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The best way to bag yourself a bargain property in Spain is to work with your agent or Property Finder and try to get as much information about the vendor and his/her circumstances as possible. This is where you should be ruthless. Establish the reasons for the sale:
- does the vendor have any money worries
- does he have business commitments that he is struggling to meet/his own business etc
- is there a mortgage on the property (ie if no mortgage, maybe the seller is looking to get his hands on just any element of cash!)- check for the 2 Ds – death and divorce – either of these events usually increases the vendor´s willingness to sell up
- how long has the property been on the market
- has the owner indicated that this is the final price
For instance, if you find out that the vendor has recently lost his job or has recently been divorced, you are entitled to try to take advantage by making a low offer – after all, the vendor may be desperate.
However, if the property price has just been reduced significantly, then there may be little room for further adjustment at this stage. If this is the case, you have to take a view on whether you are prepared to pay nearer to the asking price or whether you wait, but with the risk that other buyers enter the frame.
This is when you need intimate knowledge of supply, demand and locations.
Sometimes, it may be impossible to ascertain all of these details, but your chance of securing a cheap property in Spain will be increased is you have this information.
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