Offer to purchase question

marysms said:
Hi All, out of interest, if you plan on putting down a deposit what date is the best:
On Offer Acceptance
On Bond Approval In Principle
On Bond Grant
X number of days

The reason I ask is, if you are applying for a bond and you are not sure of the out come of the bond application is it wise to pay that deposit upfront, which brings me to something else, has anyone used an option of using a escrow service (Tradesafe, BuyersTrust etc), its quite common for the Agents to want to keep the deposit but however most of them cannot even give you details on the costs and interests associated with the Trust Accounts they use.
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I paid deposit shortly after offer acceptance, but wish I hadn't. Would've much preferred to pay the cash amount on registration. As for escrow, why not pay it to the lawyers trust account? That pretty much serves as an escrow service. Never pay the deposit to an agent.
 
marysms said:
Before approaching a Bond Originator please investigate some of the offers that the Banks have in terms of Loyalty Points, Discounted Attorney fees, often these benefits are only available when you apply directly to the banks as they save on origination fees.
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My originator got me a much nicer interest rate than the banks would offer me directly, so I ended up skipping out on loyalty points and stuff and opted to take a 0.75% interest rate cut instead.
 
R2.65mil property
= R17k bond registration fees (50% discounted due to bank staff benefits)
= R156k transfer fees

Ouch!
 
We are still waiting for attorneys to lodge, they say any day now. Really frustrating to wait.

What's the turnaround time if all goes well after lodging?
 
Iceman360 said:
We are still waiting for attorneys to lodge, they say any day now. Really frustrating to wait.

What's the turnaround time if all goes well after lodging?
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I believe that differs from municipality to municipality. We lodged on Monday, lawyers say about 7-10 working days (Tshwane).
 
Speedster said:
I believe that differs from municipality to municipality. We lodged on Monday, lawyers say about 7-10 working days (Tshwane).
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Lodged on the 19th then an update was issued on Monday that if the registration is not done by Friday the rates figures would have to be reissued
 
powermzii said:
Thanks to @APoc184 for starting this thread - made the journey much less painful but so much more informative :)
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Pleasure.

We all learned bucket loads from this.

And eventually we will also lodge. Actually waiting for the weekly update from the attorneys to see if seller could sort out the plans and removal of the clause on the title deed.
 
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So we put in an offer on a house in Nov last year conditional to the sale of our house & a partial bond. Bond sorted in 7 days at prime -1.12% at ABSA through OOBA. But our place did not sell before the 31 Dec deadline & the place we were looking at was sold 10 days after that.

Kept our house in the market and accepted an offer on Wednesday morning. Immediately contacted the agent to make a verbal offer on another property we have been looking at. Agent lets us know that owner signed a sale agreement last week for exactly what we wanted to offer, but subject to the sale of purchaser's property. That buyer then also lost out to a cash buyer under the 72 hour continued marketing clause yesterday.

Have just signed another OTP and hope to hell that it will be accepted and we can get the deal done this time as there is nothing else in our price bracket available available in town.

tldr: I hope my offer is accepted before I end up homeless
 
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