Seek bond ap­proval be­fore hunt­ing for homes – agent

Weekend Argus (Saturday Edition) - - PROPERTY -

BE­FORE set­ting out to find a home, buy­ers should get their cho­sen fi­nan­cial in­sti­tu­tions or bond orig­i­na­tors to ap­prove what­ever bond they might need, says An­ton du Plessis, chief ex­ec­u­tive of Vine­yard Es­tates.

“If you don’t know the size of the bond to which you will be en­ti­tled, sort it out now. If get­ting a bond is a con­di­tion of your of­fer, it could prej­u­dice your bid if the com­pet­ing buyer’s of­fer is con­di­tion-free.”

Some out-of-touch buy­ers have un­re­al­is­tic ideas of the bond amounts for which they qual­ify. To safe­guard your­self, it is ad­vis­able al­ways to make of­fers free of the qual­i­fy­ing-for-bond con­di­tion but sub­ject to bank val­uers agree­ing to the es­ti­mated value of the prop­erty.

Buy­ers should also ask about other re­cent sales in the area.

“If your agent can­not pro­duce this in­for­ma­tion it will pay to take a month’s sub­scrip­tion to any of the data-providers, such as CMA Info or SAPTG (SA Prop­erty Trans­fer Guide), which pro­vide up-to-date in­for­ma­tion on this sub­ject. It is im­per­a­tive to find out for your­self just what has been paid for homes in your area.

“If you make your of­fer to pur­chase con­di­tional on sell­ing your own home, ar­range an im­me­di­ate as­sess­ment of its price by a pro­fes­sional val­uer – so the seller with whom you are deal­ing can see the price is re­al­is­tic and there is a good chance your home will sell.”

Af­ter nom­i­nat­ing an es­tate agent, give the sale agree­ment to your at­tor­ney for scru­tiny – even if the agency at that point shows no signs of find­ing a buyer. You may need to make a snap de­ci­sion while your at­tor­ney is away.

“If you ap­point a sole man­date agency, en­sure that your agree­ment al­lows you to can­cel the agree­ment if you are not sat­is­fied with the ser­vice. Al­ter­na­tively, you can stick to shorter pe­ri­ods with the stated in­ten­tion of re­new­ing the man­date pe­ri­od­i­cally if you are sat­is­fied with the ser­vice.”

Do not al­low your agen­cies to fes­toon your home with sale boards. This can give the im­pres­sion of des­per­a­tion in the seller, says Du Plessis. One or per­haps two boards are all that should be al­lowed.

Al­low the agen­cies you are deal­ing with to ad­ver­tise in the same pub­li­ca­tion at the same time for the first three weeks. Then, the agen­cies should ad­ver­tise on al­ter­nate week­ends so that the prop­erty is not over­ex­posed. Make sure the agents change the pic­ture and the word­ing from time to time. A dif­fer­ent an­gle or in­te­rior in­stead of ex­te­rior pho­to­graph may arouse the in­ter­est of buy­ers who would oth­er­wise not have been in­ter­ested.

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