Finally found the home you’ve been searching for? Great! But what do you do now? How do you reserve it? What are you required to do next?
All great questions, and here are the simple answers:
Make an offer! Take guidance from your Real Estate Agent, regarding how much your offer needs to be. If your future home is in a sought after area, and other properties are selling fast, then your offer should be pretty close to the asking price. Sometimes, paying the full price maybe the only way to go, especially if it’s been priced correctly for sale in the first place.
Reserve it! Once your offer has been accepted, you’ll have to pay a deposit. You’ll either be required to pay by a credit card or bank transfer. If you’re being asked to pay your deposit in cash, make sure you have this written into your reservation contract. Credit card payments tend to offer good exchange rates. And, if you are given the choice, it’s always better to pay in the currency of the country you are in, i.e. Euros in Spain. For bank transfers, you can use a currency company, i.e. Moneycorp, however if you haven’t already set up your account with them, you may need to just make the transfer from your bank direct. Most times, your deposit will need to be paid before you’ve had time to activate your account with a currency company.
If you’re not in a position to pay a deposit, don’t make an offer! This can be very upsetting for a home seller, especially if you’ve made a low offer, and they’ve taken their time to accept it. If you’re only interested in knowing if the homeowner would be open to discussing an offer, then take advice from your Real Estate Agent instead. It’s unfair allowing the homeowner to think they’ve sold because they accepted your offer when, in reality, you had no intention to move forward with the purchase.
When you’ve set your heart on a property, the only way you’ll be able to secure it, is by paying a deposit. If your deposit money is not available, you’re not ready to make an offer just yet. Once your deposit has been paid, the property will be reserved for you and only you, as this will stop anyone else from buying your future home in Spain!
Buying? Enjoy the journey!