jac56

Hi all
I know there are very helpful and experienced posters here so any advice would be greatly appreciated!
Myself and OH will be in Central Algarve next month on a search for a holiday apartment. What pitfalls, if any, might we come across? There are so many agents in the area we want to buy in but how to know which ones have a good reputation?

MrBife

If you work on the basis that they are ALL crooks and liars and will say anything they think you want to hear then that will help you keep your perspective. They will try and sell you a property they list direct in order to gain max commission and will play down the benefits of property they share with another agency as they will have to share commission if you buy that instead.

If you already know the area you want to buy in then you are in a strong position. Check the prices on meravista.com and take a look around for private sale signs. Get as much info as possible about values in your chosen area and you will put yourself ahead of the agents and their eccentricities.

Having put them down, there are some good knowledgeable real estate agents around but keep in mind the maxim - 'never trust the advice of anyone with a vested interest in providing it' and you won't go far wrong.

macliam

As said, just keep in mind that they'll be taking a nice slice of whatever they convince you to pay

jac56

Thanks both. I have to agree, we don't trust estate agents either and the thought of dealing with agents in a foreign country is giving me cold feet! We viewed an apartment of a private seller last October but it was obvious they had adjusted their selling price when they knew we were from the UK, told them it was overpriced and we walked away. We do have our heads screwed on and won't be swayed by any 'patter' to part with our money that easily. Been looking on 'rightmove' site for months, comparing prices, specs. etc. Are these selling prices on agency sites negotiable, can cash buyers push for discounts and if that's the case, by how much?

mfesharne

Some sellers are willing to negotiate and some, especially many Portuguese will either not be willing to negotiate or will refuse the offer and then wait for you to make a further offer rather than make a counter offer themselves...... But MrBife's advice is pretty much spot on.

You should also consider using a local property finder as opposed to a registered estate agent because some of them find properties with more realistic/local prices & as long as you use a good lawyer (which you need to do in any case) you'll get a better deal.

Which part of central Portugal are you coming to?

macliam

From experience, with old houses, there are often multiple heirs, each of whom demands a certain amount before they are willing to sell. This can push the prices asked to crazy levels if there are a dozen heirs!

Without the agreement of all, the property cannot be sold, so it just sits there.........

loonytoon

my advice is don't give any money to any estate agent despite what they might say about deposits etc. only pay when you are happy and then through a solicitor. don't use a solicitor recommended by the estate agent.

jeff

jac56

Thanks, wary will definitely be the watchword! It's been 29 years since we dealt with any estate agents. Is it a case of the bigger the agency the better reputation to protect compared to the smaller ones, or they all come from the same mould?
Looking for 1-2 bed apartment to lock and leave between visits, low rise building between Quarteira and Albufeira, away from noisy bars etc. (getting to THAT age!), within reasonable walking distance of a beach but swimming pool would be a bonus, not planning on renting out. Have seen a couple of apartments online that look well kept and are being sold furnished- owners desperate for quick sale?

qianh

From my own experience, I don't think the estate agents are all that bad, but obviously you need to use your common sense and don't easily truse any one. The other thing I found is, Portuguese sellers are not willing to negotiate that much, (ie not too much discount from the asking price) and they can be quite stubborn. Of course it doesn't hurt if you start with low offer. Anyway as long as you are clear about the procedure, with a good lawyer checking all the documents needed, do your survey, and not give money until signing CPCV. I think it should be ok. (but correct me if I am wrong, I only completed my purchase last month)