Advertorial
When your buyer finds the perfect home, they want everything to go quickly and smoothly – but, as you know, having a ‘subject to sale’ condition in the offer to purchase can delay their new start. Or, if they find the perfect home and want to avoid the ‘subject to sale’ clause altogether, it becomes even more complicated. But it doesn’t have to be.
Rubi is an exclusive buy-while-you-sell solution developed by BetterBond that allows your buyers get a new bond and move forward with the purchase of their dream home without having to first sell their existing property. Rubi can also approve homebuyers who need to sell a property before they put in an offer to purchase. This means that they can present an offer without the “subject to sale” clause.
How does it work?
If the buyer’s application is approved, Rubi will provide a bank-recognised guarantee for the sale of their existing home. This means that the buyer can remove or completely avoid including the ‘subject to sale’ clause in the offer to purchase of their new home. If the offer on their new home is successful, they can move in as soon as it registers. They only start paying their new bond when their existing home is sold or after a period of 10 months, when Rubi takes occupation of their existing home. Rubi can also assist both you and your buyer with selling their existing home on the open market and help get the best possible price.
Who should consider Rubi?
If your buyer is upsizing or semigrating – or they’ve found the home of their dreams and need to move fast – then Rubi may be the perfect solution. It enables them to buy the right home for their needs, immediately, as long as their property is a sectional title and it is valued at under at R3 million.
How does the bank-recognised guarantee work?
Rubi makes a ‘forward offer’ to purchase the existing property for up to 80% of the value of the property price and gives the buyer 10 months to sell their home. If they haven’t sold their property within the 10-month period, Rubi will have an opportunity to sell it. If Rubi is unsuccessful, it will buy the property from the buyer at the price agreed in the ‘forward offer’. This means that, whatever happens, they are assured of a guaranteed sale. If the existing property sells for more than the ‘forward offer’ provided by Rubi, the buyer will receive the difference.
What about the bond repayments?
With Rubi, the buyer can get a new bond on their new home without first having to settle the bond on their existing property. During the 10-month period, they will only need to pay the bond on their existing home and won’t be required to make bond repayments on their new home.
What about levies and utilities?
During the 10-month period, the buyer will be responsible for levies, utilities, property insurance and the maintenance costs of the existing property.
Who is responsible for the sale of the buyer’s existing home?
As the agent, you still assist the buyer with marketing the home and for the sale process during the 10-month period. If you make a sale during this period, you still receive your commission. Furthermore, Rubi can provide expert advice at any point during the sale of the property and will manage the conveyancing process.
Buying a home while trying to sell the property can be stressful for your homebuyer, especially if they have their heart set on a particular home. As experts in the property market, BetterBond identified this as a common challenge and, as a result, designed a smart, innovative solution that makes buying a home less complicated and frustrating for both you and your buyer.
For more information please contact Brigida Simpson:
