Offer to purchase question

APoc184 said:
You are certainly much braver than most of us for tackling such a problematic property.

From structural issues, to repairs, to hoarder tenants to rates & taxes issues.

Sounds like endless problems and fights.

Good luck and keep us posted.
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Yup. I realized if I want to buy a place with a big yard (and this one has a BIG yard) with space for the kids and dogs, and have it finished the way I want, with options to expand in the future, a "fixer upper" is what I need to be looking at. Once that was realized I stopped looking at places in my price range and I started shooting for places where I could spend a few hundred thousand grand, and then get it to where I want it to be. Those properties seem to be picking up in numbers, I'm seeing more and more of them.

What annoys the crap out of me is when I'm looking at properties and the owner says "I'll still fix this and repair that and repaint this" and all that. I've told numerous agents that I'm not interested then, because then the owner finishes it the way HE wants (which is usually ****), and then wants to charge a premium for the place because he expects AT LEAST his money and time back on the selling price then.

I always tell the agent to tell the owner to leave everything as it is, and I'll fix it on my dime and time, and I'll just make the offer show that. Few of them really listen.

So yeah, I'm willing to take on a bad place to make it nice for us. If I get that place for the money I offered, and I get the building/reno loan like the guys at the bond office said I can, well then I'll sit with a property that I can sell for R200k more than I paid for it in total after the renos are done. That's what the other properties in the area with good finishes in good condition are going for.

Oh, and we're going modern. Large, light coloured tiles with a light grey/slate finish. Probably get as much white in there as possible. Any other things I should look out for? I'm planning on going gas for the stove immediately (avoid the whole Eskom thing) and then I'm planning on doing solar as money comes in. Panels and inverter first, to at least drive stuff like the fridge and lights during the day, maybe even the AC. Then at night we can go on grid while we have to. Eventually plan is to go fully solar + gas + borehole. I'm totally set on going completely off-grid.
 
Sinbad said:
How's this for shocking rates clearance timing....

View attachment 941845
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Bloody hell!!! Jealous AF over here!

wtg said:
I'm more shocked that your transfer attorney shares information and updates you, but yeah that is really quick
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Ditto. Our attorneys have been nothing but useless when it comes to updates and feedback. And I know we were weren't irritating, nagging Karens. Simple valid questions and requests just get ignored.
 
Toxxyc said:
Yup. I realized if I want to buy a place with a big yard (and this one has a BIG yard) with space for the kids and dogs, and have it finished the way I want, with options to expand in the future, a "fixer upper" is what I need to be looking at. Once that was realized I stopped looking at places in my price range and I started shooting for places where I could spend a few hundred thousand grand, and then get it to where I want it to be. Those properties seem to be picking up in numbers, I'm seeing more and more of them.

What annoys the crap out of me is when I'm looking at properties and the owner says "I'll still fix this and repair that and repaint this" and all that. I've told numerous agents that I'm not interested then, because then the owner finishes it the way HE wants (which is usually ****), and then wants to charge a premium for the place because he expects AT LEAST his money and time back on the selling price then.

I always tell the agent to tell the owner to leave everything as it is, and I'll fix it on my dime and time, and I'll just make the offer show that. Few of them really listen.

So yeah, I'm willing to take on a bad place to make it nice for us. If I get that place for the money I offered, and I get the building/reno loan like the guys at the bond office said I can, well then I'll sit with a property that I can sell for R200k more than I paid for it in total after the renos are done. That's what the other properties in the area with good finishes in good condition are going for.

Oh, and we're going modern. Large, light coloured tiles with a light grey/slate finish. Probably get as much white in there as possible. Any other things I should look out for? I'm planning on going gas for the stove immediately (avoid the whole Eskom thing) and then I'm planning on doing solar as money comes in. Panels and inverter first, to at least drive stuff like the fridge and lights during the day, maybe even the AC. Then at night we can go on grid while we have to. Eventually plan is to go fully solar + gas + borehole. I'm totally set on going completely off-grid.
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Good luck mate.

We simply don't have the time and money and patience to tackle something like this. So we settled on a ready to live place and will change subtle things over time to suite our style.
 
APoc184 said:
Good luck mate.

We simply don't have the time and money and patience to tackle something like this. So we settled on a ready to live place and will change subtle things over time to suite our style.
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Thanks. I know it's going to be a mission, but at least I have a bit of know-how. I've tiled, welded, painted, the works before, so a lot of my own time will go into whatever place we buy. We had to choose - fancy place we can't afford, or dump we can and then fix up. Was an easy choice.
 
Sinbad said:
Yup
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ahh that does not count then, you chose your transfer attorney LOL that's why you got nice updates. Ours was also probably quick, the attorneys only look at it when they feel like :laugh:
 
wtg said:
ahh that does not count then, you chose your transfer attorney LOL that's why you got nice updates. Ours was also probably quick, the attorneys only look at it when they feel like :laugh:
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Yeah it's a weird setup. Seller appoints the attorney and buyer has to pay for it.
 
Toxxyc said:
I believe the house has almost R200k in electricity debt on it, and the people living there have to move out when the place is sold. Apparently they're aware of that.
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  1. Is the seller going to cover the R200k electricity debt before sale? You don't want to be inheriting that.
  2. Is the seller going to ensure that you can take empty occupation, and get the people living there to move out (at the seller's expense) before or upon sale? That's a potentially very expensive task.
I'd be interested in knowing, please, whether you've managed to get the seller's agreement on these two points. And if so, how you and seller have phrased this in your contract. And what the penalties/remedies would be, if seller defaults on this.
 
Sinbad said:
Yeah it's a weird setup. Seller appoints the attorney and buyer has to pay for it.
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It is very weird. In effect, it is often the Estate Agent who selects the attorney, since the seller didn't have one, either, beforehand, or because the agent persuades the seller that they will have a better/faster/cheaper deal if they go with the attorney who washes the hand of the agent.

This seems to be a tradition, a usual practice, rather than a regulation, so that if a buyer had their own lawyer lined up, all ready to do the transfer, a seller or an agent would be hard put to object.
 
Gozado said:
It is very weird. In effect, it is often the Estate Agent who selects the attorney, since the seller didn't have one, either, beforehand, or because the agent persuades the seller that they will have a better/faster/cheaper deal if they go with the attorney who washes the hand of the agent.

This seems to be a tradition, a usual practice, rather than a regulation, so that if a buyer had their own lawyer lined up, all ready to do the transfer, a seller or an agent would be hard put to object.
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Pretty much this.

Even seller is frustrated at attorneys because of the lack of communication and don't care attitude.

Agent picked and suggested attorneys to him and one of the selling points was that they had a branch 500m away from the property.

But when it came to signing stuff and seller needing to drop off documents they forced him to do this all at their main office in Centurion almost 20km away.

Old man was not happy. Understandably so.
 
Gozado said:
  1. Is the seller going to cover the R200k electricity debt before sale? You don't want to be inheriting that.
  2. Is the seller going to ensure that you can take empty occupation, and get the people living there to move out (at the seller's expense) before or upon sale? That's a potentially very expensive task.
I'd be interested in knowing, please, whether you've managed to get the seller's agreement on these two points. And if so, how you and seller have phrased this in your contract. And what the penalties/remedies would be, if seller defaults on this.
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Surely you won't get rates clearance while the debt stands?
 
Rates Clearance is for the seller's account.

Always choose your own attorney when you are the seller.

I am happy that some of you are making some progress with your transfers, mine are running smoothly with very little problems.

Communication with your clients are key so I don't use these automated systems. I rather give you the important information with a succinct email than send you a sms every step of the way.
 
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