Offer to purchase question

LlamaParty said:
From my vague knowledge of things, they can only accept a second offer if you haven't paid a deposit. At least that's what our estate agent said. So perhaps if you're very keen on the house you could put down a 5% deposit or something?
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Deposit is irrelevant, they can send you a notice at any time before the suspensive conditions are fulfilled. That can be bond approval or the sale of your house.

It is quite common in OTPs.
 
Huh, that's what you get for listening to estate agents I guess. Probably just wanted to intimidate us into putting down a deposit. We did make doubly sure that our OTP excluded that 72h clause at least.

Anyway, good luck @powermzii!
 
TheBadMadMan said:
FYI a snippet from my OTP.

I hope this clears up some questions that some might have.

View attachment 937732
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Note, read this snippet closely.
It might seem like I'm cutting my hands off, but I left this in as all my suspensive conditions would be met within a very short amount of time (ie. under 72 hours).
I had prepped and reviewed everything and only the bank had to give the final approval for bond which I was very confident would be approved within the proposed time limits (keep in mind an alternative offer in itself takes time so by the time I'd theoretically receive notice about a 2nd offer I would have been close to the end of my approval process).

Long story short all went well. I'm sharing this only for knowledge of my fellow forumite.
 
New update email just popped up.

Bond leg of the attorneys has sent docs to the bank and await Proceed to Lodge instruction from them.

No mention from them if the rates and taxes clearance certificate has been received then. And from experience I know it is not even worth to ask them because they never reply back.

So as a noob and first timer we pretty much still have no clue how long to go now and if this is yet another week or two of waiting for the bank to send instruction.
 
APoc184 said:
New update email just popped up.

Bond leg of the attorneys has sent docs to the bank and await Proceed to Lodge instruction from them.

No mention from them if the rates and taxes clearance certificate has been received then. And from experience I know it is not even worth to ask them because they never reply back.

So as a noob and first timer we pretty much still have no clue how long to go now and if this is yet another week or two of waiting for the bank to send instruction.
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With us it took the bank about 7 working days to get back with a Proceed to Lodge instruction. But why haven't your attorneys sent that through ages ago??
 
LlamaParty said:
With us it took the bank about 7 working days to get back with a Proceed to Lodge instruction. But why haven't your attorneys sent that through ages ago??
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Fck knows! Communication is not their strong point. :mad:

Chances are even there that it has in fact been sent in a while ago but they only sending the email update now.

It is obviously just a template that they click and send to all the involved parties.
 
Weekly update.

They have finally received the clearance certificate..... BUT......

We received our rates clearance certificate from City of Tshwane but still following up with Tshwane with regards to the consent for removal of the title deed conditions. Lodgement will be arranged on receipt of the consent next week
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This is the first mention of any title deed conditions so I immediately got on the phone to ask what this is all about.
Only got through to the clerk working on our file because the others already left for the weekend.

Clerk tried to explain it to me as follow:
In the early 1980's the city council had a condition that said if you build on a new stand the building value must exceed R1500.00. They sent the plans along with valuation and occupation certificate to the city council and now await written consent to remove this old condition from the title deed.

Owner bought the empty stand in 1982 and built the house himself.

Oh well. The wait continues.

Still moving stuff to storage every weekend (and some week nights). Big final push this weekend and then we only have the big stuff left next weekend and a nice stay in a B&B for a night or two.
 
Amazes how many different hold ups there can be. This thread is a great one all round.

Mine is still sitting for a sars audit as they questioning my purchase price.
 
Is it absurd to offer 100k less on the asking price? The property is a new development listed at 3.5mil in a security estate
 
powermzii said:
Definitely not, especially in this market

We offered 100k less then negotiated up to 70k less
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beefymoocow said:
You can even get 20% less asking price. Especially if houses are more than 3 mil.
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Ok thanks. The agent said maybe 50k less but we want a fireplace and a bath installed and then it would be the perfect 20year plan
 
PotatoGuardian said:
Is it absurd to offer 100k less on the asking price? The property is a new development listed at 3.5mil in a security estate
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I've tried a few times with new developments, never got a discount.
They try to make it fair to everyone so there are no complaints down the line.

Does not hurt to try though..
 
PotatoGuardian said:
Is it absurd to offer 100k less on the asking price? The property is a new development listed at 3.5mil in a security estate
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Certainly not.

This whole thread started with a offer of R130k less. And that was on a R1.5mil asking price.

Not sure about new development though.
 
PotatoGuardian said:
Is it absurd to offer 100k less on the asking price? The property is a new development listed at 3.5mil in a security estate
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I don't think that the developer is going to negotiate on new house prices.

BUT you can always try your luck, you have nothing to lose.
 
PotatoGuardian said:
Is it absurd to offer 100k less on the asking price? The property is a new development listed at 3.5mil in a security estate
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R100k less on a R3.5m property is a 3% discount, so certainly ask for it.
As the saying goes, if you don't ask the answer is always no.
 
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