Property 24/10 - 507

What are the cost implications of withdrawing an offer to purchase and who is responsible?
Property24 reader Michelle Barnard is buying her first house but says she is having second thoughts, due to the "delay of being able to take occupation of her new home".

From the beginning I made it clear to my agent that I need to occupy as soon as possible a I have to move where I’m currently renting. The agent told me that they would talk to the sellers and it should not be a problem,” says Barnard.

However, Barnard says she did not receive a copy of the contract after it was signed, with no clear communication about being able to take occupation from 1 July, as requested.

Covid-19 Lockdown has caused a number of issues for the industry that was put on hold for two months, further compounded by the deeds office being closed and many people now at risk of losing their jobs or being in financial distress as a result.

Barnard says after her home loan was approved she contacted the agent to inquire about the occupation, as she was still not clear on the matter.

Video Dos & Don'ts | Creating effective property listings made easy
Real estate is all about the location. And taking your location virtual has never been easier, with today’s available technology. Covid-19 has changed the way we do life and business. As lockdown levels require social distancing and various degrees of hygiene protocol and restrictions on group gatherings, the way we sell and shortlist property is evolving.

And for the better. Video is a positive, relatively easy way to amplify your listing, with little to no cost to produce. And if the lockdown has taught us anything, it’s that a physical viewing only needs to take place as a final precursor to complete the sale.

A good-quality video - filmed on a standard mobile phone – uploaded to YouTube and linked to your Property24 listing is as good as gold.

Follow this simple beginner’s guide of Dos and Don’ts to create polished videos for your property listings.

Best buyers market in over 35 years - Here's how to make the most of it
South Africa is currently under lockdown Alert Level Three - and as the deeds office deals with its backlog, the property industry overall is faced with pent-up demand after some 64 days of restrictions.

CEO of MultINET Home Loans Shaun Rademeyer says, “We experienced a sharp slowdown in applications at the end of March and part of April 2020, however our year on year figures for May 2020 show only a 15 % reduction in volume compared to the same month in 2019. We started to see a small increase in registrations in the recent weeks as the deeds office reopened and attorneys could issue instructions.

However, the recent interest rate cuts have stimulated interest among buyers, as revealed by an increase in ‘buy a home’ search terms since the rate cut announcement, says Rademeyer.

5 steps landlords can take against late paying tenants
Stellenbosch in Cape Town is the best performing town in South Africa for rent collection during the lockdown period achieving 93%.

This according to TPN Credit Bereau, further revealing The top 20 towns in SA to achieve over 80% good standing ratio over the lockdown period namely - Grahamstown, Elasia, Durbanville, Verulam, Wellington, Evandor, Sasolburg, Lephalale, Bela Bela, Centurion, Somerset West, Port Elizabeth, Berthasdop, Randvaal, Brackenfell, Robertson, Heidelberg, Worcester, Scottsburgh South and Melkbosstrand.

The global pandemic has left many in financially challenging positions. The current economic circumstances have affected many jobs and weighed heavily on people’s income. Many landlords may find themselves in a predicament where their tenant is no longer able to pay monthly rent.

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