Gah! Buying a house - pre approved, offer accepted, cannot afford the transfer fees.

[Youmna]

Yes, it will.

There's a clause in the quotation that stipulates should you accept the offer from the bank for the bond amount, you cannot make ANY debt without informing the bank that grants you the bond about the new debt while bond registration hasn't happened yet.

They will then reassess your bond application.

Honey Badger vs Nedbank two months ago. I wanted to take out a loan to make some changes before we moved into the new house. Good thing I read through the quote first!

Oh woooooow! So he needs to go back to the bank directly or needs to go to the agent who applied for the bond on his behf?

 

[Youmna]

If you're in a bind like the (Necro'd) OP, best bet is to find out from your provident/pension fund if you can do a pension backed loan. Most provident/pension funds do Pension Backed loans. Usually over 10 or 15 years and at low interest, like 7 or 8%. Just be careful, most transfer lawyers don't wait long.

I like this one! I'm holding thumbs! Will it not still effect the bond in process? Or maybe because its a secure one it might not be as bad right?

 

[Lupus]

Which bank can you take a personal loan at? Will it not effect of the current process of you approved home loan?

This was almost 9 years ago now, I took it at Standard Bank as I had saved up a portion of the transfer fees, but I didn't know about the one set that the bank uses, so I took a loan to pay them.

 

[hj2k_x]

If you're in a bind like the (Necro'd) OP, best bet is to find out from your provident/pension fund if you can do a pension backed loan. Most provident/pension funds do Pension Backed loans. Usually over 10 or 15 years and at low interest, like 7 or 8%. Just be careful, most transfer lawyers don't wait long.

I didn't know this was a thing.

Useful necro, this one

 

[zerocool2009]

Walk away from the OTP and save more ....

 

[KleinBoontjie]

I didn't know this was a thing.

Useful necro, this one

Just a side note, pension backed loans can only be used for renovations, transfer fees or anything to do with the property you own and live at. Not for buying a new car or boob jobs

 

[pinball wizard]

I feel like when you are at the stage of buying a house that your username can no longer include the word dick.

 

[hj2k_x]

Just a side note, pension backed loans can only be used for renovations, transfer fees or anything to do with the property you own and live at. Not for buying a new car or boob jobs

Haha. Good to know. I don't want a new car or a boob job, though

 

[KleinBoontjie]

Walk away from the OTP and save more ....

What? How? What if the property is paid of before pension, think of it, no rent money while on pension.....save

 

[Recallza]

How do you go through the process of buying a place, applying for a bond and not knowing that you have to pay for transfer fees?

 

[Alton Turner Blackwood]

How do you go through the process of buying a place, applying for a bond and not knowing that you have to pay for transfer fees?

First time home buyer? Estate agents do not make things like this clear from the start? All they want is to get you to sign the OTP and then bring these kinds of things under your attention.

 

[Recallza]

I've just purchased a place for the first time. I feel that as with anything in life, doing your own home work is very important.

 

[zerocool2009]

What? How? What if the property is paid of before pension, think of it, no rent money while on pension.....save

What I was trying to say, it doesnt help you get a bond granted, but dont have fees for registration.

In the OTP there should be a sentence or section, if I cant get a bond or get it registered, the OTP is null and voided. (and you cancel it in other words)

 

[zerocool2009]

First time home buyer? Estate agents do not make things like this clear from the start? All they want is to get you to sign the OTP and then bring these kinds of things under your attention.

That sooo true, and that is why I only buy privately (cutting out the middle man who wants to hold his / her hand).

Go Bank direct is also a wise move (Skip a MO PLEASE !!!!)

 

[Snyper564]

I've just purchased a place for the first time. I feel that as with anything in life, doing your own home work is very important.

Agreed and even more so with a house. I knew exactly how much everything was going to cost all the way down to est monthly electricity usage... You cant buy with your head in the sanD!

 

[hellfire]

My sis was very good with this. She was saving up for about 2 years knowing that when she finds the place she wants ... she will need money for transfer crap. When she bought 3 months ago she had the money and a little bit left over to buy goodies for the house.

As far as I know...if your bond is approved and offer accepted...you are legaly bound....so you will have to either k@k the money out or get a loan somewhere. Capitec have good rates as far as I know and quick approval. Else...see if your bank cant add it onto your bond? Not sure if that is allowed though.

Capitec will not have good rates.

 

[yebocan]

I've just purchased a place for the first time. I feel that as with anything in life, doing your own home work is very important.

Went through the old selling of one place, buying of new place recently. Do your homework, educate yourself. Do not rely on estate agents or the conveyancer. And all communications, in writing...always!

 

[falcon786]

That sooo true, and that is why I only buy privately (cutting out the middle man who wants to hold his / her hand).

Go Bank direct is also a wise move (Skip a MO PLEASE !!!!)

You mean leave out the estate agent,how would one do this?
I'm currently looking to buy a house but surely people wouldn't just want random people knocking on their door asking to see their house.

 

[Venomous]

You mean leave out the estate agent,how would one do this?
I'm currently looking to buy a house but surely people wouldn't just want random people knocking on their door asking to see their house.

Look on the internet for private sellers.
We're just about ready to market our previous place.

We've been approached by friends(investors) and persons that have either rented in the complex or visited people there and saw it was empty. As a result we have more than 6 potential buyers. That before the place has even been officially marketed. So I don't see why as a seller we should pay estate agent comms when the (potential) buyer(s) has found us.

We"ll let people view it the week before xmas and then accept whoever can bring us the highest clean price. Won't accept a sale where the person's credit is iffi as we have 3 persons offering to buy cash. It's not a big place so good for investors, starting out or scaling down.

Our new place is twice the price, plus a bit. Proceeds from sale will go straight into the new bond. Keeping repayments higher we'll be able to pay it off sooner as the sale from the other place will pay out R500k or more. We always paid in more than the bond and will now benefit from that.

 

[Recallza]

You mean leave out the estate agent,how would one do this?
I'm currently looking to buy a house but surely people wouldn't just want random people knocking on their door asking to see their house.

I think PrivateProperty allow sellers to list their property privately? FNB are also looking at launching their idea of a property market that is cutting out estate agents, but I think it's only available to FNB customers.