Offer to purchase question

Aeryn23 said:
Your OTP should have a time frame - I.e subject to you getting a bond in 30 days. I guess you can wait for that time frame to pass?
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The OTP says the following:

shall be payable in cash free of exchange against registration of transfer into the name of the Purchaser, to be
secured by Bankers or other approved guarantee/s in favour of such a
person/s as the Seller may stipulate, to be delivered to the Sellers
Conveyancers within
.....................21 (TWENTY ONE).............................
work days of acceptance of this offer. (Work days means: Monday to
Friday, excluding Public Holidays).
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This means the OTP lapses if I don't get the loan within 21 working days right?
 
s898 said:
The OTP says the following:



This means the OTP lapses if I don't get the loan within 21 working days right?
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Yes. Unless there is another clause which specifies that the seller can apply for a loan on your behalf, if you fail to obtain a loan.
 
s898 said:
What's the process of cancelling a signed OTP if we fail to get a loan? Our Bond originator is struggling to get a loan for us. It's been 14 days since we signed the OTP.
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Ask the bond originator to notify the agent so the property can relist and move on from you.
Dragging it out will cost the seller more in lost time and money.
I had a buyer that couldn't get a loan happen and I'd rather just move on as quickly as possible to limit losses and find a buyer who can afford it.

Everyone will tell you how important an OTP is but in my experience, it only dictates who is buying and selling and what the price is.
The OTP is only enforceable if you are willing to spend money, and then your victory will only be for the "principal of it" and not to recoup any costs.
 
Neighbour has had her house on the market for 10 months. Finally a couple had few viewings and made an offer subject to bond approval.

She and the agent hung around, after a month they hear the bond was refused because the couple are in default on the house they live in???

Now she's changed agents but still, shitty agent, shitty purchaser.
 
maumau said:
Neighbour has had her house on the market for 10 months. Finally a couple had few viewings and made an offer subject to bond approval.

She and the agent hung around, after a month they hear the bond was refused because the couple are in default on the house they live in???

Now she's changed agents but still, shitty agent, shitty purchaser.
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Or maybe she should lower her asking price.
 
RedViking said:
Or maybe she should lower her asking price.
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You know RV I'm not crazy about her house, it's got absolutely no personality.

It's on a decent sized piece of land but faces southish so the kitchen and one bedroom get most sun.

She's already dropped her price by R200k and says that's as low as she can go to break even. I've tactfully :cautious: suggested she changes agents again but who am I to interfere?
 
maumau said:
You know RV I'm not crazy about her house, it's got absolutely no personality.

It's on a decent sized piece of land but faces southish so the kitchen and one bedroom get most sun.

She's already dropped her price by R200k and says that's as low as she can go to break even. I've tactfully :cautious: suggested she changes agents again but who am I to interfere?
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10 months on the market means that the price isn't right. The price isn't based on what she needs to break even, it's based on what the market is prepared to pay for the place. A property that is correctly priced will sell within 3-5 weeks max.

And why is she only using one agent? The moment a property lists, it needs maximum exposure and the only way to get that is to throw it out to all possible agents. The freshness of a property on the market is about 3-4 weeks, after that it's stale, especially if there were no offers. Once it's stale, buyers will avoid it and the only people making offers will be lowballers. A seller therefore needs to make the most of that very limited time period.

I would suggest that she withdraw the property from the market, give it a new coat of paint and relaunch it again in 3-6 months, after pricing it correctly.
 
RonSwanson said:
10 months on the market means that the price isn't right. The price isn't based on what she needs to break even, it's based on what the market is prepared to pay for the place. A property that is correctly priced will sell within 3-5 weeks max.

And why is she only using one agent? The moment a property lists, it needs maximum exposure and the only way to get that is to throw it out to all possible agents. The freshness of a property on the market is about 3-4 weeks, after that it's stale, especially if there were no offers. Once it's stale, buyers will avoid it and the only people making offers will be lowballers. A seller therefore needs to make the most of that very limited time period.

