Offer to purchase question

[Toxxyc]

i am confused - so many buyers, so many issues. Is this the place in a deceased estate in really bad shape with sitting tenants? Or did that one fall by the wayside?

Oh no, that place is long gone. I managed to get out of that with no problems in the end - thank goodness.

The place I'm talking about now is the same place we're currently renting. It is small, not exactly what we want but we know it's issues and poured many hours and Rands into getting it how we like. So we are hoping to buy it now to use it as a stepping stone going forward. The payment should he very similar to the rent we're paying now anyway, so it makes sense.

 

[Marsie27]

Oh no, that place is long gone. I managed to get out of that with no problems in the end - thank goodness.

The place I'm talking about now is the same place we're currently renting. It is small, not exactly what we want but we know it's issues and poured many hours and Rands into getting it how we like. So we are hoping to buy it now to use it as a stepping stone going forward. The payment should he very similar to the rent we're paying now anyway, so it makes sense.

Ah OK. This place sounds much better, and not having to physically move has plenty of advantages.

 

[Toxxyc]

Ah OK. This place sounds much better, and not having to physically move has plenty of advantages.

Yup, specially with a pregnant wife/newborn baby.

 

[newby_investor]

Yup, specially with a pregnant wife/newborn baby.

So much this. I started my move this weekend, hopefully to finish this weekend, with a wife at 8 months and a toddler.

Long story short it hasn't been great for family harmony. Best of luck with your purchase, hope it goes smoothly. Even with no moving, the admin can be hectic.

 

[PsyWulf]

So much this. I started my move this weekend, hopefully to finish this weekend, with a wife at 8 months and a toddler.

Long story short it hasn't been great for family harmony. Best of luck with your purchase, hope it goes smoothly. Even with no moving, the admin can be hectic.

I believe some wise person once said the nr2 cause of divorces is Moving House,just below Infidelity

 

[DrX]

This thread has been both a roller coaster ride to read but also extremely helpful and good to see things working out for most people!

There's been a few points mentioned here around discounts on registrations and transfer costs - are the discounts applicable to the total amount or only a line item on the invoice ?
(I have received some mixed feedback on this, outside of the forum)

 

[ToxicBunny]

This thread has been both a roller coaster ride to read but also extremely helpful and good to see things working out for most people!

There's been a few points mentioned here around discounts on registrations and transfer costs - are the discounts applicable to the total amount or only a line item on the invoice ?
(I have received some mixed feedback on this, outside of the forum)

Only on specific line items.

Certain costs are legally set at values so can't be discounted.

 

[APoc184]

This thread has been both a roller coaster ride to read but also extremely helpful and good to see things working out for most people!

There's been a few points mentioned here around discounts on registrations and transfer costs - are the discounts applicable to the total amount or only a line item on the invoice ?
(I have received some mixed feedback on this, outside of the forum)

We only got discount on the actual attorney fees. Both on bond and transfer leg.

Other costs seem to be standard pricing.

 

[newby_investor]

I believe some wise person once said the nr2 cause of divorces is Moving House,just below Infidelity

I can totally see why.

 

[PsyWulf]

We only got discount on the actual attorney fees. Both on bond and transfer leg.

Other costs seem to be standard pricing.

Correct,much of the costs are standardised and/or sliding scale
But the discounts on fees and other possible bonuses depending on your bond provider can save a big chunk

 

[bokka1]

Yes, certain fees are standard that we have to pay to third party service providers, no discount on those.

 

[Toxxyc]

Alright. So met with the owner's property people and they say he's very eager to sell, and he wants to sell to us. Now it's literally a game of "R50k here or there". He needs to decide if it's going to be worth it for him to try and push the sale of the place for a higher price, but then he'll have to deal with us moving out, other people viewing the place, waiting for loans, etc. etc.

If we buy the place at a bit lower, he'll know we don't have to move, he's working with people he's known for many many years, he doesn't have to worry about when he gets his money (he gets rent until we buy), etc. etc.

 

[mercurial]

Was told bond is ready to lodge. Now just have to wait for Deeds Office to open up in January.

 

[Speedster]

Heard today from the lawyer's that they reckon registration could take place about the 18th of Jan. Yes please!!

 

[powermzii]

Was told bond is ready to lodge. Now just have to wait for Deeds Office to open up in January.

Same here.... We're in alaready though paying occupational rent

 

[prod]

We are looking at buying a property. The place we're looking at is not that expensive and my salary is pretty good so I should be fine applying on my own (first time buyer), I'm just wondering if it will be better/worse to apply for a joint bond with my wife taking into account that she is a freelancer and does not have a steady salary?

She currently has a house on her name with +- 500k remaining on her bond. She had some troubles initially on her bond application because of being a freelancer but she did put down a big deposit (her dad also had to sign surety on the loan etc.) so she got it in the end.

 

[newby_investor]

We are looking at buying a property. The place we're looking at is not that expensive and my salary is pretty good so I should be fine applying on my own (first time buyer), I'm just wondering if it will be better/worse to apply for a joint bond with my wife taking into account that she is a freelancer and does not have a steady salary?

She currently has a house on her name with +- 500k remaining on her bond. She had some troubles initially on her bond application because of being a freelancer but she did put down a big deposit (her dad also had to sign surety on the loan etc.) so she got it in the end.

Are you married CoP? Then you need to apply jointly. If not, then it's your decision whether to go in your own name only or in both names, but if you do go in both, you don't need to use any of your wife's details. Proving affordability for a freelancer is a pain.

Banks are used to this though, as there are many housewives/stay-at-home-moms, so it's basically just a matter of deciding whether you want both names on the deed ultimately or just yours.

 

[azbob]

Noob question:

If you currently own or are paying off a property and need to sell that to purchase the new place, how does the OTP work?

i.e do you first need to find a buyer for your place by which time the place you want might be gone or can you “trade in” your place with the bank.

 

[prod]

Are you married CoP? Then you need to apply jointly. If not, then it's your decision whether to go in your own name only or in both names, but if you do go in both, you don't need to use any of your wife's details. Proving affordability for a freelancer is a pain.

Banks are used to this though, as there are many housewives/stay-at-home-moms, so it's basically just a matter of deciding whether you want both names on the deed ultimately or just yours.

Thanks, we are not married CoP. So if I understand you correctly we can put both our names on the OTP - but the actual bond application can only be for my name...? We would like to have both our names on the deed.

 

[Sinbad]

Noob question:

If you currently own or are paying off a property and need to sell that to purchase the new place, how does the OTP work?

i.e do you first need to find a buyer for your place by which time the place you want might be gone or can you “trade in” your place with the bank.

You put in the offer with a suspensive clause - that the offer is subject to the sale of your existing property.