Offer to purchase question

bokka1 said:
I am currently running at six to eight weeks. Our biggest delay is to get the bank's proceed to lodge, they have a backlog of work.
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Ok this is kind of relieving as we have a 3 month notice period on our rental. I can’t remember where I read that things were moving fast after the backlog they had
 
So the house we wanted to put a new offer on now got sold the day before we viewed. Bummer. Anyway, I spoke to the agent there and he concurs what several other agents have said. There's going to be market flood with properties in the new year. He reckons that all those people who got a 6 month extension on their house/car loans will now have to start paying back, with lowered or lost salaries and and and, and it's going to be a nightmare. It makes sense to me. Anyone else think the same?

newby_investor said:
Speak to a conveyancing attorney. The one that will do the transfer would probably be able to help you with the wording.
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Yep, got a friend who's one. Will hit him up (he offered).
 
Toxxyc said:
So the house we wanted to put a new offer on now got sold the day before we viewed. Bummer. Anyway, I spoke to the agent there and he concurs what several other agents have said. There's going to be market flood with properties in the new year. He reckons that all those people who got a 6 month extension on their house/car loans will now have to start paying back, with lowered or lost salaries and and and, and it's going to be a nightmare. It makes sense to me. Anyone else think the same?


Yep, got a friend who's one. Will hit him up (he offered).
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Same thinking.. retrenchments as well next year when most corporates go back to the "norm".
 
Yep. So for now we're just browsing, will put in offers where we think we stand a chance. I'm no longer in a rush to by. We went and viewed the most wicked small place in Pretoria over the weekend and as mentioned, was sold the day before. I would have offered asking price as well, just had to be quicker. Bummer. Would have been perfect. Right size, good condition, OK area, under budget. Eh.
 
Toxxyc said:
Yep. So for now we're just browsing, will put in offers where we think we stand a chance. I'm no longer in a rush to by. We went and viewed the most wicked small place in Pretoria over the weekend and as mentioned, was sold the day before. I would have offered asking price as well, just had to be quicker. Bummer. Would have been perfect. Right size, good condition, OK area, under budget. Eh.
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Just be careful about the "urge" to be quicker. Estate agents love that because they just want their commissions.

You don't want to be stuck with a lemon because you didn't take a few extra hours to check things out.
 
We've received three home loan quotes. Standard and Nedbank both at prime less 0.5%, Absa at prime plus 0.4%. I guess Absa won't be happening.
 
On a side note. The property market in PE is beyond crazy.

A property got listed and I was notified of it by the Property24 app but by the time I opened the listing it was gone again. Called the agent and asked why they took it down? He said that between the time of listing (09h00) and when they took it down (15h30 ish) they had over forty(!) phone calls of people wanting to view, so they had to take it down so that the agent could make arrangements for ten of those to start viewing.

Absolutely mental.
 
newby_investor said:
Just be careful about the "urge" to be quicker. Estate agents love that because they just want their commissions.

You don't want to be stuck with a lemon because you didn't take a few extra hours to check things out.
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Yep, aware. This property was in the market a while ago for R1.25mil. It stands on turf, but was fixed very nicely. It's not newly renovated, but it is in a good condition. 3 bed, 2 bath on a ~650sqm stand. So back then I figured it's not worth it, because you know, you can get bigger for that. So they dropped the price to R1.18mil, but it still didn't sell. Then they removed it off the market, and early last week it popped back up for R1mil on the dot. I thought "well then, that's worth it" and decided to go take a look. Saw it's on show on Sunday (yesterday) and decided to go check it out. Drove past the 3 or 4 times just to check out the outside as well, and was happy.

Arrived for the viewing, agent just went "yo, it sold yesterday afternoon, owner got offer on asking price and signed yesteday" and that was it. I also would have bought it for R1mil.
 
PhireSide said:
On a side note. The property market in PE is beyond crazy.

A property got listed and I was notified of it by the Property24 app but by the time I opened the listing it was gone again. Called the agent and asked why they took it down? He said that between the time of listing (09h00) and when they took it down (15h30 ish) they had over forty(!) phone calls of people wanting to view, so they had to take it down so that the agent could make arrangements for ten of those to start viewing.

Absolutely mental.
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A couple of things to be aware of:
1) Property24 in particular generally has a delay of about a day or so with regards to automated alerts and emails.
2) The agent might be playing chess while you are playing checkers. (ie. a false sense of urgency is created by what was told to you)
 
TheBadMadMan said:
A couple of things to be aware of:
1) Property24 in particular generally has a delay of about a day or so with regards to automated alerts and emails.
2) The agent might be playing chess while you are playing checkers. (ie. a false sense of urgency is created by what was told to you)
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1. Depends on how you manage the app. I've found the push notifications doesn't work well if you don't use the app often. I open it every now and again and that helps to get pushes quicker. The Private Property app is better in that regard, IMO.
 
Toxxyc said:
Arrived for the viewing, agent just went "yo, it sold yesterday afternoon, owner got offer on asking price and signed yesteday" and that was it. I also would have bought it for R1mil.
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May be worth asking the agent to send you the forms anyway. They generally have a continued marketing clause - so if the buyer needs to sell his property, but you come without such a condition, then you might still get it.

If the seller is willing to entertain multiple offers that is.

Otherwise, ask to be notified first if the sale falls through (not getting a bond, or not selling a previous place for instance).
 
Seller already signed and accepted the offer, and the agent said it's apparently a rich dude so he's defs getting it. Besides that there are two other offers on asking as well, so my chances are nada and nil.
 
Viewing a property I liked again today, strongly considering putting in a offer 100k under asking. People bought the place in 2018 for 30k less that what I want to offer. But I'm guessing they didn't do any renovations as bathrooms, kitchen and tiles are on the older side.

All of the other places I wanted where taken, some of them for above asking. Scared this might just be me getting some FOMO, as its the last unit available on my shortlist.

If I remember correctly there are a few things that I need to make sure are in the OTP:
- Max interest rate = prime
- Occupation on registration
- Occupation of empty home ( Owners staying there so not to concerned, about this one)

Did I miss anything?
 
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