Property Asking Price / Offer
 

We have found a property we like in Gandia. We are just getting a survey carried out but all being well we''d like to put in an offer.

The property has been on the market for over a year.

What would be a good % under the asking price would be a good starting point for negotiations?

Re: Property Asking Price / Offer
 

Why do you think it has been for sale for over a year? Seems a very long time in what is currently a busy market.

I would say the offer is totally up to you - what do you want to pay for it? Are there any comparables?

Re: Property Asking Price / Offer
 

Depends on the nationality of the seller. Spanish people very rarely accept offers under the asking price even if the house stays on the market a long time.

Rosemary

Re: Property Asking Price / Offer
 

Also check around as to whether the property is also advertised by another agency, it's very rare that they use sole agencies in Spain, you might find it at a reduced price elsewhere.

Re: Property Asking Price / Offer
 

Yes, good point - the advertised prices can vary by 1,000s.

Re: Property Asking Price / Offer
 

Depending on the type of property and its location.
Being on the market for over a year would indicate to me that its over priced by the seller or that they don't have any hurry to sell so they are waiting for some foreigner to come along.

If its empty it will be the latter.
We have a nice building in the next town to us that was once a hotel, its now falling down, the roof has collapsed and its in a right state.
Its up for sale at €700,000 and has been at that price for the last 15 years. I asked the agent if they would take offers and he said Nope, infact they want more and will renegociate once some idiot comes forward who will pay the asking price.

I saw the same in the Uk when trying to buy classic cars. Some owners want far more than they are worth, but wont sell anyway because it was my pride and joy. While the thing sits there rotting on the drive...
There are probably thousands of houses in Spain doing just that.

Re: Property Asking Price / Offer
 

It all depends on how much you want that property. If it's been around for a while and nobody has bought it then you can try a 20% lower price and then see how it goes...

Re: Property Asking Price / Offer
 

"We have a nice building in the next town to us that was once a hotel....."
We've got one of those as well. Not been on sale for so long though in comparison, about eight years. Been on sale for about a million euros until covid then for some reason the price went up a couple of hundred thousand but recently came back down again. Every time I pass by it, it's getting in rougher condition. There are two houses in the village been on sale, or at least have a sign still hanging on the balcony, since I've first saw them in 2009.

Re: Property Asking Price / Offer
 

When we were looking to buy just before the crash I had selected a couple of houses to view. There was one in particular we really liked the look of. I had booked the viewings about a month prior to our flight over. About 3 days before flying over to view I got a phone call from the estate agent saying the one we particularly liked had been increased in price by 15000 euros! I asked is this for real have they had an offer and just trying to get more money? No not had an offer just decided to increase price. Being new to Spanish systems I said is it normal for the Spanish to do this ? They aren't Spanish they are British. Do you still want to view ? No take it off the list they are taking the Mickey. We did our viewings buying the house we now live in the house in question stayed on the market at least 3 years and eventually the price advertised fell to 35000 euros below the price they raised it to when we showed interest so what it sold for? Only rational I could think was being British they wanted an amount after conversion in sterling so as pound had fallen (but not that much as pre crisis)!they upped price. Very strange get interest in your property so increase price substantially and lose potential buyer only to have to wait years and get way less , that plan still doesn't make sense to me.

Re: Property Asking Price / Offer
 

Wow. So nothing to do with the property in question but a personal whim based on something completely irrelevant to market realities...

Re: Property Asking Price / Offer
 

Having given it thought that was the only rational I could come up with but it was really only a guess. As someone mentioned earlier re checking for other places the property is advertised. After this price increase I did just that and found same property for sale but with some attached land to possibly extend on at a higher price even than it had been increased after I arranged viewing? So when in Spain at the estate agents I asked about this and said you aren't advertising it with land and I don't want extra land. The estate agent phoned the seller there and then and asked was the increase in price for extra land the answer was no the price we have raised it to at your agency does not include the extra land , we have simply increased asking price for the house. Hence I said just take it off the list I don't want to view it.

Re: Property Asking Price / Offer
 

What is it worth to you?
That's what you should pay

Re: Property Asking Price / Offer
 

Sound advice IMO

Re: Property Asking Price / Offer
 

Most Spanish sellers will expect initial offers to around 10% under and usually will settle for around 5 % . Ridiculously low offers should be avoided as it makes people think you aren't really serious- so they don't want to waste time with you
​​​​I would expect to get it at around 7-5 % below.

Re: Property Asking Price / Offer
 

when we bought 2 years ago we didnt offer. we paid the price that the agent had it up for.

of course i searched it etc to see if it was cheaper elsewhere, but it was only on with one agent - turned out they live in malaga city about 200m from the agent, and this was their "campo house"