Offer to purchase question

[APoc184]

I did not update the process further on this thread because we were stuck on the same page for almost 5 months due to a special occupation clause on the original deed that needed to be removed. And somehow the building plans got "lost" and had to be redrawn and reapproved. (All for sellers account of course).

So after 7 months of occupational rent.

We were officially lodged yesterday at the deeds office.

Can't believe it has taken just short of a year for us to finally get to this point.

 

[marysms]

I did not update the process further on this thread because we were stuck on the same page for almost 5 months due to a special occupation clause on the original deed that needed to be removed. And somehow the building plans got "lost" and had to be redrawn and reapproved. (All for sellers account of course).

So after 7 months of occupational rent.

We were officially lodged yesterday at the deeds office.

Can't believe it has taken just short of a year for us to finally get to this point.

As bad as it seems it might have been a good thing is that you moved in earlier, so now you have settled and know exactly what you might need to change on the property rather that changing thing before moving in.

Congratulations you are in the final lap at last

 

[APoc184]

As bad as it seems it might have been a good thing is that you moved in earlier, so now you have settled and know exactly what you might need to change on the property rather that changing thing before moving in.

Congratulations you are in the final lap at last

Thanks!

And you are hitting the nail right on the head.

Before and immediately after we moved in, we had so many ideas and changes in mind that we wanted to do ASAP. After living here for a few months some stuff actually starts to grow on you and makes practical sense. And other stuff simply makes no sense and gets on your nerves.

What we wanted to do/change versus what we are actually going to change and do now is very different.

Carpets are definitely going to be ripped out ASAP! Dogs, small kids and carpets will just never ever work.
And then we can't wait to do a small little revamp on the first bathroom.

 

[Gozado]

Yes, I once read a tip that one should move in and change nothing, at first, except issues that are to do with immediate security. And possibly some minor interventions to improve water and electricity.

And then wait. Walk around. Move the furniture around. Sleep in various directions. Listen to the comments of your visitors. See how it all feels. And during that time make lists and draw sketches. And then change gear and plan seriously, do the costing, and choose the sequence.

 

[Big-Mac]

So FNB declined my application after valuation because of a crack on the wall, I've seen the house, the crack wouldn't cause any harm to the structure, it's thin and it's in the bedroom, is there anything i can do from here? Still awaiting other banks but I'm afraid they might decline as well after inspection

 

[Gtx Gaming]

So FNB declined my application after valuation because of a crack on the wall, I've seen the house, the crack wouldn't cause any harm to the structure, it's thin and it's in the bedroom, is there anything i can do from here? Still awaiting other banks but I'm afraid they might decline as well after inspection

Fnb actually send someone out to do inspection? nobody inspected from ABSA, they just approved it.

 

[prod]

Fnb actually send someone out to do inspection? nobody inspected from ABSA, they just approved it.

We had inspectors from ABSA, Nedbank and SAHL if I remember correctly

 

[PhireSide]

Fnb actually send someone out to do inspection? nobody inspected from ABSA, they just approved it.

I think if the previously sold value and the current (purchase) value differ by a large margin, they send someone to physically inspect if GIS imagery isn't sufficient

 

[Big-Mac]

Fnb actually send someone out to do inspection? nobody inspected from ABSA, they just approved it.

My BO said that the other banks probably wouldn't go out in person and check, still awaiting replies from them, but yes FNB went out and checked, it probably varies case by case? Not sure

 

[Speedster]

So FNB declined my application after valuation because of a crack on the wall, I've seen the house, the crack wouldn't cause any harm to the structure, it's thin and it's in the bedroom, is there anything i can do from here? Still awaiting other banks but I'm afraid they might decline as well after inspection

If the bank inspector deemed the crack to be troublesome I'd recommend having a structural engineer at least have a look. You don't want to regret not looking closer

 

[doubletrouble]

So the seller made a bit of a boo-boo. In our offer to purchase it was agreed to accept occupation and possession on registration. The seller in his property he has purchased however, he agreed that he will give the current tenants (renters) 30 day's notice after registration. So that means he can't move in to his new house immediately.

