First time property buyer woes!

[Sinbad]

What on a tourist/work temporary visa with no credit history? as she has no SA ID Number. Doesn't make sense.

You have me confused with the OP.

 

[d0b33]

Well I have to wait for the bank to respond now, I will see what my options are... the wait is killing me.

 

[Other Pineapple Smurf]

6 months. It was a transfer of the bond from Absa to FNB. Original bond was a joint bond, new bond is in my name only, my fiancee co-signed the surety though as co-owner of the property.

OK, makes sense. In our case my wife has not signed any surety (she is self employed so trying to keep her out of the bond).

 

[Other Pineapple Smurf]

Someone is going to have to explain what these acronyms stand for, anyway by my understanding the bond wouldn't be granted if the bond application is done in one persons name while the house is registered under two people simply because if the liable party defaults completely on repayment the bank can't sell the house as they don't have the title deed in their possession. I don't think technically half even cuts it.

Makes sense.

@Sauronza: You can pay a deposit without acquiring the loan yet, I think you're assumption was that the bond amount in the application is for the full value of the selling price of the house. The bond amount can be as low as 25% of the selling price if you happen to have the cash to cover the outstanding 75%, your interest repayment amount will be much much lower and you have less debt to be concerned about.

True and deposit is kept in trust.

 

[Other Pineapple Smurf]

Well I have to wait for the bank to respond now, I will see what my options are... the wait is killing me.

Feel your pain. Was told buying a house is as stressful as starting a new job or a death in the family, more like more stressful.

 

[d0b33]

Feel your pain. Was told buying a house is as stressful as starting a new job or a death in the family, more like more stressful.

Yea man, and driving past the bond agent and attorneys just gives me the shivers, a feeling of impending doom... every-time... since I work nearby.

 

[rorz0r]

Yeah you shouldn't lose your deposit, if the deal falls through you will get back the deposit you paid plus a bit of interest, but then the problem is the estate agent will want to take their cut which is normally about 7.5% of the purchase price so if your deposit was 10% then yes they will take most of it.

 

[Hosehead]

Yeah you shouldn't lose your deposit, if the deal falls through you will get back the deposit you paid plus a bit of interest, but then the problem is the estate agent will want to take their cut which is normally about 7.5% of the purchase price so if your deposit was 10% then yes they will take most of it.

7.5% in this market in these economic time. Nutz Nutz. One forumite got 2.5%

 

[d0b33]

Another thing... she signed without a job or work permit at the time, she applied for a new permit status as married with permission to work and still waiting on the result, bond agent says this could be a problem, also I am not considered a sole-buyer but IC.

 

[d0b33]

Update:
So I got the bond but only at 75%... basically I have to use all my saving and some of my wife's to pay the rest, I'm gonna be poor for a while...

 

[ToxicBunny]

You're buying property, you were going to be poor for awhile no matter what.

I'm 2 years in and still poor.

 

[Grubscrew]

Things get better after 5yrs.

 

[d0b33]

You're buying property, you were going to be poor for awhile no matter what.

I'm 2 years in and still poor.

Things get better after 5yrs.

lol... Yes true.. true...

 

[ToxicBunny]

I found my biggest expense when moving in was getting new furniture to fill the bigger place, and I'm still no where near done. I have an empty bedroom still.

 

[SauRoNZA]

Things get better after 5yrs.

Things shouldn't be better or worse with a bit of decent planning.

Don't go over what you can realistically afford (not what the bank approves) and you'll never have a problem.

 

[ToxicBunny]

Things shouldn't be better or worse with a bit of decent planning.

Don't go over what you can realistically afford (not what the bank approves) and you'll never have a problem.

Unfortunately with the price of things constantly going up like they are atm, even a bit of decent planning can go out of the window.

 

[SauRoNZA]

Unfortunately with the price of things constantly going up like they are atm, even a bit of decent planning can go out of the window.

I find that most people buy beyond their means in the very first place.

We bought a house that was about a 150k less than the bank approved us for and virtually from month one overpaid the bond.

That was in 2010 and it should be bought and paid for by 2018.

 

[ToxicBunny]

I agree most people do...

But just looking at my own situation, I bought for less than the bank approved me for, and things are actually just getting more and more difficult.. the salary doesn't go up at the same rate prices go up.

 

[Lupus]

I agree most people do...

But just looking at my own situation, I bought for less than the bank approved me for, and things are actually just getting more and more difficult.. the salary doesn't go up at the same rate prices go up.

Same boat bought for almost 200k less then bank approved me for, prices of everything just skyrocketing is making it tough

 

[Other Pineapple Smurf]

Update:
So I got the bond but only at 75%... basically I have to use all my saving and some of my wife's to pay the rest, I'm gonna be poor for a while...

Congrats, I ended up taking a smaller bond with better interest and its just ate up all of our cash.

Still trying to get the useless attorneys to do their job so we can move in.

But my wife agrees that eating pap in our own house is going to taste much better than eating steak in the rented flat. The poverty does not bother us.