Gecko Towers
There used to be an adage that “In Marbella, that all property is for sale all of the time.”
This implies that a Seller is willing to sell but is just waiting for a buyer with the deepest pockets to come along. They don’t want to market the property for sale but they have made it known that they would engage at the right price.
It’s true that I have heard Estate Agents, with granular “street by street” local knowledge of the Sellers in a particular zone, say that they were aware of Sellers who’d let it be known that they would consider offers. So although a property may not formally be “on the market” a couple of Discret phone calls and viewings can be arranged. I guess that’s a positive about using a specialist local Estate Agent.
As we all understand markets change and while the vagaries of a “buyer’s market” and a “seller’s market” do become apparent from time to time, we are currently seeing a decline – because much of its has already been snapped up – in stock of previously owned property. Such stock is known here by the rather miserable term “second-hand property”. Particularly those, requiring renovation, updating or complete demolition.
Such properties tend to date from around thirty to fifty years old in parts of La Cala de Mijas, Cabopino, Marbella and Nueva Andalucia, to other areas like Atalaya, El Paraiso, Elviria and Estepona where they are between twenty to forty years old. They tend to be reasonably typical in an Andalusian style with a lot of rustic tiled roofs, terracotta tiles, graceful pools and established garden.
So, as they have meaningful control over the supply to some great extent, those looking to sell such properties are sitting pretty.
If you are a Buyer eager to access a stock of such already built properties in the Marbella region, you will need a combination of tenacity and luck to identify a motivated seller keen to get a deal done.
What makes a “Motivated Seller”? It largely depends on the motivation for them to be a Seller:
- Death and Divorce – An estate sale of property is often a fertile ground for the would be Buyer as the property will be vacant and there will invariably be no chain of purchases so the process can move far more quickly. The tricky issues are ensuring that those who are selling have correct inheritance paperwork, have paid any due taxes and the right to make the sale. Divorce is, sadly, another key impetus to a sale with the couple seeking to go their separate ways, often as soon as possible.
- Returning to Base Camp – The disaster that has been the effect of the Brexit outcome on many dwellers on the Costa del Sol cannot be overestimated. Whether its the completion of the relevant paperwork or the mismanagement of the driving license issue the usually good-natured expat, who has enjoyed years of carefree living in Spain, in a moment of fury has regrettably concluded that returning to the UK is their only viable option. They may have purchased a number of years ago and have built up a decent nest egg of equity, but they understand the value of their property and will fight to achieve the best price.
- Changes in circumstances – Whoever the Seller is we have seen many examples of changing circumstances, for example, that has lead to downsizing of a large family home that no longer suits the current occupants. Job loss, relocation or a career move oversees are some of the many circumstances that promoted a willingness to deal.
- Refreshing the Portfolio – Few may be fortunate enough to have several properties at their disposal but a number of owners in the Marbella region are those “nomadic” types who enjoy a year round move every couple of months often as the social season shifts. When analyzing their portfolio they realize that their Marbella property has grown tire and needs a substantial overhaul. They are attracted to wanting to add a newly constructed minimalist home on the Golden Mile to their portfolio so the tired property has to go. No one ever got rich by giving it away but the fact that their heart is in a sale makes them keen to engage with potential buyers.
- Ownership in Extremis – Here an abundance of caution needs to be exercised. This considers that the current owner is in dire need to sell and to sell quickly. One example, that’s probably anecdotal, that has been shared with me recently, is of an Russian family placing their property on the market and receiving many attractive offers. The only drawback was that the property was an assets of a ‘person of interest’ against whom sanctions have been brought in the light of the Ukrainian conflict. Buying such a property could have visited on the successful purchaser all manager of state-backed restrictions.
Estate Agents like to deal with Motivated Sellers as there is more than an even chance that the property is going to be sold if the right offer. Identifying the Motivated Sellers is something that Estate Agents, with extensive local market knowledge, pride themselves in doing rather well.
Should you be interested in discussing the legal process involved in buying a property in the Marbella region, we would be delighted to assist you. Our multi-disciplinary team of bi-lingual, highly experienced and wholly independent Abogados and Asesores Fiscales are ready to help you.
Please call me, Mark FR Wilkins, during usual business hours on +34 600 343 917 or, if you prefer, or e-mail me at mark@roslegal.es
Please note that our posts are for general interest. There is no substitute for proper legal advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law.
Nothing contained in this article should be seen or taken as the writer or the publisher providing legal or financial advice.
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