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Placing an offer on a resale

Placing an offer on a resale

Old Mar 26th 2007, 11:53 am
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Default Placing an offer on a resale

Is there a figure resales are generally overpriced by in Spain that the seller expects to be knocked down to ie 10% of the asking price. Here in the UK our agent is mentioning 3-5% of the value is normal Not for me it aint. I have heard that spanish resales are generally up for a fixed price with no room to move but that sounds a bit rigid to me. Have you haggled a discount on a resale in the past?

Cheers all
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Old Mar 26th 2007, 12:03 pm
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Default Re: Placing an offer on a resale

Originally Posted by SmartiesUK
Is there a figure resales are generally overpriced by in Spain that the seller expects to be knocked down to ie 10% of the asking price. Here in the UK our agent is mentioning 3-5% of the value is normal Not for me it aint. I have heard that spanish resales are generally up for a fixed price with no room to move but that sounds a bit rigid to me. Have you haggled a discount on a resale in the past?

Cheers all
Yes I have haggled twice and both times paid less than the asking price - the the circumstances of the seller will determine if they will or wont negotiate their asking price - Spanish people seem to hold out longer as generally they are selling a 2nd home so are in no rush - thats my opinion anyway

I would always go in with a much lower offer so there is room to increase and meet half way
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Old Mar 26th 2007, 12:16 pm
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Default Re: Placing an offer on a resale

Originally Posted by SmartiesUK
Is there a figure resales are generally overpriced by in Spain that the seller expects to be knocked down to ie 10% of the asking price. Here in the UK our agent is mentioning 3-5% of the value is normal Not for me it aint. I have heard that spanish resales are generally up for a fixed price with no room to move but that sounds a bit rigid to me. Have you haggled a discount on a resale in the past?

Cheers all
I posted a thread about this last week as I am trying to put an offer in on a resale at the moment.

I think the general rule of thumb is that if the seller is Spanish THEY WON´T BUDGE AN INCH! and they will want lots of black money from you.

If the seller is British/foreign they tend to have the mentality of 'everything is negotiable' so you have more flexibility with them. And they are less likely to ask for black.

I´m going to put in an offer at asking price today on a property I have seen (have had 3 previous offers rejected on this and other houses in the area, and they have been sold from under my feet).

I am only half expecting the seller to agree to sell the property at asking price, the other half of me is expecting the price to go UP!
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Old Mar 26th 2007, 12:59 pm
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Default Re: Placing an offer on a resale

Hi Keith

You are not alone ! We have been trying to purchase a property for 16 months ! We are now on our 3rd "attempted" purchase

Our first attempted purchase was "off plan" and after a 6 months we were advised by our Lawyer not to proceed as he was not happy with the developer, lack of licences etc.

Our second attempt was a property that had been reformed, "everything is fine" said the agent, all paperwork spot on ! - yeah right !

It turn out the vendor did not have any licences for all the major reconstruction that had been carried out including the pool !

3rd property, again an older property that had been reformed nearly 20 years ago again- "paper work - no problem" we were told. Sitting here 3 months later still trying to purchase - property needs a Declaration de obra Nueva and has to be registered in the land registry. Maybe we have been unlucky I don't know. Watching Mr & Mrs Buyer on Spanish property programmes viewing 4 properties, purchasing one and sitting in THEIR property 10 days later sipping wine, really does my head in !

Sorry back on topic - with regard to placing an offer on a resale, although the 3rd property had been up for sale for a year, they still wanted the full asking price, eventually they accepted an offer 3% less after lots of haggling !

Happy days

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Old Mar 26th 2007, 1:08 pm
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Default Re: Placing an offer on a resale

Anyone know of a website or Agency that deals with re-sales only?
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Old Mar 26th 2007, 1:08 pm
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Default Re: Placing an offer on a resale

In my experience of trying to buy from Spanish vendors they will not budge on price..will probably raise the price because you are interested, but will be prepared to wait two or three years to sell at the asking price and then say to you, you see I did get what I was asking for, despite the fact that the market has increased anyway...whaaaats all that about..
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Old Mar 26th 2007, 1:23 pm
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Default Re: Placing an offer on a resale

Originally Posted by keithwalters
I am only half expecting the seller to agree to sell the property at asking price, the other half of me is expecting the price to go UP!
this happens all the time
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Old Mar 26th 2007, 2:22 pm
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Default Re: Placing an offer on a resale

Originally Posted by SmartiesUK
Is there a figure resales are generally overpriced by in Spain that the seller expects to be knocked down to ie 10% of the asking price. Here in the UK our agent is mentioning 3-5% of the value is normal Not for me it aint. I have heard that spanish resales are generally up for a fixed price with no room to move but that sounds a bit rigid to me. Have you haggled a discount on a resale in the past?

