do you think a reasonable offer would be on that - I was thinking R450 000?
 
Carol35 said:
Just an update, we finally found a house and put in an offer 300k below asking price, to our utter shock, it was accepted.

Now the waiting game for the bond. Does anyone know how long approval takes from time of submitting the OTP to the bond originator?? this waiting might kill me!
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Congratulations, and you've now seen that "insulting" the previous owner of the house is not an issue :) (I've had an agent tell me that before, and then get very upset with me when I told her I couldn't give to flying tosses about insulting the owner, this is a business transaction and personal feelings do not come into it)

Bond approval took me about a week or 2 initially I think.
 
^^vampire^^ said:
There's a duplex im interested in going for R525 000 - what do you think a reasonable offer would be on that - I was thinking R450 000?
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If you are really serious, spend the 70odd bucks on a report on the property, this will give you a guideline on what the owners would drop too. Ie: Our sellers bought the house many years ago and a fraction of the asking price so we kind of knew what was still owing on the bond and we could go in lowish. If they bought at the wrong time and were just trying to sell the house to cover the outstanding bond, there would have been very little room for negotiation but seriously, as Ive just learnt- you wont know if you dont try!

@BOFH- hehe, yes i know now BUT the agent did LOL when we told him our offer, I curled my toes under the table and husband just dead-panned him and told him to "proceed with offer". All friendliness went out the door and things became very business like. :D Oh great re the OTP, hopefully we will know by next weekend then!
 
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