I would suggest that she withdraw the property from the market, give it a new coat of paint and relaunch it again in 3-6 months, after pricing it correctly.
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Good advice I'll suggest that, especially since the internet listing shows how long the house has been on the market.

The first agent was Stockland. Pics had untidy rooms, roughly made beds, transparent plastic toy boxes lying around, curtains half closed and those ridiculous diagonal picture angles.

Second agent uploaded far more attractive pics with neatly made beds, no toys in view, curtains nicely open and the house generally looks better. For some strange reason their lounge suite is covered in sheets!

I hear what you say about taking it off the market for a while, that's a great idea for a jump start.
 
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Presentation also makes a difference. This is how I set up my lounge and the house sold quickly even though it's 50 years old and far from perfect.

Got R500k more than the neighbour is asking.

As a buyer you need to walk in and think - this is how I want to live.

Screenshot_20220811-080631_Gallery.jpg
 
My bond registered yesterday, and I have an account number but no way to access the account yet. Does the bank contact me in the coming days to set this up? And can I just transfer money in to the account now to prepay the bond?
 
When do you pay the attorneys/conveyancers/notaries?

Transfer of my old house has not taken place yet and neither has transfer of my new place but the lady dealing with the purchase of my new house keeps asking for payment.
 
maumau said:
Presentation also makes a difference. This is how I set up my lounge and the house sold quickly even though it's 50 years old and far from perfect.

Got R500k more than the neighbour is asking.

As a buyer you need to walk in and think - this is how I want to live.

View attachment 1362783
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What couch is that and where did you buy it?
 
derp90 said:
My bond registered yesterday, and I have an account number but no way to access the account yet. Does the bank contact me in the coming days to set this up? And can I just transfer money in to the account now to prepay the bond?
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Its active once registered! Wait for the confirmation from the attorneys
 
maumau said:
When do you pay the attorneys/conveyancers/notaries?

Transfer of my old house has not taken place yet and neither has transfer of my new place but the lady dealing with the purchase of my new house keeps asking for payment.
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Attorneys informed us that they want payment of the transfer fees before they lodge and payment in full before registration. Best would be to try and make an arrangement with the attorneys on when they require payment.
 
Sheppard_za said:
Attorneys informed us that they want payment of the transfer fees before they lodge and payment in full before registration. Best would be to try and make an arrangement with the attorneys on when they require payment.
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Thanks, in that case I'll pay her seeing she keeps whinging.

I've never known anything like it, only spoken to her a few times and met her once when documents needed signing and every time she's mentioned her "fee".

It's unfortunate though, had to pay R140k deposit on the new place, now she wants R50k before the sale of my house has gone through - do these people think buyers are made of money and have hundreds of thousands of ZAR lying around :mad:
 
maumau said:
Presentation also makes a difference. This is how I set up my lounge and the house sold quickly even though it's 50 years old and far from perfect.

Got R500k more than the neighbour is asking.

As a buyer you need to walk in and think - this is how I want to live.

View attachment 1362783
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My kinda place. Lot's of light and not cluttered. Love everything about it :love:
 
maumau said:
Thanks, in that case I'll pay her seeing she keeps whinging.

I've never known anything like it, only spoken to her a few times and met her once when documents needed signing and every time she's mentioned her "fee".

It's unfortunate though, had to pay R140k deposit on the new place, now she wants R50k before the sale of my house has gone through - do these people think buyers are made of money and have hundreds of thousands of ZAR lying around :mad:
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If she have any link to the sale, you are in trouble (even a whatsapp or a voice call). Trust me, agents can be very demanding !
 
zerocool2009 said:
If she have any link to the sale, you are in trouble (even a whatsapp or a voice call). Trust me, agents can be very demanding !
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She will be applying for transfer and registration. Are you saying I should pay her? I also thought she might delay if I don't.

Sent me the invoice this afternoon and asked if I had the funds - subtle - not!
 
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