Offer to purchase question

Just wondering if anyone else is struggling to get a rates clearance certificate from City of Cape Town? For those who finally got it, how long was the wait after payment?
 
I like a house that has a price of R1 695 000. The agent said that the owner rejected an offer of R1 550 000 previously, but she has since moved out. I'm wondering if a similar offer would be more amenable now since the owner now has two sets of bonds, rates and levies.
 
RanzB said:
I like a house that has a price of R1 695 000. The agent said that the owner rejected an offer of R1 550 000 previously, but she has since moved out. I'm wondering if a similar offer would be more amenable now since the owner now has two sets of bonds, rates and levies.
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If it’s sitting vacant then yeah, no harm in starting low and working your way up if she rejects the low offer.
 
RanzB said:
I like a house that has a price of R1 695 000. The agent said that the owner rejected an offer of R1 550 000 previously, but she has since moved out. I'm wondering if a similar offer would be more amenable now since the owner now has two sets of bonds, rates and levies.
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Agents are snakes. Put in 1 450.
 
RanzB said:
I like a house that has a price of R1 695 000. The agent said that the owner rejected an offer of R1 550 000 previously, but she has since moved out. I'm wondering if a similar offer would be more amenable now since the owner now has two sets of bonds, rates and levies.
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So we've just put an offer in on a place. Was chatting to the agent (and of course you have to take anything they say with a pinch of salt) and they mentioned the seller had rejected an offer that was lower than ours, but ours was still lower than the seller wanted. However they were going to use the fact that this was now the 3rd (I think) offer all being lower than what they wanted, and so maybe the market is trying to tell them something.
So in short, I think them having that previous offer helps in your favour - might suggest to them where the actual price is.
 
RanzB said:
I like a house that has a price of R1 695 000. The agent said that the owner rejected an offer of R1 550 000 previously, but she has since moved out. I'm wondering if a similar offer would be more amenable now since the owner now has two sets of bonds, rates and levies.
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You mean a flat?
 
azbob said:
You mean a flat?
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Complex. Not a flat.

Sepeng said:
So we've just put an offer in on a place. Was chatting to the agent (and of course you have to take anything they say with a pinch of salt) and they mentioned the seller had rejected an offer that was lower than ours, but ours was still lower than the seller wanted. However they were going to use the fact that this was now the 3rd (I think) offer all being lower than what they wanted, and so maybe the market is trying to tell them something.
So in short, I think them having that previous offer helps in your favour - might suggest to them where the actual price is.
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Yeah as bad of a rap that agents get this one seemed OK and said the same thing. Seller might be open to lower prices now.
 
Praemon said:
Just wondering if anyone else is struggling to get a rates clearance certificate from City of Cape Town? For those who finally got it, how long was the wait after payment?
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Just thought I'd follow up on this. After waiting 6 weeks with no joy, I tweeted COCT on Twitter, and the certificate was issued the next day. So that looks like the way to go if there's significant delays.
 
Hey ya'll. This is a question about bond rate negotiations. If one applies direct to the banks without a bond originator, how exactly do you negotiate the banks against one another? If Standard Bank offers X and FNB offers Y, do you just email and ask FNB to do better than Standard Bank? Do you submit proof of offer X or is it not needed to provide proof? Is it really as informal as haggling at a flee market?
 
BiggyBuggy said:
Hey ya'll. This is a question about bond rate negotiations. If one applies direct to the banks without a bond originator, how exactly do you negotiate the banks against one another? If Standard Bank offers X and FNB offers Y, do you just email and ask FNB to do better than Standard Bank? Do you submit proof of offer X or is it not needed to provide proof? Is it really as informal as haggling at a flee market?
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On the few occasions I have done it I have just told the bank I have a better offer and tell them they have a last chance. I normally give them the % and which bank it was from
 
Gary Waterworth said:
On the few occasions I have done it I have just told the bank I have a better offer and tell them they have a last chance. I normally give them the % and which bank it was from
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Yep, but banks have grown wise to that too. They might give you a split interest rate, so for a 2 million rand loan, they give you 6.109% on the first say 650,000, then 6.262% on the amount between 650,000 and 1,200,000, and 6.371% on the remaining balance. Best to have a spreadheet hand with a couple of tabs open. Most people probably don't even take the trouble.
 
RonSwanson said:
Yep, but banks have grown wise to that too. They might give you a split interest rate, so for a 2 million rand loan, they give you 6.109% on the first say 650,000, then 6.262% on the amount between 650,000 and 1,200,000, and 6.371% on the remaining balance. Best to have a spreadheet hand with a couple of tabs open. Most people probably don't even take the trouble.
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Agreed, have to be very careful with this - a lot of people don't realise that the staggered rate may look really good because at one point, the bank will offer something like Prime less 1, when another bank offers prime less 0.8 for the full term.

In this situation, it is always better to take the prime less 0.8 for the full term.
 
TheJman said:
Agreed, have to be very careful with this - a lot of people don't realise that the staggered rate may look really good because at one point, the bank will offer something like Prime less 1, when another bank offers prime less 0.8 for the full term.

In this situation, it is always better to take the prime less 0.8 for the full term.
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True.
Or you can do what I did, take the split offer and just wallop 65% back into the bond in the third month :laugh:
 
RonSwanson said:
True.
Or you can do what I did, take the split offer and just wallop 65% back into the bond in the third month :laugh:
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Hahah!! And for the rest of us that can't :P hahaha!

That's awesome that you could man, must be amazing to have that pressure off!
 
TheJman said:
Hahah!! And for the rest of us that can't :p hahaha!

That's awesome that you could man, must be amazing to have that pressure off!
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There are many who can, usually from the profits of another property that was disposed of. But I hear you, many would rather take the money and buy an M5...
 
RonSwanson said:
There are many who can, usually from the profits of another property that was disposed of. But I hear you, many would rather take the money and buy an M5...
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:P
Debt free and happy. I could never understand people spending what they do on car. Financed to the hilt on a house and then spend a crap house full on a car on credit.
 
I'm sure this has been covered but what attorney fees is the buyer meant to pay?

There seems to be two attorneys involved in a property sale and now both is expecting my wife as the buyer to pay their fees.

The first one came in at R29k which I posted a few pages back and now today my wife went to sign at the second attorney and they gave her an invoice for R22k.
 
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AchmatK said:
I'm sure this has been covered but what attorney fees is the buyer meant to pay?

There seems to be two attorneys involved in a property sale and now both is expecting my wife as the seller to pay their fees.

The first one came in at R29k which I posted a few pages back and now today my wife went to sign at the second attorney and they gave her an invoice for R22k.
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Seller shouldn’t be paying anything.

Transfer fees and bond fees, but the latter only applicable if actually getting a home loan.

Why is your wife even going to sign anything? The buyer is the one who goes to sign things.
 
BiggyBuggy said:
Hey ya'll. This is a question about bond rate negotiations. If one applies direct to the banks without a bond originator, how exactly do you negotiate the banks against one another? If Standard Bank offers X and FNB offers Y, do you just email and ask FNB to do better than Standard Bank? Do you submit proof of offer X or is it not needed to provide proof? Is it really as informal as haggling at a flee market?
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Most banks offer saving on bond fees if you direct (for an extra saving, and 50% back of the first debit order). You would be surprised how banks are linked up.

But usually if you can give a bank proof, they will need you to change banks getting your business...
 
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