Making an offer on a property in Spain can be an exciting yet daunting experience. There is a fine line between securing your ideal property at the best price and losing it forever.
The decision to invest a large amount of money is no easy task. And when you make that investment abroad, you move further out of your comfort zone. Finding many variables and unknowns that will affect your final decision. It is advisable to do independent research, take your time, be cautious, and, essentially, do not be pushed into purchasing what an agent wants you to buy.
This may sound like a harsh warning but we are speaking from first-hand experience.
In our article 7 Tips for Negotiating the best price when buying property in Spain we talked about:
- Do your market research
- Understand “Why” the property is for sale
- Play it cool … but not cold!
- Present yourself as a strong and attractive purchaser
- Use a Currency Transfer Company to have your funds in place
- Your starting offer price is the key to a successful negotiation process
- Ask the question “Is the price negotiable?”
If you haven’t already read this article (CLICK HERE) have a read and then come back to me here.
Points 2 and 6 mentioned above are essential for knowing how low you can go when making an offer on property in Spain. As we mentioned, you are rarely ever able to go lower than your starting offer price and, if the answer to the question “Why” is one of the situations we are about to discuss, you may well feel a tingle of excitement.
So, let us begin…
If you are making an offer on property in Spain and the reason for the sale is one of the following, and you have followed our 7 Tips for Negotiating the best price when buying property in Spain, you will be in a strong position to secure a property at a “very interesting” price.
The four “Why” reasons for sale we are talking about are:
Let us explain …
When the reason for sale is “Death”.
Without wanting to sound morbid nor feel you are benefiting from somebody else’s misfortune, a death in the family can result in an urgency to sell a property in Spain. As we discussed in point 4 of the previous article, “presenting yourself as a strong and attractive purchaser” in this situation will give you an advantage and open the door for a lower offer being placed on the table, thanks to your ability for a swift transaction and early completion of sale.
Remember, no matter how urgent the sale appears, this is no time to cut back on legalities or checks that your independent lawyer needs to carry out. Once you have secured the property, lodged the 10%, take all the time you need for your lawyer to do his job.
When the reason for sale is “Divorce”.
This can be a tricky situation at times. It is purely subject to the desires of each estranged partner. It is not uncommon for one party to want an urgent sale at whatever price yet the other party is hanging on for the best price. The insider knowledge of a reputable agent is key to a successful negotiation process.
When the reason for sale is “Sickness”.
Similar to a death situation, sickness in the family requires a sympathetic yet pragmatic approach. Some vendors may make you feel like you are taking advantage of their situation when offering below the asking price and be reluctant to sell to you. Insulting a vendor by making an unacceptably low offer, particularly when they are in a sensitive situation, is an easy way to lose the property of your dreams. As your property finder, we are able to build a relationship with both the real estate agent and vendor and aid you with the negotiations in this kind of situation. Having a third person, your property finder, assist in this situation can help separate decisions made by your head or your heart.
When the reason for sale is “Grandchildren”.
We are all at different stages in our lives and our situations and goals are continually changing. The arrival of grandchildren often results in couples, who have often lived in Spain for many years, experiencing a burning desire to return to their home country to be a bigger part of their grandchildren’s lives. Time becomes of the essence and an urgent sale is required.
As in the “death” situation, “presenting yourself as a strong and attractive purchaser” in this situation will give you an advantage and open the door for a lower offer being placed on the table, thanks to your ability for a swift transaction and early completion of sale.
The Next Step ???
Get in touch via the form below. You can see what each package includes on our Property Finder Malaga page.