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Go Back   Pollensa Forum > LIVING & WORKING IN POLLENSA > Living & Working in the Pollensa Area

Living & Working in the Pollensa Area This forum is for any comments, questions and advice about living (permanently or temporarily) and working in the Pollensa area. Aimed at ex-pats, property owners etc.

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  #1  
Old 23-09-2017, 09:33
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Default Advice on the process of buying an apartment

Has anyone recently been through the process of buying an apartment in PP. Did anyone get a property check by their solicitor prior to making an offer?
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Old 23-09-2017, 14:44
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Bekki,
We bought our villa last October and had a building survey carried out, our solicitor also checked that planning permission etc was all correct.
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Old 23-09-2017, 16:27
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Hi Bekki,
we bought an apartment earlier this year. Once your offer has been accepted, your solicitor, in our case (Tirso Tarrago - who was very professional) will check everything for you. If there are any discrepancies the vendor has to sort these out.

From having our offer accepted to signing contracts it only took 9 weeks. The lawyers were excellent and spoke very good English.
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Old 23-09-2017, 18:48
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Thank you for your replies. In the process of putting in an offer over the next few days. Don't want to offend the seller by putting in a very low offer but would 20% below asking price be a good starting point? Property in good condition but been up for sale for about 6 months. Tried to find out what similar properties have sold for in the central area of the town but quite tricky. Any suggestions appreciated.
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Old 23-09-2017, 19:05
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Frankly to put in an offer 20% below the asking price is to offend. It would also show that you are not a serious purchaser. If you really wanted this property then you need to go in just a little below the asking price. The fact the property has been on the market for 6 months is not relevant. It could have been rented when viewings were not possible as an example. If you want this property then just go for it! Most agents give good and truthful valuations in fact it could be argued they value low to get a quick sale. If you can afford it then don't miss it by messing around and don't start the process with a negative like offending the seller! My opinion of course!
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Old 23-09-2017, 19:27
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Beckie,
It does depend on how much you want a particular property and six months in PP is not really that long for a property to be on sale.
Our initial offer was 12% below the asking price, the owner came back saying the lowest he would accept was 5% below, we agreed on the figure as we did not wish to lose this villa.
I am sure you will really enjoy owning an apartment, we first bought 15 years ago and have loved every minute of it.
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Old 23-09-2017, 19:27
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My advise is that you should offer what you wish to. It's your choice.

In my opinion, people may now be wishing to off load their apartments due to the uncertainty of the changing rental laws. My neighbour is an example of this.

Don't worry about what the seller 'feels' about your offer, they will just simply reject or accept.

Offer:
what you can afford
what the market dictates
what you can get away with.

If 20% under, is what you wish to offer, then go for it.

Feelings are irrelevant. This is a massive investment, for YOU.

Good luck!
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Old 23-09-2017, 22:22
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Thank you everyone for your kind comments and advice. Will keep you updated
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Old 23-09-2017, 22:40
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I stand by what I said! Feelings should not be a consideration but common decency is! Bekki didn't wish to insult by offering less than 20% below asking price but in my opinion is that to offer 20% below is an total insult. She may of course be lucky but more likely she may not secure the property. It is then hard to come forward on that as the agents will just dismiss her as a waste of time. It is taking advantage of a situation which may be considered good business but may take some explaining should the property be sold on in a couple of years. Also do remember to do a deal below market value might interest the tax man who would assume a carrier bag was in use on the day of completion and come after you regardless. Sometimes to think you are being clever doesn't make you clever! 20% below is far too low but then as I said before - just my opinion! Personally I would not take this kind of offer as a means of negotiation. I would tell the agent -no deal means no deal!
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Old 23-09-2017, 23:40
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Tomir
Your words "Most agents give good and truthful valuations in fact it could be argued they value low to get a quick sale."

If you read through your posts before your 6 month sabbatical you say your words " agents over value property to get them on there books I wish you would make your mind up as your confusing people.
The value of a property is only what someone is prepared to pay for it, its a buyers market so a 20% offer is better than no offer you don't have to except it, it's a starting point. Go for it Bekki
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Old 24-09-2017, 09:29
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Buying a property is probably the largest and most significant financial transaction most people will enter into. It's a matter of business not emotion, and you can offer what you like. The vendor can always say no and then its up to you if you want to up your offer.

Go for it Bekki and good luck 😊
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Old 24-09-2017, 10:11
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I agree you should offer what you want. The vendor may well say no but they may also give you an idea of what they would accept.As others have said, it is not about emotion. It is a business transaction. Go with your offer
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Old 24-09-2017, 11:04
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You also probably do not know the vendor's position. Tomorrow they may be desperate to sell.
I knew someone in the UK who put in a silly offer on a derelict mansion (50%) and she got it...turned out to be a repossession sale!
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  #14  
Old 24-09-2017, 11:16
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Watch the Programs on the telly .Any offer is a good offer.
You have to start negotiations somewhere.
You will find most sales have a point that both parties agree on.
Good luck and best wishes.
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  #15  
Old 24-09-2017, 12:38
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Quote:
Originally Posted by rebel View Post
Tomir
Your words "Most agents give good and truthful valuations in fact it could be argued they value low to get a quick sale."

If you read through your posts before your 6 month sabbatical you say your words " agents over value property to get them on their books I wish you would make your mind up as your confusing people.
The value of a property is only what someone is prepared to pay for it, its a buyers market so a 20% offer is better than no offer you don't have to except it, it's a starting point. Go for it Bekki
Rebel
No confusion here just your attempt to once again cause a problem with me. Why I have no idea but some people do think they have a certain power hiding behind a keyboard! This has reached a level of not being acceptable!

I did say that agents value high to get properties on their books but I also said they have a true understanding of the value of property. Therefore implying that the agent would have a good feel for what would be considered a fair offer. They may over value a property but they would tell off the record sometimes the seller the price they might expect. No confusion here but just common sense.

I would like to politely and respectfully suggest that due to your continuous antagonising attitude towards me that you no longer comment on my posts and I will serve you the same curtesy and ignore you too!

Last edited by Tomir; 24-09-2017 at 12:53.
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