Offer to purchase question

Well, my house has now been on the market for a month. Had 12 viewings by appointment and no show days. Received two offers subject to the sale of the purchasers properties and accepted one with the proviso we could continue marketing.

Accepted a 2nd, cleaner, offer this evening and now it's a race to fulfill suspensives by rhe potential buyers.
 
Neuk_ said:
We are now officially 'homeless', our current house has been transferred in to my BIL's name as of earlier today, now to squat here and wait for our new house to be transferred in to our names.
Click to expand...

And the deeds printout for our old house showing my BIL as the new owner has the property being sold for an amount with an extra zero :oops:
 
Last edited:
Neuk_ said:
And the deed s printout for our old house showing my BIL as the new owner has the property being sold for an amount with an extra zero :oops:
Click to expand...
Now you wait for the first municipal bill where they use that as valuation for the rates calculation...
 
Arzy said:
Well, my house has now been on the market for a month. Had 12 viewings by appointment and no show days. Received two offers subject to the sale of the purchasers properties and accepted one with the proviso we could continue marketing.

Accepted a 2nd, cleaner, offer this evening and now it's a race to fulfill suspensives by rhe potential buyers.
Click to expand...
Are both of the offers for the same value, or is one more than the other?
 
RonSwanson said:
Are both of the offers for the same value, or is one more than the other?
Click to expand...
2nd offer was for less but didn't require the buyer to sell their property.

I told the agent that I didn't mind how he did it but I needed to get the same out as the first offer as I had already made an offer based on the first offer we received.

In the end the agent cut his commission to make it work.
 
Arzy said:
2nd offer was for less but didn't require the buyer to sell their property.

I told the agent that I didn't mind how he did it but I needed to get the same out as the first offer as I had already made an offer based on the first offer we received.

In the end the agent cut his commission to make it work.
Click to expand...
Great. So it is a different agent to the first? Does it have a betterment clause? How did you manage to reject the initial accepted offer?
 
RonSwanson said:
Great. So it is a different agent to the first? Does it have a betterment clause? How did you manage to reject the initial accepted offer?
Click to expand...
Same agent.

As our first offer was subject to the sale of another property the agent actually suggested that we include a clause that allows him to continue marketing the property and for us to accept further offers.

The first buyer gets preference.

Once the second buyer has fulfilled their suspensive conditions though the first is notified and has 48 hours to do same otherwise the transaction with the 2nd buyer goes ahead.
 
Arzy said:
Same agent.

As our first offer was subject to the sale of another property the agent actually suggested that we include a clause that allows him to continue marketing the property and for us to accept further offers.

The first buyer gets preference.

Once the second buyer has fulfilled their suspensive conditions though the first is notified and has 48 hours to do same otherwise the transaction with the 2nd buyer goes ahead.
Click to expand...

I've been on the other side. ie I was the 2nd 'clean' offer.

Unfortunately for me the 1st buyer was able to waive the condition within 48 hours so I lost out in the end.
 
Arzy said:
As our first offer was subject to the sale of another property the agent actually suggested that we include a clause that allows him to continue marketing the property and for us to accept further offers.
Click to expand...
This is always a good clause to have in an OTP, regardless of conditions. Too many wannabees leave the seller high and dry after 3-4 weeks, and if marketing is suspended then one has to start from scratch. I also include a clause that if during that period a better offer comes along, that the seller notifies the purchaser and that he has 48 hours to match or better the offer received, failing which the offer becomes null and void.

Interesting that your offer included fulfillment of suspensive conditions too, I must remember that. Fortunately you had an agent that was looking out for you, it is rare.
 
AfricanTech said:
I've been on the other side. ie I was the 2nd 'clean' offer.

Unfortunately for me the 1st buyer was able to waive the condition within 48 hours so I lost out in the end.
Click to expand...
That's sad, but considering the fact that there is very little protection for the seller during the sale of a home, clauses like that at least mitigate some of the risk. And I am sure that you will also use it when you sell one day.
 
Was a kak year to buy, interest rates going up and that's another 4k extra.
 
RonSwanson said:
That's sad, but considering the fact that there is very little protection for the seller during the sale of a home, clauses like that at least mitigate some of the risk. And I am sure that you will also use it when you sell one day.
Click to expand...

Oh yes, it was many years ago.

Ended up buying a house 1 block away that ended up being a better long term fit - still here 14 years later.
 
s898 said:
Can't you get the plans from the municipality?
Click to expand...
Good luck.. 9 years ago we went to get the house plans at the municipality... No lies... There were files and drawings and papers all over on the floor.. Stacked againat the walls... All over... Shambles....nothing could be found...

Seller had to get them from the architecht she had used....
 
Can't find the right thread but this seems to be the most active.

Just have a question since this is my first time buying. Is prime - 1.20% + 50% bond registration discount a good offer considering market conditions? Just wondering if I was maybe too hasty in accepting the offer. Seems really good to me though seeing what everyone else offered.
 
acidrain said:
Can't find the right thread but this seems to be the most active.

Just have a question since this is my first time buying. Is prime - 1.20% + 50% bond registration discount a good offer considering market conditions? Just wondering if I was maybe too hasty in accepting the offer. Seems really good to me though seeing what everyone else offered.
Click to expand...
Sounds pretty decent to me others can chime in remember it does hurt to check all banks.
 
AfricanTech said:
I've been on the other side. ie I was the 2nd 'clean' offer.

Unfortunately for me the 1st buyer was able to waive the condition within 48 hours so I lost out in the end.
Click to expand...

Yeah, I'm in mixed mind about it from a buyers point of view. You spend all your time trying to find the perfect place, get an offer in, just to have it potentially snapped away from you.

RonSwanson said:
This is always a good clause to have in an OTP, regardless of conditions. Too many wannabees leave the seller high and dry after 3-4 weeks, and if marketing is suspended then one has to start from scratch. I also include a clause that if during that period a better offer comes along, that the seller notifies the purchaser and that he has 48 hours to match or better the offer received, failing which the offer becomes null and void.

Interesting that your offer included fulfillment of suspensive conditions too, I must remember that. Fortunately you had an agent that was looking out for you, it is rare.
Click to expand...

I must say I've actually been impressed with the agent on my sale and not so much with the agents on properties I've considered buying.

As a further update, the agent let me know this morning that he notified the 1st buyers that there was now a second cleaner offer on the table. Their response was that they now intend to waive the sale of their existing property as a condition and will have the purchase price available in some manner within the next 48 hours.
 
Snyper564 said:
Sounds pretty decent to me others can chime in remember it does hurt to check all banks.
Click to expand...
Yes did shop around, just wasn't getting involved in the back-and-forth negotiations. The breakdown was:
ABSA - 10.15%
Nedbank - 9.6%
FNB - 9.2%
SBSA - 8.55% weighted.
 
acidrain said:
Yes did shop around, just wasn't getting involved in the back-and-forth negotiations. The breakdown was:
ABSA - 10.15%
Nedbank - 9.6%
FNB - 9.2%
SBSA - 8.55% weighted.
Click to expand...
Looks like Std bank wins?

Remember every % on every million is roughly R1k a month.

For example.

Bond is R1.5m 1% up or down is R1.5k spent or saved.

Also ensure you get a flexi/access bond
 
Last edited:
Any of the recent tranferees get stuck into the moving process yet?

We'll be moving about 40km's and I'll definitely use a company to do the actual move.

Trying to decide if it would be worth it get a moving company that would pack up the house or if we should do it ourselves, again.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X