Do I have a right to turn down any offer that is below R2 .5 million on my home?
I have signed an offer to purchase for a property pending the sale of my current home for 2.5 million. The banks have granted me a larger loan facility than I required. My question is do I have a right to turn down any offer that is below R2 .5 million on my home? Does the larger loan amount granted from the bank put me in a position where I am forced to accept a lower offer because I will still qualify for the finance? I am of the view that although I will still qualify for the finance, accepting any offer below 2.5 million will have an impact on my personal finances
You can turn down any offer for your house which is less than the asking price. Just because the bank has given you a larger loan does not mean that you have to buy the new house, even if you get a lower price for your current house.