Offer to purchase question

Got my offer to purchase accepted today and just received the signed copy back in my email.

Came in about R50 000 below the asking price, on a +-2 Mil house, not a lot.
Sellers tried hard for me to change the offer to the asking price, but I did not change anything as there was
currently no other offers that have been submitted. Today was the last day that the OTP was valid for.

Owners need to get an Architect and re-draw current house plans and get that approved
on their expense, that will cost them a few more Rands, this was added to the OTP.
house has had one owner who built the place in the 1980's, house plans they have looks to be hand drawn,
and then partial drawings for an extension they did on the house.

Had a certified inspector also go view the property.

Now to get the Bond approved, will be going with ooba as they did my prequalification and are ready to get working on it.

Like the original poster of this thread, I am currently staying in Garsfontein and I am only moving 3 Kilometers away and
will still be staying in Garsfontein.

So far the timeline went like this.

5 March - House Listing Date
5 March - Went to view the property
11 March - Inspector went to view
12 March - Received Report from inspector
15 March - OTP Submitted
18 March - OTP accepted and signed
 
With my purchase, the Tshwane clearance figures FINALLY came through and it was paid. Now it's the last paperwork there before they can lodge. It's taking forever.
 
I can say I wish I saw the advice to get an inspector to check the place before signing OTP.

Got keys for property on sunday and inspected the property for the 1st time since viewing it and signing OTP. I was shocked and fumingwould never of signed OTP if I found following:

1. a line above the kitchen ceiling that looks like leakage, when we viewed property it was said it was fixed and resolved. Well when you see drop hanging from ceiling, that pretty much says agent or seller is talking crap and it was just covered up.

2. Damp issue on bottom of the bathrooms outside wall and downstairs on the inside of exterior wall by patio.

3. Cracked tiles that they covered with furniture when we view the property. Cracked in room wall which wasn't there when we viewed the property and signed OT.

4. Yard not maintained at all. seller even went as far as removing all their plants and leaving all the crap plants.

Quotes to just fix some of the stuff and get place painted inside = +- R20 000.

Learned a hard and expensive lesson, when agent and seller says leakage was fixed don't trust the f@!@% and get an inspector to view the place first....
 
Last edited:
staunchy20 said:
I can say I wish I saw the advice to get an inspector to check the place before signing OTP.

Got keys for property on sunday and inspected the property for the 1st time since viewing it and signing OTP. Can say I was shocked and would never of signed OTP if I found following:

1. a line above the kitchen ceiling that looks like leakage, when we viewed property it was said it was fixed and resolved. Well when you see drop hanging from ceiling, that pretty much says agent or seller is talked crap and it was just covered up.

2. Damp issue on bottom of the bathrooms outside wall and downstairs on the inside of exterior wall by patio.

3. Cracked tiles that they covered with furniture when we view the property. Cracked in room wall which wasn't there when we viewed the property and signed OT.

4. Yard not maintained at all. seller even went as far as removing all their plants and leaving all the crap plants.

Quotes to just fix some of the stuff and get place painted inside = +- R20 000.

Learned a hard and expensive lesson. When agent and seller says leakage was fixed don't trust the f@!@% and definitely get an inspector to view the place first....
Click to expand...
You can still take these issues up with the conveyancer or agent, despite it not being in the OTP.
 
staunchy20 said:
I can say I wish I saw the advice to get an inspector to check the place before signing OTP.

Got keys for property on sunday and inspected the property for the 1st time since viewing it and signing OTP. Can say I was shocked and would never of signed OTP if I found following:

1. a line above the kitchen ceiling that looks like leakage, when we viewed property it was said it was fixed and resolved. Well when you see drop hanging from ceiling, that pretty much says agent or seller is talked crap and it was just covered up.

2. Damp issue on bottom of the bathrooms outside wall and downstairs on the inside of exterior wall by patio.

3. Cracked tiles that they covered with furniture when we view the property. Cracked in room wall which wasn't there when we viewed the property and signed OT.

4. Yard not maintained at all. seller even went as far as removing all their plants and leaving all the crap plants.

Quotes to just fix some of the stuff and get place painted inside = +- R20 000.

Learned a hard and expensive lesson. When agent and seller says leakage was fixed don't trust the f@!@% and definitely get an inspector to view the place first....
Click to expand...

4. Yard not maintained at all. seller even went as far as removing all their plants and leaving all the crap plants.

This is grounds to cancel the sale if you wanted to. Or they have to replace the plants they took out. Go have a look at the photos of the yard if you have any so you have proof.
 
Anyone know what exactly is covered by the electric COC?

Does it cover only the points and switches or should the wiring also be inspected?

Went into the roof and see wires for the lights just lying on the ceiling, lives, neutrals, and earths all bare, not in any casing.
 
