Common Mistakes When Selling a Property Abroad

When you want to sell a property abroad, things are more complicated than selling in your own country. In this article, we want to discuss some common mistakes people make, and you will see that the legal issues are not the main problem.

Asking the Wrong Price

The real estate market evolves continually. Before setting your price, you may want to do a little research in the area. After that, take into consideration the condition of your property. With your research, you will have an overview of the area’s prices, but your property may be in better or worse condition than the average.

Ask your real estate agent how much they will charge and agree on a final price to sell the property. If you do not do that, the real estate agency can raise or lower the price too much according to their interests at any time.

If you want to ask much more than the market price, it is better to wait. When you list a property for sale, everyone wants to try to sell it. However, after a time, everyone has seen it, and the property is forgotten.

Do Not Receive Visits

This is a very common mistake and more likely to happen when the seller is living abroad. Many people do not feel confident enough to give their keys to the real estate agent. Some agents do not even want to have them.

However, most buyers would never buy a property without physically visiting it. And yes, we know there are some virtual experiences with good 3D glasses, but most buyers are not ready to make decisions using only that. If you ask us, it is normal. We think one should always visit and see a property.

If you are not living in the property’s city, you can ask someone to do you a favour and be there when the prospective buyers visit the property. You may have a friend living there, or maybe you can trust the door attendant to allow visits.

Do Not Invest a Small Amount to Make It Look Beautiful

It is a very good idea to do a whitewash of the property before taking pictures for the listing. At the same time, you should not present a fake image.

The goal is to make the property look better, not only in the picture, but also when the buyers visit. If the pictures look excellent, and then the property looks worse during the visit, the visit will be disappointing, and disappointment goes against any sale.

Be careful when hiding issues. If you cover a crack in the wall with a painting and the prospective buyers discover it, you will lose any trust they might have had, and they will not want to buy from you.

A whitewash means that you should remove the old furniture that looks awful and anything broken, and even buy something new to put in their place.

A property for sale should not have many things inside it, but it is always better for it to look like a home. So just keep the basic furniture that looks good, and maybe repaint the place if you think that it will make it look much more illuminated.

In other words, make it look better, but keep it real and honest.

Make Your Payments

The property should be free of charges. But if it has them, you should inform the buyers. In addition to the mortgage, which is normal, some properties have charges because they have a warranty for a consumption loan or maybe because the owner has not paid the neighbours association fees.

You have to be very transparent about these charges because if not, you may face many legal issues. Of course, the fewer charges the property has, the better.

12th July 2019
//Spanish Probate Matters