Valuation

It is easy to value your own property. The fact is that the asking price put on your property by any agent is only an 'educated guess'.

Remember that the asking price of the property is just the amount you want for it, not necessarily what you'll actually get. You can find out recent purchase prices in your area by asking new neighbours how much they bought for. But don't set your price too low, as you could end up doing yourself out of thousands. AND don't set it too high either, as you'll just scare off buyers. If you genuinely feel that your property is worth more than others you have seen, then you will need to be able to justify why!

Taking enquiries

How do I vet potential purchasers...?

E-Mail communication to start with is best. When you are convinced they are serious then perhaps talk on the telephone. Take their details

and call them as opposed to the other way around.

Do not be afraid to ask questions. What's their selling situation? Do they have financed arranged? This may eliminate time wasters and show urgency to the potential buyer.

Conducting Viewings

OK, you've vetted your viewer, arranged a time for them to visit your property & you are now ready?


Don't go to town on contrivances (like fresh coffee). You just need to appear comfortable and happy in your home when they arrive.

Ensure there is parking available for the viewer. If possible leave your drive clear. Provide an impression of no hassle parking, and space.

Welcome your visitor with a smile and handshake. Introduce yourself and if a partner or children are there, them too. Remember this is still your house, so take control of the situation.

Give them a brief of the property and lead them into the first room.

You could give them an overview of the rest of the property and then let them find their own way around. Do not over dominate, take a back seat BUT be sure to point out all of the selling points of the property.

If they are not local, talk to them about the area and where local schools, restaurants and other amenities are in relation to your property, and talk about why you've loved living there.

Everyone loves their own pets, but other people's pets are a different matter. Some people are allergic to some pets; some people simply do not like animals. Therefore, it is always prudent to ensure that any pets are excluded from the viewing process by keeping them well out of the way.

Try not to sound too 'sales-like'. Mention the features and benefits, but be succinct: for example if you are pointing out a patio, the feature is the patio and the benefit is that it has sunshine on it all day and its great for entertaining....that is enough.

There's also some information that you should get from them too:


Are they in a chain?
Are they a first time buyer?
Do they have a mortgage approved?
How long have they been looking?
Try to have confident answers to questions that may come your way such as:


How long has the house been on the market?
Have you had much interest? (Of course you have!)
Have you had any offers?
You need to create a feeling of desirability. If you’ve had some serious interest - be sure to tell them - it may stimulate their interest further.

Making a Sale

For the lucky it may happen after one viewing - for others it may take more, but sooner or later an offer may materialise.

When an offer is accepted a memorandum of sale should be sent to the buyer.
This should include the following:



the agreed sale price
any conditions of sale
the buyers name and address
the sellers name and address
solicitor details for both buyer and seller


Negotiation

For most, an offer will come in below the asking price. The question is, how far below?

If around 5% less, then you need to do some thinking... On a €300,000 property that's €15,000 less than the asking price. Your thinking should be based on how competitive your original asking price was.

If 10% or more below it, either you have misjudged it, or the buyer is trying their luck… Thank them for the offer, explain that it is too low and (if this is the case) you've had higher offers that you have turned down too and hopefully they may start to name a more realistic price.

If the prospective buyer is adamant about the offer, and you are still confident in your valuation then it may be time to 'walk away'. But stay calm! - Don't let your emotions cloud your judgement. Always remain polite despite what you may feel to be a ridiculous offer. A potential buyer may just be testing the water and may come back with a better offer. If there is not much of a difference between the offer and asking price then an agreement is probable, just be patient.

Survey

A buyer (or their lender) may instruct a survey of the property, checking the condition and to confirm value.




Legal Process

It is a misconception that estate agents do more beyond the point of finding you a buyer, THEY DON’T. Estate Agents are NOT legal professionals (although the frequently earn far more than them!).
When the agent has secured a sale, the legal team steps in…solicitors.

Just as you would when selling your home through an estate agent, it is important to have a solicitor lined up ready for when you accept an offer on your property privately.

A private property sales contract (Contrato de compraventa de vivienda) is a private document in which the seller must hand over a property to the buyer for an agreed price. It is important to pay attention to certain aspects of this contract such as who will be liable for any previously unpaid bills etc. And it is always advisable to obtain the 'nota simple' from the property registry to make sure the property has no outstanding debts or liabilities.

The 'Spanish National Consumers Institute' has approved a standard 'Private property sales contract' which has been adapted to fit in with current laws for consumer protection. Ask your solicitor for details of this.




Completion

Assuming that the solicitors have done their job, it will soon be time to for a completion date.

Contracts are then exchanged. Once you have signed those documents, and the documents are in the hands of the other solicitors, you have effectively entered into a legal agreement.

When completion day comes, funds are usually transferred from their solicitor to yours (less any deposit), and the property is then theirs.