Wires don't have to be checked, but you can mention it to the guy when he comes to do the COC.
 
t_girl said:
Hi All, quick question: does "up for prep" mean the deeds office are ready to look at the documents, or that they are done?
Click to expand...

before they are done, it goes into prep which is like a pre-check from my understanding, then gets reviewed by one or more people after and then processed. in-prep usually means you are like 1-2 days away from registration from my experience
 
Steamy Tom said:
before they are done, it goes into prep which is like a pre-check from my understanding, then gets reviewed by one or more people after and then processed. in-prep usually means you are like 1-2 days away from registration from my experience
Click to expand...

I short what happens when its logged: its a 5 or 6 stage process. First jr guys review it. Then another jr to confirms. Then a snr reviews it. Then registered. That full process can take up to 10 working days
 
Good day. Firstly, thanks for the very informative discussions on this thread. Wish I had come across it before I had signed my OTP. Either way I’m at the point now where I am waiting for the BO to get back to me with bond offers from the bank (I used the BO from the onset to get my pre approval). I am honestly underwhelmed by the service received from the BO. The initial offer received from FNB for 100% bond is prime + 0.05. Is this a good deal for someone with a “minimum risk” Experian result? Further, can I approach the bank directly and apply online or have I let this opportunity go when I approached the BO? Any advice provided will be much appreciate. Thanks.
 
Joe505 said:
Good day. Firstly, thanks for the very informative discussions on this thread. Wish I had come across it before I had signed my OTP. Either way I’m at the point now where I am waiting for the BO to get back to me with bond offers from the bank (I used the BO from the onset to get my pre approval). I am honestly underwhelmed by the service received from the BO. The initial offer received from FNB for 100% bond is prime + 0.05. Is this a good deal for someone with a “minimum risk” Experian result? Further, can I approach the bank directly and apply online or have I let this opportunity go when I approached the BO? Any advice provided will be much appreciate. Thanks.
Click to expand...

I am buying my 2nd property now via a bond originator(Ooba). I will probably always do it as it just took a lot of the admin away and I cannot complain about the interest rates I got.

First property I had a really good credit record....but the building I bought in had lots of apartment owners with defaults on their loans which kind of made the building "high risk" and the interest rate was a bit above prime.

Second property(buying now), again with a good credit record and keeping the previous property as a rental(still bonded) is in a good area and the banks all gave me a pretty good rate below prime.

Its not always about your credit record but also about the risk the bank has in certain areas/buildings/complexes.

If you decide to go to the banks yourself, then your current BO needs to cancel your applications with the bank. You cannot have 2 applications with the same banks.
 
terencej said:
I am buying my 2nd property now via a bond originator(Ooba). I will probably always do it as it just took a lot of the admin away and I cannot complain about the interest rates I got.

First property I had a really good credit record....but the building I bought in had lots of apartment owners with defaults on their loans which kind of made the building "high risk" and the interest rate was a bit above prime.

Second property(buying now), again with a good credit record and keeping the previous property as a rental(still bonded) is in a good area and the banks all gave me a pretty good rate below prime.

Its not always about your credit record but also about the risk the bank has in certain areas/buildings/complexes.

If you decide to go to the banks yourself, then your current BO needs to cancel your applications with the bank. You cannot have 2 applications with the same banks.
Click to expand...

If your first bond is paid up, the bank will take that full available amount to be lend into the picture. They see it as: you can buy a car cash tomorrow. I would suggest speak directly with the bank
 
I'm STILL waiting for lodging/registration. This is taking a loooooong time.
 
terencej said:
I am buying my 2nd property now via a bond originator(Ooba). I will probably always do it as it just took a lot of the admin away and I cannot complain about the interest rates I got.

First property I had a really good credit record....but the building I bought in had lots of apartment owners with defaults on their loans which kind of made the building "high risk" and the interest rate was a bit above prime.

Second property(buying now), again with a good credit record and keeping the previous property as a rental(still bonded) is in a good area and the banks all gave me a pretty good rate below prime.

Its not always about your credit record but also about the risk the bank has in certain areas/buildings/complexes.

If you decide to go to the banks yourself, then your current BO needs to cancel your applications with the bank. You cannot have 2 applications with the same banks.
Click to expand...
Thanks Terencj. Interesting about the building and it’s impact on rate offered. Regarding BO, is there no way I could obtain a rate from the BO and the banks so that I can compare where I’m getting the best rate?
 
zerocool2009 said:
If your first bond is paid up, the bank will take that full available amount to be lend into the picture. They see it as: you can buy a car cash tomorrow. I would suggest speak directly with the bank
Click to expand...
It is not paid up....still have a long way to go with that one
 
Joe505 said:
Thanks Terencj. Interesting about the building and it’s impact on rate offered. Regarding BO, is there no way I could obtain a rate from the BO and the banks so that I can compare where I’m getting the best rate?
Click to expand...
With my first property Std bank actually declined the bond because of the building....No jokes, that was what they told the BO. They had a lot of bonds in the building that were defaulting and they flagged the building as a risk.
 
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