Offer to purchase question

Sepeng said:
Only reason could be, they'll use the information to try sell you a place or simply inundate you with offers.
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I remember. One estate agent asked for my ID number many years ago. Before showing the house - I said WTF and she backed out.
 
surface said:
I don't see why they need a document though. Giving tax number should have been sufficient.
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The conveyancing attorneys will need the number on an official SARS document, it's part of their requirements to get the TDR from SARS.
 
Just a note related to the recent 0.25% hike ...

Looking now at my bonds (I am paying less after the hike) !

** Thats the power of prepaying your bond !! **
 
With cheap money from banks at the moment, would it be better to buy a primary property with more initial cash invested (I.e lower bonded money by paying in more cash) or keep the deposit small and invest what would have been put into the property elsewhere?
 
The Darkness said:
With cheap money from banks at the moment, would it be better to buy a primary property with more initial cash invested (I.e lower bonded money by paying in more cash) or keep the deposit small and invest what would have been put into the property elsewhere?
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Get an access bond. Low deposit (10%). As soon as bond is registered, put additional funds into bond. You can then have access to it in future.
 
The Darkness said:
With cheap money from banks at the moment, would it be better to buy a primary property with more initial cash invested (I.e lower bonded money by paying in more cash) or keep the deposit small and invest what would have been put into the property elsewhere?
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My first rule, put max 10% (that gets a better rate vs 5% or 15% my personal experience). You cant reuse deposit money again if needed.
 
Can someone please advise how long it takes for a rates clearance certificate to be issued by City of Johannesburg once the clearance/assessment amount has been paid over to them?

This is on the electronic system...

Thanks,
 
beefymoocow said:
I think it’s mostly relates to education and the free market principle isn’t as effective since the seller chooses the lawyers.

If buyers had to. They will have more negotiating power. Seller wouldn’t mind the cost because of perceived quality and they don’t pay for it directly.
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Before I signed my OTP, I sent it over to a realtor / developer friend of mine for his comments on the OTP. The first thing he did was stipulate a 30% discount on the conveyance fees. I was a bit hesitant at first, but these guys have worked with hundreds of purchases. The also ammeded a whole bunch of thing on the OTP. I thought the estate agents were going flip. All went through fine. Was quite nice to hand it to the estate agents who were such snakes
 
Andrew001 said:
Before I signed my OTP, I sent it over to a realtor / developer friend of mine for his comments on the OTP. The first thing he did was stipulate a 30% discount on the conveyance fees. I was a bit hesitant at first, but these guys have worked with hundreds of purchases. The also ammeded a whole bunch of thing on the OTP. I thought the estate agents were going flip. All went through fine. Was quite nice to hand it to the estate agents who were such snakes
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Ask, and ye shall receive.
 
Andrew001 said:
Before I signed my OTP, I sent it over to a realtor / developer friend of mine for his comments on the OTP. The first thing he did was stipulate a 30% discount on the conveyance fees. I was a bit hesitant at first, but these guys have worked with hundreds of purchases. The also ammeded a whole bunch of thing on the OTP. I thought the estate agents were going flip. All went through fine. Was quite nice to hand it to the estate agents who were such snakes
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That's something I worry about - missing something or getting taken for a ride in the OTP. What company could I approach to get an OTP reviewed before signing for a once-off fee? Do most realtors offer something like that, or would I need to approach a legal firm that specializes in property?

And a different question: do you think offering a too low price could damage your chances of negotiation for a property? I want to offer R1.65m for a property being sold at R1.75m, as I feel it's more aligned to the actual value of the property, but don't want it to feel like I'm trying to low-ball the owner with an unfairly low offer which may make further negotiation more difficult.
 
Praemon said:
And a different question: do you think offering a too low price could damage your chances of negotiation for a property? I want to offer R1.65m for a property being sold at R1.75m, as I feel it's more aligned to the actual value of the property, but don't want it to feel like I'm trying to low-ball the owner with an unfairly low offer which may make further negotiation more difficult.
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I have never paid the asking price for a property.

Always go in lower and push it down. And lower than you actually want to pay so they think they are winning with their counter offer.

Also just be willing to walk away. Magic happens when you have the discipline to do that after making an offer.

Every situation is unique though. The property could be priced right or they need a specific amount to get their own plans rolling so there isn’t always leeway. Most of the time though people overprice expecting a negotiation.

If you know why they are moving it can help. Also helps knowing how long it’s been on the market.
 
Praemon said:
That's something I worry about - missing something or getting taken for a ride in the OTP. What company could I approach to get an OTP reviewed before signing for a once-off fee? Do most realtors offer something like that, or would I need to approach a legal firm that specializes in property?

And a different question: do you think offering a too low price could damage your chances of negotiation for a property? I want to offer R1.65m for a property being sold at R1.75m, as I feel it's more aligned to the actual value of the property, but don't want it to feel like I'm trying to low-ball the owner with an unfairly low offer which may make further negotiation more difficult.
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Your offer doesn't sound like a low ball. Obviously depends on how well the property is priced. Maybe consider going in lower, like R1.6m or something like that so that there is a bit of room to negotiate up to R1.65m if need be.

Our friends offered R2.5m on a property that was listed at R3.2m. It had been on the market for a while with no offers and the owner was desperate. It also needed alot of work, plans were not up to date etc. Ultimately it was way over priced. Their offer was accepted...
 
Agree with a lot that was just said regarding negotiations on property. Every situation is different. I read a great book regarding negotiations called “never split the difference” it helped me understand more about getting your price.
You can low ball if you want, but you always want to keep the conversation going and be respectful. You can state your price, for your reasons and that’s perfectly ok. Just don’t make it personal.
And remember to give them time to think about a low ball price, they can always counter offer. If you hear nothing you can approach them again. Just keep the conversation going. This helps to also create a connection and trust.
 
Praemon said:
That's something I worry about - missing something or getting taken for a ride in the OTP. What company could I approach to get an OTP reviewed before signing for a once-off fee? Do most realtors offer something like that, or would I need to approach a legal firm that specializes in property?

And a different question: do you think offering a too low price could damage your chances of negotiation for a property? I want to offer R1.65m for a property being sold at R1.75m, as I feel it's more aligned to the actual value of the property, but don't want it to feel like I'm trying to low-ball the owner with an unfairly low offer which may make further negotiation more difficult.
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Totally get you, I was petrified as I knew nothing about them.
I’m not aware of anyone who reviews otps for a fee.
You could try approach a bond attorney or conveyancer, and ask them for advice in return to use them as your attorneys when buying or selling. I’m sure they would be willing.
If not you can send it to me, or perhaps post it here and I can try to see if I can help.
 
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