3.3. Making an offer
Making an offer is essentially the moment of truth. You have found a reputable agent, an English speaking lawyer and the property you want to buy, now you need to negotiate!
Asking house prices in Spain are rather arbitrary often based on the vendor´s belief in the value of their property rather than a realistic property market evaluation. Therefore, it is important to have a solid understanding of the property market and current prices during negotiations.
A thorough understanding of the local property market, trends and comparable properties in the same area will prepare you to make a reasonable offer. The more you know about the property itself, the area and the real estate market the better equipped you are to make a good deal.
Negotiating tactics aside, most foreign investors purchasing property in Mallorca will have an experienced agent by their side, well versed in the art of negotiating and with a good idea as to what the seller will be willing to accept. Bid too high and you may end up spending more than you need to, bid too low and you could loose that dream property to a higher bidder or risk not being taken seriously.