You pay the asking price, the seller needs to hopefully make sure the agent they pay for is in that price.
The user you replied to was the seller, he got screwed
I got screwed both ways, 2 different agents. They not your friends!
Purchase Experience:
During the purchase process, I encountered several issues. The levy fees were not fully disclosed upfront; I was informed that the current levy for the past three months averaged R1,200, but I was not aware it was actually around R2,600 at that time, with the lower amount being a temporary relief. I only discovered this discrepancy after signing the Offer to Purchase (OTP).
Additionally, there was significant water damage in the bathroom, estimated at R20,000. Despite this, neither the bond nor the transfer attorney addressed this issue. I was informed that I signed the final documentation confirming the property was in good condition and that the transfer could not proceed until this paperwork was completed. I only took possession of the property once the transfer was finalized.
Having rented in the same complex previously, I was familiar with the management’s approach. They eventually addressed the R20,000 water damage, and I did additional R10,000 to complete the repairs of the rest. I love the place, stayed 2 years until Its not financially feasible and wanted to move also.
Sale Experience:
When it came time to sell, Initially, I received an offer of R800,000, but I was advised that the property could fetch between R920,000 and R950,000. After consulting with two agents, I was oversold promises and sign a mandate agreement. I also inquired about rental options in case the property did not sell, as I was relocating from Johannesburg.
Despite five months on the market, there was no sale. The property was advertised for rent, and after thorough tenant screening, the tenant paid rent consistently for three months before defaulting for the subsequent three months. I began eviction proceedings during this period, but rental income only covered fees and repairs.
Ultimately, I decided to focus on selling. Two potential buyers had their bonds rejected, but the third buyer was financially sound. The property was sold for R850,000, and after agent fees, my net proceeds were approximately R770,000.
The bank required three months’ notice for bond cancellation. Although transfer and agent representatives assured me that all documentation had been submitted, the process was delayed by two weeks due to holiday periods. Consequently, the notice period expired. It was my fault, I should have proactively contacted the bank to reset the notice flag.
Furthermore, the bond attorney took two months to finalize the process and made a significant error by waiting for bond guarantees that had already been submitted as cash guarantees. This misunderstanding caused unnecessary delays and frustration. I initially suspected the buyer of non-cooperation, but after investigation, it became clear the delay was due to the bond attorney’s oversight. FNB did not take responsibility for the delays and charged a three-month penalty. Additionally, my private banker was unresponsive when I requested a reduction in the bond interest rate. 6 months after OTP the property was sold. So the transfer usually takes 4-6 weeks max if cash. The buyer was really happy with how the place was done up and no complaints. The best and most clean place he saw, nothing to be done.
. No preexisting debt, all payment into bond. If cannot pay off in 7.5 years the bond then don't buy.
