4 The importance of bond pre-qualification when buying property on auction
Per lot
Non-cash buyer? View the lot to learn about the importance of bond pre-qualification and the risk of winning a bid if you are NOT pre-qualified.
Alternatively, click here to go straight to an audio podcast on the topic.
Alternatively, click here to go straight to an audio podcast on the topic.
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Thinking of bidding at a property auction in South Africa? Don't go in unprepared!
Most bidders at an auction participate in the auction knowing that each bid made constitutes a legally binding offer to purchase the item on auction and hence, pay in cash. However, you can obtain finance to purchase real estate but it is best to understand the law and the process.
South African law states that the winning bidder at an auction is liable for full payment of the item, regardless of having access to funds or not. This means that winning a bid makes the buyer a creditor to the seller and must make payment anyhow they can. Having the cash upfront is the most common way to remove risk, but having a Qualified Buyer Certificate provides the assurances to all parties that the risk of not having the funds available at registration of transfer will not jeopardise the entire transaction.
Click here to listen to a podcast on knowing your affordability before bidding at an auction.
This podcast reveals the crucial steps to becoming a confident and successful bidder, with a special focus on securing your finance the smart way.
Most bidders at an auction participate in the auction knowing that each bid made constitutes a legally binding offer to purchase the item on auction and hence, pay in cash. However, you can obtain finance to purchase real estate but it is best to understand the law and the process.
South African law states that the winning bidder at an auction is liable for full payment of the item, regardless of having access to funds or not. This means that winning a bid makes the buyer a creditor to the seller and must make payment anyhow they can. Having the cash upfront is the most common way to remove risk, but having a Qualified Buyer Certificate provides the assurances to all parties that the risk of not having the funds available at registration of transfer will not jeopardise the entire transaction.
Click here to listen to a podcast on knowing your affordability before bidding at an auction.
This podcast reveals the crucial steps to becoming a confident and successful bidder, with a special focus on securing your finance the smart way.
Discover how evo Auction and Realty Bonds can be your secret weapon. Learn why pre-qualification for a home loan is absolutely essential before you even raise your paddle, helping you set your limit and showing sellers you're serious. We unpack the very real risks of winning an auction without your finance in place – and how to avoid them.
Tired of the hassle of applying to multiple banks? Hear how evo simplifies the process with one application submitted to up to nine banks, including your own, saving you time and stress. Understand how their experts not only find you potential loans but also actively negotiate to secure you the best possible interest rate.
We also explore the power of evo's home loan calculators to get a clear picture of what you can afford and your potential monthly repayments. And the best part? evo's service is free to you, the buyer!
If you're ready to enter the auction market with confidence and peace of mind, this podcast is for you. Find out how partnering with the experts at evo Auction and Realty Bonds can transform your bidding experience. Contact Francois Nel at +27 71 344 3587 or francois.nel@evogroup.co.za here.
Preparation is king in the auction world – start your winning bid here!
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