Offer to purchase question

Meister-Man said:
Hi guys.
We recently sold our property and transfer went through at the deeds office.
However when I checked my banking the amount shown as the settlement is about 45k more than the outstanding balance on the bond. Can anyone advise? Bond is with fnb.
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Also just closed a bond with FNB. Lawyers paid R30k extra to FNB, and then FNB closed the bond and transferred the correct amount to my cheque account. I expect the same will happen to you.

I think it’s all the extra funds you’ve put in your bond over time - mine was about R30k.
 
MidnightZA said:
Contacted the trustees, few of the units have approved plans and +-7 units are waiting for approval for more than 2 years, since the municipality are dragging their feet and using covid as an excuse.
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My wife has to work with those municipality people. It is a huge problem and they usually only have one person on duty for all the departments. And that one person is super incompetent.
 
3WA said:
Also just closed a bond with FNB. Lawyers paid R30k extra to FNB, and then FNB closed the bond and transferred the correct amount to my cheque account. I expect the same will happen to you.

I think it’s all the extra funds you’ve put in your bond over time - mine was about R30k.
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Thanks.
Do you know what the time frame was that fnb sorted it out and paid you the additional amount?
 
Meister-Man said:
Hi guys.
We recently sold our property and transfer went through at the deeds office.
However when I checked my banking the amount shown as the settlement is about 45k more than the outstanding balance on the bond. Can anyone advise? Bond is with fnb.
Click to expand...

did you make them aware you were cancelling the bond 3 months before?
 
Should you not tell an agent how much you want to offer for any reason, and they get a surprise in the OTP? Or is it okay to tell them?
 
derp90 said:
Should you not tell an agent how much you want to offer for any reason, and they get a surprise in the OTP? Or is it okay to tell them?
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Huh? I had to read that twice.

The agent will have to know the offer to communicate it to the seller?

Verbal offers are usually done first then an OTP is given to sign afterwards if the seller agrees.

Unless anyone experienced anything different?
 
Tman543 said:
Huh? I had to read that twice.

The agent will have to know the offer to communicate it to the seller?

Verbal offers are usually done first then an OTP is given to sign afterwards if the seller agrees.

Unless anyone experienced anything different?
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I meant a verbal offer, as opposed to just letting them see it when you've handed over the OTP.
 
derp90 said:
I meant a verbal offer, as opposed to just letting them see it when you've handed over the OTP.
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Every OTP we've submitted (except for one via LeadHome, but we did talk to them beforehand) was done with the agent in person so the point has been moot for us, although in saying that we did not always mention the price before meeting them so I suppose it was a surprise to them. The only thing is, depending on how much you trust the agent, they might be able to tell you up front if they think you're wasting your time.
As to any reasons why not to - well maybe you think they'll try sweet talk you into upping your offer and you just want to take a chance; in theory they're obligated to submit any offer received so if you think they're messing around it might be worth your while. Guess it depends on what you think is a fair price and what faith you have in the agent.
 
If you pay extra into a flexi bond, do you earn interest on the extra amount, like a savings account? Is the interest you earn the same as the interest you're charged? Surely not, as this would then be a great savings account.
 
derp90 said:
If you pay extra into a flexi bond, do you earn interest on the extra amount, like a savings account? Is the interest you earn the same as the interest you're charged? Surely not, as this would then be a great savings account.
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no, but you pay less interest as a result of the balance being reduced, so technically yes?
 
Got some bond quotes back from the banks, best I got back so far was prime-1.55%, but its seems the green bank is quite keen for the business and might beat that. Was quite surprised, along with the agents, with the rates we got as I was told my clause of prime-1% in the OTP was unlikely.

Anyway, question on the building insurance. I dont have to go with the bank's building insurance, do I? As they added that on the quotes as well
 
Cochise said:
Got some bond quotes back from the banks, best I got back so far was prime-1.55%, but its seems the green bank is quite keen for the business and might beat that. Was quite surprised, along with the agents, with the rates we got as I was told my clause of prime-1% in the OTP was unlikely.

Anyway, question on the building insurance. I dont have to go with the bank's building insurance, do I? As they added that on the quotes as well
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No! You can get any building insurance. Same with life cover if needed. Just seed it!

I assume its a full title property not in an estate
 
Cochise said:
Got some bond quotes back from the banks, best I got back so far was prime-1.55%, but its seems the green bank is quite keen for the business and might beat that. Was quite surprised, along with the agents, with the rates we got as I was told my clause of prime-1% in the OTP was unlikely.

Anyway, question on the building insurance. I dont have to go with the bank's building insurance, do I? As they added that on the quotes as well
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MO or direct?
 
Cochise said:
Thanks, that's what I thought. Yep, full title property.
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With sectional title your building insurance is party of the levy. That is what I tried to get to.

So for full title, you can choose and get quotes.

By seeding I mean submit it. And “they” own the life cover if something happens
 
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