select
|

What buyers should ask on show days

A show day can tell you a lot more about a property that its layout or perhaps the condition of its roof – provided you ask the right questions.
 
So says Berry Everitt, MD of the Chas Everitt International property group, who believes prospective buyers should not be afraid to ask, for example, whether the agent has already had any offers on the property that the seller has rejected.
 
“The answer to that question should give you a good idea of how other people have responded to the property and whether the seller is willing to negotiate. And that should help you to decide if you’re really interested in buying this property and if so, how to frame an offer that the seller is likely to accept.”
 
But before you do that, he says, you should also ask how long the property has been on the market. If it is getting a little “tired”, the seller might be open to a lower offer. Alternatively he or she might be holding out for an unrealistic price, in which case you should probably just move on to your next prospect.
 
Prospective buyers should also ask, Everitt says, why the current owners of the property are selling. “The agent showing the house might not want to discuss this, but on the other hand the sellers might not mind you knowing that they are urgently relocating to another city for work, or that they are a bit uncertain about when their new home will be ready and would appreciate some flexibility around occupation dates.
 
“And again, any information that you can glean will help you decide whether to make an offer and what terms might make it more acceptable to the seller.”
 
However, he notes, it’s no use making an offer if the bank is unlikely to find sufficient value in the property to approve a bond at the price being asked.
 
“This, too, is information that you can request on a show day. You can ask to see a comparative market analysis (CMA) showing the price and other details of similar homes recently sold in the same area, which is what the bank will also use as the basis for assessing the ‘market value’ of the property.
 
“If the agent does not have a CMA immediately available, he or she should be willing to get one to you within a day or two – along with the other documentation you should ask to see before you make an offer.
 
“This includes any certificates of compliance applicable to the property (electrical,
plumbing and gas are now standard), the conduct rules and the current financial statements if the property is in a sectional title complex or estate, the latest account from the local authority showing that rates and utility payments are up to date, and preferably, a copy of the title deed so you can check that there are no awkward servitudes or restrictions applicable to the property.”
 
Then finally, Everitt says, you should use the show day as an opportunity to gather whatever information you can about the area, its community and any crime fighting initiatives, and its schools, shops and public transport – “bearing in mind that location is just as important, if not more so, than the state of the property you came to see”.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 24 Nov 2017
      Tshwane’s four-bedroom Mayoral mansion, nestled among ambassadorial residences in the upmarket suburb of Muckleneuk, fetched R5.1 million after spirited bidding at High Street Auctions’ final sale of the year.
    • 23 Nov 2017
      Reserve Bank Governor, Lesetja Kganyago, said that the Monetary Policy Committee had once again decided to let the interest rates remain unchanged with the repo rate at 6.75%, and the prime lending rate at 10.25%.
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK