The answer to all bond declines.
This can almost be seen as the modern-day concept of a peer-to-peer transaction in which the finances of a bank are eliminated and the seller and buyer enter their own financing agreement to pay off the purchase price.
The question thus arises: Why is this not becoming a Plan B for all property transactions where a purchaser struggles to secure a home loan?
The answer most likely lies in the reality that most property sellers are just focused on Plan A – that is to secure a cash- or a bond-approved buyer.
Few sellers are also prepared to wait for an extended time to receive the full purchase price, says Meyer de Waal, Cape Town-based conveyancing attorney who has made an in-depth study of instalment sales and rent-to-own property transactions over the past decade.
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However, we are finding that more and more sellers, particularly those who own vacant plots, investment properties or holiday homes, are prepared to wait for their money – provided the repayment of the purchase price is well structured and secured.
Buyers who struggle to raise a home loan, such as those with poor credit scores, who demonstrate a lack of affordability and those who have a shortage of consistent revenue streams – like self-employed buyers, entrepreneurs and foreign buyers – are all exploring innovative methods to secure a home loan.
And it works in practice, demonstrated by de Waal’s team helping to structure an instalment sale agreement for a R1,7mn property.
The seller struggled to sell the property,” says de Waal, noting that the seller eventually found a foreign buyer.
The buyer came up with a 30% cash deposit and we prepared an instalment agreement to conclude the deal.
Author: Meyer De Waal
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Property Angels is an online property website portal that promotes residential property for sale across South Africa. You can buy, sell, list and find South African properties online. Find houses for sale in Johannesburg, Cape Town and Durban which are the three biggest cities in South Africa.
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Find below the various provinces, towns and cities across South Africa from where you can sell property or buy property or list property for sale with Property Angels.
Property for sale Eastern Cape: Alice, Butterworth, East London, Graaf-Reinet, Grahamstown, King William’s Town, Mthatha, Port Elizabeth, Queenstown, Uitenhage, Zwelitsha
Property for sale Free State: Bethlehem, Bloemfontein, Jagersfontein, Kroonstad, Odendaalsrus, Parys, Phuthaditjhaba, Sasolburg, Virginia, Welkom
Property for sale Gauteng: Benoni, Boksburg, Brakpan, Carletonville, Germiston, Johannesburg, Krugersdorp, Pretoria, Randburg, Randfontein, Roodepoort, Soweto, Springs, Vanderbijlpark, Vereeniging
Property for sale Kwazulu Natal: Durban, Empangeni, Ladysmith, Newcastle, Pietermaritzburg, Pinetown, Ulundi, Umlazi,
Property for sale Limpopo: Giyani, Lebowakgomo, Musina, Phalaborwa, Polokwane, Seshego, Sibasa, Thabazimbi
Property for sale Mpumalanga: Emalahleni, Nelspruit, Secunda
Property for sale North West: Klerksdorp, Mahikeng, Mmabatho, Potchefstroom, Rustenburg
Property for sale Northern Cape: Kimberley, Kuruman, Port Nolloth
Property for sale Western Cape: Bellville, Cape Town, Constantia, George, Hopefield, Oudtshoorn, Paarl, Simon’s Town, Stellenbosch, Worcester.