They have approached us via the agent to inquire if they can stay an extra month and pay occupational rent. We unfortunately could not adhere to this request as we had to make other arrangements with our property as we thought everything was fine. The estate agent advised that he will tell the seller.

Right now we are ready to lodge but it now seems that the transfer attorneys are purposely slowing down the process. What can we do?

 

[Speedster]

So the seller made a bit of a boo-boo. In our offer to purchase it was agreed to accept occupation and possession on registration. The seller in his property he has purchased however, he agreed that he will give the current tenants (renters) 30 day's notice after registration. So that means he can't move in to his new house immediately.

They have approached us via the agent to inquire if they can stay an extra month and pay occupational rent. We unfortunately could not adhere to this request as we had to make other arrangements with our property as we thought everything was fine. The estate agent advised that he will tell the seller.

Right now we are ready to lodge but it now seems that the transfer attorneys are purposely slowing down the process. What can we do?

Ask for written reasons why they haven't lodged yet.

 

[doubletrouble]

Ask for written reasons why they haven't lodged yet.

they will probably give me some bull** reason why they havent lodged regarding the property he has to move in to. They are handling both transfers. When I called earlier they said they waiting for the bond attorneys (i have an email from the bond attorneys saying they are ready to lodge). I also receive a weekly update from the transfer attorneys giving a list of outstanding matters and all seems to have been done. all that is left is step 32 and 33 which is lodged and registered.

 

[Speedster]

they will probably...

Right there is your problem. Stop assuming what they will do and ask them. Once you have a concrete answer you can work towards a concrete resolution. Until then it's just hot air.

 

[Big-Mac]

Nedbank approved in principle in the morning subject to valuation, just received their final quotation now, they did not go physically to valuate the property, prime +0.6, quite happy with that as FNB quotated +1.00 in principle, will wait a few more days for STD & ABSA

 

[doubletrouble]

Right there is your problem. Stop assuming what they will do and ask them. Once you have a concrete answer you can work towards a concrete resolution. Until then it's just hot air.

thanks for the advice and reality check. Will do just that.

 

[doubletrouble]

Nedbank approved in principle in the morning subject to valuation, just received their final quotation now, they did not go physically to valuate the property, prime +0.6, quite happy with that as FNB quotated +1.00 in principle, will wait a few more days for STD & ABSA

also make sure to take the nedbank offer to the other banks as well. They will lower it further.

 

[zerocool2009]

Nedbank approved in principle in the morning subject to valuation, just received their final quotation now, they did not go physically to valuate the property, prime +0.6, quite happy with that as FNB quotated +1.00 in principle, will wait a few more days for STD & ABSA

Wait.... then compare apples with apples!

 

[Tman543]

Nedbank approved in principle in the morning subject to valuation, just received their final quotation now, they did not go physically to valuate the property, prime +0.6, quite happy with that as FNB quotated +1.00 in principle, will wait a few more days for STD & ABSA

Take the lowest quote to the other banks, and tell them to re-evaluate their offer. Then take the new lowest one back to the original bank and get the best possible offer. Be patient, don't rush it. Ask for an extension in OTP if needed. Prime + anything not really great. There are threads on here indicating people have received prime -2 recently

 

[Ziadhorat]

Finally registered. My timeline where alot of things went wrong:

05 Dec 20 - OTP signed - Second time viewing. Settled for 140% of municipal value & 85% of asking.

12 Jan 21 - Attorneys assigned. Not the ones stipulated in the OTP.

14 Jan 21 - Pro forma invoice recieved.

26 Jan 21 - Rates clearance certificate application began.

11 Feb 21 - Transfer papers & fica declarations signed.

4 Feb 21 - Payments completed, transfer cost & purchase price - 21 days.

12 May 21 - Rates clearance certificate received - 106 days. (Delay due to meter readings)

13 May 2021 - Lodged at PTA deeds office.

17 June 2021 - Property registered - 35 days. (Delay due to covid)

Deed will hopefully be recieved in 3 weeks.