Home loan declined?
The average price paid for a new home in South Africa between January and end-October was R1,12m, while the average approved bond was R893,000, according the statistics from BetterBond. That’s a shortfall of R227,000 and could be the reason for not being able to buy your next home.
This is especially true for first-time buyers who only account currently for 30% of home loan approvals and who require an average deposit of 11,5% of the purchase price.
Very few aspiring home buyers are aware that there is a “Plan B” that has been available since 1981, when “Plan A” – that is to secure a new home loan – fails.
Whether you want to sell your residential property or buy a new real estate investment, a house or an apartment, your Property Angel is here to help you find your paradise home.
Property Angels – Success Together
Way back in 1981, banks and building societies faced liquidity issues and, often to secure a home loan, an investor had to make a deposit with a bank or building society to match a loan for a home buyer.
When the Alienation of Land Act, No 68 of 1981, was enacted it created a method for a property seller and buyer to enter into an instalment sale agreement in which the parties agreed to pay off the purchase price of the property over a period of time – usually a five-year period, and in at least two or more instalments.
This concept is still available for all types of properties, but not for agricultural land.
Author: Meyer De Waal
Did you know? Your own personal Attorney Realtor offers an all inclusive service, therefore you will receive legal advice, sales and purchase solutions, as well as the entire transfer process.
Get your real estate selling or buying process on the right track by contacting Property Angels today. Your professional local Attorney Realtor will then call you back within 24 hours.
At Property Angels we introduce home sellers and buyers to their own dedicated Attorney Realtor Partner.
Once your friendly Attorney Realtor has highlighted all your benefits, you will understand why an Attorney Realtor is the smartest way for you to sell or buy your property.