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@skyman wrote:
I have just made an offer on a villa near Lliria a town near Valencia,
15% less than the asking price (195000 euros)
Could this equate to an insult as I am a cash buyer?What are your views on this, bearing in mind I have read that at present Spain is a buyers market.
David
Purchasing a property anywhere in the world is all about negotiation, I have seen many properties sell at well below the asking price, often the price has been over inflated to reflect the high levels of property price growth experienced in Spain over recent years. Decide before entering the bargaining process what will be your final offer and do not go above it.
Regards
Jim
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As an former estate agent in the UK and a practicing estate agent in Lliria, I can assure you that the unofficial rules of offer and counter-offer are identical in the UK and Spain.
However, offers in Spain need to be rather more defined than in the UK because there is often a difference of opinion as to how much should be declared and how costs and taxes are to be divided.
It is also worth noting that there is no general consensus as to what constitutes fixtures and fittings.
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hello skyman,
good luck with your prospective purchase.
At the risk of sounding like a scratched record, the Governor of the Bank of Spain said that spanish houses were overvalued by 30%. This obviously is a generalisation and will vary across the country. To me this says -make an offer -only pay the asking price for exceptional reasons.
I live on the CDL where a friend of mine has recently bought a few properties. One example of a place he looked at was an apartment in Sotogrande Marina that was up for E360k. He offered E220 and the seller came back and said he would do business for E260k. This may or may not be an extreme example of the variation between asking prices and selling prices.
As for the risk of causing offence -well I’ve had a few people pull stupid faces when I’ve made an offer, instead of starting a dialogue -some of the houses are still on the market three years later… -
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It’s now three weeks since I made an offer on the villa and I am still no nearer.
I was under the assumption that we had agreed a price of 172000 euros SURPRISE! SURPRISE! a mystery buyer has suddenly come on the seen with an offer of 180000 euros and of course the agent tells me that if I do not put another offer in of 182000 euros I will lose the house.
So you were all correct in saying that buying a house is the same the world over it’s all a game of cat and mouse.
I’l keep you posted.
Dave
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Hi Dave, as I said in a previous post its all about negotiations, you are a cash buyer and as such in a position to proceed quickly.
You have to decide if the counter offer is valid or not but do not exceed the price you have set as your ceiling. I hate to say it but there is a possibility that the agent is just adding another chunk to their commision, I dont understand how there seems to have been 1 month since your first offer and no response from this until now.
One thing is for sure Dave there are plenty of good properties at good prices right now, and make sure you part with at least no more than the minimium reservation deposit until searches are carried out.
Jim
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These people must think we are completely stupid, isn’t there always someone else interested. Let me guess, “he’s a foreign cash buyer, so you better move quickly or you’ll lose the house”.
For what it’s worth I think that you should stick to your original valuation, because like someone else said there is a great selection of property for sale at the moment -it’s a buyers market. One other thing that might be an idea; set a time limit on your offer, so the agent knows that you can play games too, but also so that you can set a time when you move on from this house and start looking elsewhere. -
As an estate agent, I can tell you that a very strange thing often occurs when an offer is received on a property. Another is received.
Houses which have sat on the market unwanted for months will sometimes receive two offers on the same day. Of course, when you tell the potential buyers they sometimes react with disbelief – but what can you do.
Now, it also may be that your agent is playing games with you. You need to speed things up a bit. Propose a last date for exchanging contracts and stick to it.
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I wrote this some time back as there are several things you should take into account when making an offer and (in my opinion) there are quite a few differences between the UK and the Spanish market.
http://www.mianna.es/page4/page21/page21.html
Andrew
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It certainly is illegal!
I have just reread the article and it states that it is too.
And I definitely do not advocate it either.
The risks of paying anything in black or ‘dinero negro’ are clearly stated.The article simply mentions that a vast majority of property sales between two Spaniards involve some ‘cash under the table’ and a Spanish vendor may even try to demand it as part of the sale.
However, since the Marbella court cases and the corrupt Julian Muñoz hit the headlines by being sent to prison, this is changing and people are far more cautious and there is a growing reluctance to pay anything in black.I certainly wouldn’t give my fellow countrymen or anyone else come to that such advice and I would appreciate it if you reread the article and got back to me if you still think it comes over that way. The article was written to be nothing more than a quick and light-hearted aid to buying a previous-owned property.
Regards.
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