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property purchase

Stamford, United...
2 posts
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property purchase

we have just recently returned from the island and having visited el cotillo we really would like to consider purchasing a property in this little town ( or maybe corralajo). We recently sold in mainland spain so understand a little bit of what goes on / requirements

The agent situation confuses me, the way they sell is that the purchase price is the only price ! apart from maybe bank repo's where they seem to be well discounted

Any help and advice on this matter would help us make a decision on what to do next

Corralejo, Spain
Destination Expert
for Corralejo
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4,565 posts
111 reviews
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1. Re: property purchase

I'm not sure I understand you: you can always make an offer for any property and the agent is obliged to pass it on to the owner for consideration. At the moment it's very much a buyer's market and many people are desperate to sell so it's always worth it, particularly if the property has been on the market for some time. Of course, some agencies will advise owners to accept a low offer, even if it means they'll earn less; and others will advise the owner to hold out for the asking price, and more commission.

The difference with bank repos is that the agency fees are not included in the sale price. You pay a fixed fee on top of the sale price. They are certainly cheap, and sometimes negotiable as well. Everything depends on the mortgage outstanding on the property - the bank absolutely has to cover that, it isn't really interested in getting a penny more as that excess will go to the poor owners who are losing their house.

Don't forget that you can easily do without an estate agent unless you want a repo. There are loads of sites that offer direct sales. Not really on if you're only visiting for a week, though.

2. Re: property purchase

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