Here is a great example of reacting to circumstance and selling your house for sale in Spain. This post will explain the process and what happens when you receive on offer.
Case Study of a Spanish Property Sale
The place in question is the flat shown in the photo. The flat was a beautiful third floor attic without any outside space but totally open plan with two bedrooms, large living room, kitchen and bathroom. It has scope for a second bedroom too. Anyway the original price was 280000 Euros and as the pound dropped and the owners were from the UK they decided to drop the price. We eventually placed the price at 230000 Euros which was about 10-15% below the comparable average prices in the area.
During the time it was for sale it became unavailable a couple of times as it was rented out and twice it was rented with an option to buy but the option never happened and the clients either bought another place or went back to the UK because of family circumstances.
Then the property was placed with other agencies by us through using a commission split. The new agents brought in three visits within a week and the second couple loved it and made an offer for the flat furnished at 210K. The offer was accepted after negotiation when it became clear that the initial offer was not going to be increased. A deposit of 10000 Euros was left and a 45 day period for completion set.
There was no mortgage involved either from buyer or seller so the process was relatively simple. The buyers did their searches and were happy with the details of the deal and the property. A date that was convenient to both parties was set and the Notary was informed of the date.
On the day of the signing we went into the Notary at 9.30am and were out with the keys exchanged at 10.45am.
Then the issues started.
The buyers had been told it came furnished but they got to the flat to find out that the TV and DVD player had gone. This is not considered furniture but it was by them! A simple misunderstanding of cultures but still not good (Mental note: If somewhere is furnished always make a full inventory and have it signed by both parties)
IBI. The council tax had been paid for 2009 but as it was not yet due for 2010 it hadn’t been paid. I took the new owners the proportional part of the IBI for this year, the first quarter as a token of good faith. They insisted that it must be paid in full as it is in their legal right to have it paid up to them. However, usually when selling especially in the first half of the year, an agreement is made between the buyer and seller to pay the proportional part. (Mental note: Make sure this is clear to both parties and the agreement is signed)
Electricity: All payments are up to date but the last bill was really high and was an estimated bill, the same with water. Therefore after the first two points above the ex owners are now stating they want the meters read again and the correct amount charged and they want reimbursing from the new owners. Do you see how a bad attitude from the buyer can sour relations?
So what is there to learn from this? The process of selling in Spain is simple. However you should always ask questions to the buyer’s agent to make sure that all loose ends are tied up.
Oh and here is the video that helped to sell the property. If you want a similar one get in touch with us.
Related Reading and Other Flats For Sale In Valencia
