I must say selling a Randburg property never loses its magic. As an estate agent in Randburg, one of the most amazing feelings is when you read a buyer’s body language and you just know they like the property enough to consider an offer. It’s a delightful feeling because you know that they have an opportunity to move into their dream home. And you know your buyers are wanting to move out and find their next forever home. It’s just the most amazing feeling and always results in high-fives and big hugs all round. Let’s cover a few what-ifs.
How long should you have as a seller to consider an offer?
I would say if you have an offer that is for the full asking price you consider signing the offer and make it legally binding within 24 hours if the offer is for less than the asking price by 5%-10% less you consider a full 7 days before signing the offer and making it legally binding. If the offer is way below your asking price by more than 10% then you need at least 14 days or 2 weeks to consider the offer.
What is the process when an offer is taken?
Firstly, the buyer always puts in their offer and I always say your very best offer. The buyer signs the offer and as a Randburg estate agent, I need to understand all the details of the offer. Is the offer cash? Is the offer bonded and has the buyer been pre-approved? Is the buyer’s offer being made on condition of them selling their home and is their home listed for sale yet? Once the buyer has signed the offer to purchase and we have all the required documents (FICA and SARS information requirements) we are able to present the offer to our seller. We present all the merits of the offer and also a little more. The timeline on the offer should always be stated in writing and if the offer is just not good enough then as an estate agent we go into counteroffer mode. Counteroffer mode is when we go back to the buyers and push a little harder for a better price. If the buyer is unable to go up in price, the choice as the seller is yours. Do you go ahead or not? I always say an offer means someone loves your home enough to make an offer, and as estate agents by law we are required to present each offer as it stands.
What is a weak offer?
A weak offer from a buyer in my humble opinion is one where the buyer has not been pre-qualified because we don’t know if the buyer will in fact obtain finance for the amount being offered. We do put buyers under pressure to ensure we know they can and will be able to obtain bond finance when an offer is completed. In the current market, a weak offer is one where the buyer still needs to sell their property in order to be able to move on to the purchase of your property. And we all know how tough the market has been at the start of 2024. This also means that as an agent mandated to sell your property, we continue marketing your property until we are able to secure a stronger offer with a more positive outcome. It’s simple, the best price and the best security as far as finance is concerned.
What comes after the Acceptance of the Offer to Purchase
Simply the final step of our process is to submit the Offer to Purchase to your attorney of choice. We would be well placed if need be to recommend an attorney based on experience and the quality of the work that this attorney is able to deliver, consistently. Delivering on the attorney process is demanding and high-quality communication is essential to ensure you are in step with the progress of your property transfer. Regular communication to outline progress on the buyer and the seller side is essential. Keeping all the parts moving constantly is our job as estate agents and we push hard to get the first few milestones sorted, like the buyer’s finances. Pushing hard at every step of the process ensures a timely registration and avoiding delays is the benefit of experience. We know when things get stuck and we know just who and how to push for a speedy resolution.
Need help to sell your property in Randburg?
Call Sandy from Sell with Sandy on 083 550 1220. As an experienced and full-status property practitioner working in the Randburg property market, we deliver superb sales results with outstanding quality in terms of communication and efficiency. We work primarily in the Robindale and surrounding areas but we are happy to help in any suburb within the greater Randburg area. Experienced and seasoned and understanding the types of offers that the current market will deliver we are here for you when the time comes. I work with Nicole Crowe as a team called Cornerstone Realty and we honestly love what we do and we do it well. If you need assistance feel free to reach out for some help. We can and will help you sell your Randburg property. Cornerstone Realty is proudly powered by eXp South Africa a phenomenal international real estate brand.
