There are fewer better times to buy than when the seller is desperate.
Whatever the reason the seller is desperate is really no concern for the buyer, other than offering sympathy and understanding. Nonetheless such anguish and confusion could amount to 100,000 Euros.
Allow me to explain with an illustration... One particular family cam to buy a villa in Majorca; their business was good, their income was good, their life was all sweetness and light. A holiday home was a natural extension to their new found wealth. Four years later the business has taken a turn for the worst and needs a capital injection. The only asset they choose to sell is their villa in Majorca.
As everyone is talking about doom and gloom on the European property market they pitch their villa price 50,000 Euros lower than the general market value. When people view the villa they sniff the desperation and put in offers lower than the asking price. The property was purchased and 525,000 Euros and four years later valued at 595,000. They put the villa on the market at 545,000 only to receive offers at 475,000. Anguish and confusion followed.
Then when someone put an offer in at 492,000 they accepted.
Of course across the rest of Europe this set of events may take 6 to 9 months, but here in Majorca it took two weeks. They completed the sale 7 weeks later. They achieved their objective to get some cash back into their business but lost out on over 100,000 Euros on the market value.
Had they asked the market value of 595,000 they would have eventually sold it before the years was out. The buyer got a real bargain!
Majorca remains a buoyant property market when the rest of Europe is in a flux. Even when we have this fact and know that asking prices are generally being met, there are desperate sellers amongst them who are willing to accept lower offers.
An astute seller of course would put their property sale on hold until the market across Europe improves and the confidence returns to buying property abroad. So an observation at the moment is that anyone with their house up for sale has room for a accepting a lower offer.
Sensible buyers would see this situation as an opportunity to buy property in Majorca at discount prices.
Copyright (c) 2008 Phillip Booker
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