Urgent sales
Sometimes the owners of certain properties need to sell their property quickly. It could be for personal reasons, if they are in need of cash or just have a financial situation where they want to spend the money elsewhere. Regardless if they need an urgent sale, are looking for an easy process or even just keen to sell quickly it will give you as buyer the chance to come with in a bid on the list price which may be accepted. You really do not have anything to loose by placing a bid and would be willing to work with a quick process.
If you have any questions regarding investments or a specific property, do contact us and let us know.
How should I know what level I should be placing my bid at?
It is up to you as buyer to place a bid at whatever level you are comfortable with. In other countries bids have to be forwarded to the seller but this does not always happen here in Spain. So if you place too low of a bid the estate agent may not even forward it. Any serious broker will obviously discuss it with the seller. Depending on the situation, you could always try placing a bid 5-15% below the listing price just to get a feeling of how keen the seller is to sell and if there is any chance of agreeing on a discounted price.
I need a mortgage from the bank, when should I talk to them?
Fewer and fewer foreign banks give loan when buying properties abroad, just because it is hard for them to value a property and give a loan based on that. This means that you will most likely be talking to a Spanish bank about your property mortgage.
If you need a mortgage, talk to your bank as soon as possible, even before you have found the specific property. They should then be able to give you an indicative level of the loan and mortgage rate, based on your individual situation.
How quickly can I buy a property in Spain?
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Buying a property here normally takes 3-4 weeks with access date maybe 2-3 months later. It all depends on how quick your bank, lawyer and the owner is.
Generally speaking it is possible to place a bid if you are open to work with the seller for a fast process and especially so if you are a cash buyer (i.e. do not need a mortgage). Banks tend to take their time for doing their review of the property, the clients and often have long lead times while doing so. This may impact on the possibility of having a quick buy process. It is always best to talk about it with the involved parties to set the expectations.