Cheers all
I think you have to look at each property individually. All circumstances will depend on owner, location etc.

I personally would put a ridiculous offer in to start with and take it from there.

At the end of the day, they can only say 'no', as unfortunately Keith is experiencing. Here on Costa del Sol I doubt that many buyers would find themselves in a similar situation to Keith.
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Old Mar 26th 2007, 2:24 pm
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Default Re: Placing an offer on a resale

Originally Posted by SmartiesUK
Is there a figure resales are generally overpriced by in Spain that the seller expects to be knocked down to ie 10% of the asking price. Here in the UK our agent is mentioning 3-5% of the value is normal Not for me it aint. I have heard that spanish resales are generally up for a fixed price with no room to move but that sounds a bit rigid to me. Have you haggled a discount on a resale in the past?

Cheers all

Phew Smarties! When I saw the title of this thread I thought you had already seen a re-sale you wanted - thought "that's bloomin' quick!"
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Old Mar 26th 2007, 2:45 pm
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Default Re: Placing an offer on a resale

Originally Posted by Lionda
Phew Smarties! When I saw the title of this thread I thought you had already seen a re-sale you wanted - thought "that's bloomin' quick!"

That's exactly what I thought Lionda, goodness smarties I had to think if you had mentioned any where that you were planning to come back over here and that you found your dream house on a flying visit. I was all excited there for a moment.
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Old Mar 26th 2007, 5:19 pm
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Default Re: Placing an offer on a resale

Originally Posted by keithwalters
I think the general rule of thumb is that if the seller is Spanish THEY WON´T BUDGE AN INCH! and they will want lots of black money from you.
We have spent (wasted?) a lot of time looking at resales, and came to the conclusion that if the seller was British, the asking price would probably be completely wacky.

One property we saw, the agent even admitted that the €315k asking price "should have been more like €240k".

In the UK it's quite simple - your try to see as many properties as possible in the area, and compare "like for like". In Spain, there is this rustic / urbanised land issue plus the million and one other legal / services issues that sometimes appear to matter and sometimes appear to not... so you're often not comparing like for like.
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Old Mar 26th 2007, 5:22 pm
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Default Re: Placing an offer on a resale

Originally Posted by crispygirl
That's exactly what I thought Lionda, goodness smarties I had to think if you had mentioned any where that you were planning to come back over here and that you found your dream house on a flying visit. I was all excited there for a moment.
Hehe, sorry Lionda/crispygirl I guess it did read that way. I will be riding over there soon on my motorbike with my tent and sleeping bag (derbyflan you got my sleeping bag lol) and will have a good look around at some resales then. It will be a nice break as well as sleeping rough on a bike tour of Europe has always appealed to me No work, bike and open roads woopee dooo
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Old Mar 26th 2007, 7:12 pm
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Default Re: Placing an offer on a resale

Originally Posted by SmartiesUK
Hehe, sorry Lionda/crispygirl I guess it did read that way. I will be riding over there soon on my motorbike with my tent and sleeping bag (derbyflan you got my sleeping bag lol) and will have a good look around at some resales then. It will be a nice break as well as sleeping rough on a bike tour of Europe has always appealed to me No work, bike and open roads woopee dooo
yea dead right add the walkman with "Sounds of the wind whistling through the Peak District vol-2" and then we are talking
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Old Mar 26th 2007, 7:48 pm
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Default Re: Placing an offer on a resale

Originally Posted by SmartiesUK
Hehe, sorry Lionda/crispygirl I guess it did read that way. I will be riding over there soon on my motorbike with my tent and sleeping bag (derbyflan you got my sleeping bag lol) and will have a good look around at some resales then. It will be a nice break as well as sleeping rough on a bike tour of Europe has always appealed to me No work, bike and open roads woopee dooo
good luck watch out for the road up from foix to andorra rather chilli here at the mo and plenty of snow and ice about still. But i will wave as you go by
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Old Mar 26th 2007, 7:54 pm
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Default Re: Placing an offer on a resale

I have just got confirmation after two failed attempts at buying a resale that my offer has been accepted on the third.

The seller has accepted asking price from me, but only on the condition that the kitchen isn´t included, so he is going to take that with him. If I had wanted the kitchen then the house would have been 4000 euros over asking price.

Oh well. Let´s see how rocky the rides gets from here on in.
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