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Negotiating A Sale

Okay, so you have done the viewing, checked the property against the checklist and you are ready to start the negotiation.

If you are buying the property using an agent, it is unlikely that the seller will have a great deal of room with which to negotiate, you can a far better deal when buying privately.

The house is just about perfect for you in terms of location and size but it has some defects which will need repairing, all of which you spotted from the checklist of course. You might find it a useful exercise to visit somewhere like Leroy Merlin in Telde and some local ferreterías to assess what the cost of the repairs is likely to be. Start by deducting that from the asking price. It is also customary in Gran Canaria for the buyer to shoulder a lot of the sellers costs, take this into account as well.

If you are not certain that you are going to granted a mortgage, or you are applying for finance to make up any shortfall from other sources, make certain as part of your negotiation that you factor in a reasonable completion time for yourself. Remember when you go ahead and sign the contract of agreement you are committed.

If you have not done so already, now is a good time to hire a good lawyer. Not only to make sure the sale and purchase of the property is done legally but also to protect your interests. You will have to sign the agreement of sale contract in front of a notary but before you do make sure that your lawyer has read it first or you may not be able to change your mind, and it could be way too late.

Just before you begin your negotiation, have a really good look around the area at similar houses and their asking price. Just because a seller is asking an amount for the property means nothing. In reality a seller can ask whatever he or she wants and often this can bear little or no relation to the actual value of the property in real estate terms.

As a part of the negotiation process it may well be worth your time, effort and a little investment to contract the services of an independent assessor to do a valuation. The bank offering you a mortgage will also do this routinely. The length of time that the property has been on the market and the reasons the property is up for sale may also give you a bargaining chip that you can use. If the seller wants a quick sale for whatever reason, then he or she may be persuaded to offer you a really good deal, or you may be able to use the information you have learned about the property to put the seller in a position that is favourable to you.