Offer to purchase question

Steamy Tom said:
Still doesn't make sense, how many of those other offers were for full asking price, without subject to or bond conditions?
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If buyers see a gem => “Money is optional”. Look at property at the coast! A sea view is nice! Living next to the beach: priceless!
 
zerocool2009 said:
If buyers see a gem => “Money is optional”. Look at property at the coast! A sea view is nice! Living next to the beach: priceless!
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Randpark ridge != Beautiful sea views. And even then if I ask R1m for my property why would you offer me R1,1m?
 
Steamy Tom said:
Randpark ridge != Beautiful sea views. And even then if I ask R1m for my property why would you offer me R1,1m?
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It's a bidding process. If more than one person likes it enough, they'll be prepared to outbid each other.
 
Sinbad said:
It's a bidding process. If more than one person likes it enough, they'll be prepared to outbid each other.
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Yeah I get that, just seems odd to me is all given that their offer likely was already more attractive.
 
Sinbad said:
It's a bidding process. If more than one person likes it enough, they'll be prepared to outbid each other.
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100% this, in my area almost for the last year there hasnt been one single large sized free standing house that went on sale, there are long waiting lists and sold almost the moment they list. If ppl want something bad enough they will outbid each other. We are talking somewhat scarce resources here.
 
Steamy Tom said:
Yeah I get that, just seems odd to me is all given that their offer likely was already more attractive.
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The house was way underpriced compared to everything similar in the area. As people were looking we were waiting in a queue to speak to the estate agent. Most people there wanted to put in offers. Which is why we went higher than the asking price but it wasn't enough and the next day when I phoned the estate agent he told me that they took that cash offer.

It's not the only house that we wanted that was sold out from under us. After that we were interested in a house in Constantia Kloof and there too the house got multiple offers.

It all depends on the house though. The house that we are getting we got for less than the asking price.
 
Is it possible to get 105% bond if you want to use the additional amount for a few renovations? Specifically, bathroom upgrades and flooring upgrades. Based on my pre-qualification certificate, my affordability is alot more than the price of the house I am interested in. I have enough capital for bond and transfer fees with a bit extra but not enough for the full renovations.
 
Aeryn23 said:
Is it possible to get 105% bond if you want to use the additional amount for a few renovations? Specifically, bathroom upgrades and flooring upgrades. Based on my pre-qualification certificate, my affordability is alot more than the price of the house I am interested in. I have enough capital for bond and transfer fees with a bit extra but not enough for the full renovations.
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I hope you bank with FNB when you read this!

You can apply for a future use potion when you apply for the bond! Fnb pays for that costs. You can get the money only after 6 months (its a basic rule on their side), as in after registration.

The future use portion can be maxed at 20% of the bond! If you want more, you can apply, but the costs then reverts to you.

Affordability and credit approval must also be approved! And of course the property would be valued “as if” the enhancements were done, to see if the “value added” are approved from the banks side.

Thats the long and short (if you bank with FNB)!

“How can we (they) help you?”
 
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Aeryn23 said:
Is it possible to get 105% bond if you want to use the additional amount for a few renovations? Specifically, bathroom upgrades and flooring upgrades. Based on my pre-qualification certificate, my affordability is alot more than the price of the house I am interested in. I have enough capital for bond and transfer fees with a bit extra but not enough for the full renovations.
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Yes, keep your cash for the renovations and use the 5% for transfer and bond costs. The 5% usually does not cover all the costs.
 
zerocool2009 said:
6 months fly by! To get 20% extra at no cost (on terms)... a bargain!
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Thanks! I don't need the money right now. The house is liveable without the renovations but I wanted to do it asap. It's good to know that this is an option. Will look into it.
 
After a very long wait, I just got the news that the transfer has been done.

Just a question, wrt to state of the property, the seller cancelled gardening services last month and the garden has not been attended to since last month, is it reasonable for me to ask the seller to clean up the garden.

The property has been vacant since last month, the seller gave me the keys and I decided not to move in but rather do renovations first before taking up occupation.
 
marysms said:
After a very long wait, I just got the news that the transfer has been done.

Just a question, wrt to state of the property, the seller cancelled gardening services last month and the garden has not been attended to since last month, is it reasonable for me to ask the seller to clean up the garden.

The property has been vacant since last month, the seller gave me the keys and I decided not to move in but rather do renovations first before taking up occupation.
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Welcome to being an owner. Sadly, its your responsibility now.
 
what happens if you find that the Compliance certificates were done but there is issues with the plumbing and electrical ?

i asked the transfer attorneys and they reckon its all done in good faith by the owner not much they can do if owner didnt do it properly
 
I would say if you have issues with COC's .... get that same firm out to verify how it was singed off
 
I.am.Sam said:
what happens if you find that the Compliance certificates were done but there is issues with the plumbing and electrical ?

i asked the transfer attorneys and they reckon its all done in good faith by the owner not much they can do if owner didnt do it properly
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wrt the electrical, you should call the electrician back to do it properly, and also report them. Its up to you if you want to be nice and give them a chance to rectify before reporting them.

electrical-compliance-certificate.co.za

Electrical Certificate Of Compliance - ECOC

An Electrical Certificate of Compliance is a document which verifies the electrical installation is compliant with the Occupational Health and Safety Act.
electrical-compliance-certificate.co.za electrical-compliance-certificate.co.za

OCCUPATIONAL HEALTH AND SAFETY ACT:
“2.3.1 Sub-regulation 1
Any person who has doubts that electrical installation work is not done according to these regulations and health and safety standards or has doubts over the validity of a certificate of compliance, should contact an approved inspection authority to investigate the case.”
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Not sure about plumbing
 
marysms said:
After a very long wait, I just got the news that the transfer has been done.

Just a question, wrt to state of the property, the seller cancelled gardening services last month and the garden has not been attended to since last month, is it reasonable for me to ask the seller to clean up the garden.

The property has been vacant since last month, the seller gave me the keys and I decided not to move in but rather do renovations first before taking up occupation.
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the property needs to be maintained and in the same conditions with the exception of reasonable wear and tear as when you viewed it, make it the agents problem for a cleanup.
 
I.am.Sam said:
what happens if you find that the Compliance certificates were done but there is issues with the plumbing and electrical ?

i asked the transfer attorneys and they reckon its all done in good faith by the owner not much they can do if owner didnt do it properly
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get an electrician in, if there is an issue as him for a report, report it to the ECA wirth the compliance certificate and the electricains details.
 
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