Need a bond? You can bank on HomeBid HomeLoans
We all dream of finding and buying our perfect home. The home where we can paint the walls the colour we want, make improvements that enhance the value of OUR home, and where we can raise our family and watch our children grow.
The dream could be a reality if you were able to find a financial tailor to help structure a mortgage finance deal to suit your finances.
Thankfully, HomeBid HomeLoans has just the person. Accountant Fiona Staughton is a home loans veteran with more than 15 years under her belt, much of which was spent at the highest levels of banking.
She knows better than anyone that operating at a low estate agent’s commission of 1.95%, HomeBid needs to swiftly ensure that potential buyers are financially fitted to the home they want to buy. HomeBid HomeLoans therefore prequalifies and certifies every buyer’s affordability and likelihood of accessing a bond, meaning there are no unpleasant surprises for buyers.
Doing this also helps sellers.
“Traditionally, estate agencies charging 5% to 8.5% commission usually tell the seller they have a buyer for their property and they take the home off the market,” says Cavan Sheahan, GM of HomeBid. “This is usually done when an agent does not have a sole mandate and wants to prevent other agents from selling the property.
“Only once the house is ‘off’ the market, does the buyer apply for bond finance, meaning the seller misses out on other potential buyers. If the buyer doesn’t qualify for a home loan for any number of reasons, all gains in the sale process are lost and the seller has to start all over again.”
HomeBid pre-qualifies buyers upfront before submitting their offers to sellers. This way a sale is a sale and not a “hopeful” sale as traditional, high-commission estate agencies on open mandates tend to “throw mud against the wall to see what sticks”!
“We operate on thin profit margins at 1.95% commission so we cannot afford to waste not only the seller’s time, but our time as well,” says Sheahan. “The financial prequalification process of buyers helps buyers, sellers and HomeBid in real and meaningful ways.”
HomeBid HomeLoans provides a free service to HomeTimes readers, providing them with a free prequalification certificate. This allows buyers to better negotiate with sellers (Whether they purchase a property from HomeBid or any other estate agency), providing them with a level of assurance that they will be able to receive a mortgage loan via HomeBid HomeLoans for their certified amount.
This feature was sponsored by HomeBid – the largest low-commission estate agency in South Africa, currently selling over 50 homes a month, at a minimum commission of R17,500 plus Vat.