What about credit? What if I had some problems in the past?
There are 3 major aspects that will influence the success of your sale: Credit History: Credit bureaux reports include the following information which has a major influence on the banks. decision whether to loan money to an applicant: Full names, address and contact number Employer information and history A record of previous enquiries A detailed account of all credit which the individual has available A 24 month account of the individual.s payment activity on all open credit facilities A record of judgements, defaults and trace alerts A fraud rating A credit score The banks value these reports, especially the recent payment history as they believe that past behaviour is a near perfect predictor of future behaviour. By evaluating an individual.s payment profile, an accurate assumption can be made as to how the individual will manage his/her commitments in the future. This important aspect when assessing a new application can protect the institution from bad debts, protect the individual from over-exposure, and ensure compliance with the National Credit Act. The manner in which an individual manages their payment profile impacts heavily on what is known as their .credit score. Proof of income: 3months recent bank statements Fully completed and signed offer to purchase Recent Payslip Copy of ID 2-3 years financial statements (if self-employed) Auditor.s letter (if self-employed) Deposit: Although most of the banks will now consider up to 100% loans, having a deposit available increases the clients. ability to obtain a bond substantially.
When is transfer duty payable?
It is payable on a property that is R600 001 and above. This figure may also change according to the legislation of South Africa.
My home needs work, but I cannot afford to fix it at the moment. Will I still be able to sell it?
Yes, certainly. There is a buyer for every home; the key is to be honest about the shortcomings of your home to the agent. There are many buyers who are looking for homes to restore and renovate. However, do ensure that you have priced your home correctly so that you do not have difficulty in selling the home and that potential buyers do not feel cheated.
What are some of the costs that I can expect to pay when selling my home?
Costs associated with selling your home are: Bond cancellation fees (paid to attorneys for cancelling your existing bond) if there.s no bond on your property you will not pay these fee. Estate agent professional fees Electrical compliance certificate (this is required by law for the property to be transferred to the buyer.s name, any repairs that need to be made is for the sellers account) Rates and taxes clearance certificate: (rates and taxes must be paid 5 months in advance before registration and certification is issued by local municipality to confirm that your account has been settled) Moving costs: moving costs can only be obtaines by getting quotations from removal companies
What can I do to make my home more attractive to buyers
It is not necessary to spend a fortune to attract buyers to your home. A minor facelift can do the trick painting your home, cleaning your tiles or carpets, replacing light bulbs, replacing missing cupboard doors and maintaining a well-kept garden will make a big difference to the appearance and appeal of your home. Generally, a neat home is the secret to attracting buyers.