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The most common type of enquiry we receive at the moment goes something like this:
“I want to buy a villa in Marbella, but I want it to be priced around 40% - 50% under the valuation”
Let´s look at this request a little more closely.
Firstly, most vendors of Spanish property have reduced their asking prices considerably from the advertised prices of recent months. So it´s fairly typical to come across villas for sale in Marbella, reduced from previous asking prices by around 30% - 40%, with a discount of 50% sometimes available if the vendor is really desperate to sell. But certainly, discounts of 30% - 40% on previous asking prices are realistic to expect.Secondly, most potential buyers want a high valuation and a low purchase price as they believe that this will lead to the maximum possible mortgage gearing. For example, if you buy a property at €1 million that is valued at €1.5 million and a bank is willing to lend you 70% OF THE VALUATION, effectively the mortgage will cover the purchase price.
This all sounds very easy doesn´t it –
1. find a bargain Spanish property, and
2. get the bank to pay for it
Perfect!?…
Not quite….read follow-up article for information
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