12 Tips to get an offer on a house accepted in Spain

Spain, with its scenic coastline, vibrant culture, and pleasant climate, is a much-desired location for property purchases. If your aim is securing a property in Spain, below are comprehensive tips to ensure your offer gets accepted and you secure the best deal possible.

1. Do your research

Before starting your search for the perfect property, familiarise yourself with Spain's property market and trends. Use our internet portal thinkSpain and property publications to compare prices between properties in your target area and understand market value. Research the average prices, demand, and economic factors influencing the housing market in different regions. This knowledge will give you a better understanding of current market value and assist in making informed decisions.

2. Understand the seller's motivation

Learning why a property is on the market can provide you with valuable insight into the negotiation process. The seller's reasons for selling can significantly influence their flexibility on price and terms. A local real estate agent can be instrumental in assessing the seller's motivations and urgency.

3. Hire a local real estate agent

Working with an experienced local real estate agent who specialises in Spanish property deals can be invaluable. They have a deep understanding of the local market, legal processes, and potential pitfalls that may occur during negotiations. They can also provide comparables and negotiate on your behalf. Professional Estate agents can provide valuable advice on crafting an offer that accurately reflects the property's value and ensures the highest chance of getting accepted without overbidding.

4. Manage your emotions

Take care to manage your emotions while buying a property in Spain. Although it's natural to feel excited or attached to a particular property, demonstrating this enthusiasm can weaken your bargaining position. Ensure to play it cool and refrain from revealing too much to the seller.

5. Be an attractive buyer

Being an attractive buyer can strengthen your negotiation position. This typically involves demonstrating financial stability through mortgage pre-approval or proof of funds. You can do this by placing a deposit with your lawyer. Additionally, providing a flexible timeframe that suits the seller’s plans, and conducting yourself politely and professionally during interactions will set you up as an attractive buyer. If you have a strong financial position (e.g., significant savings or a low need for financing), this can work to your advantage in negotiations. Sellers may be more willing to accept a lower offer as they know it can be a quick and sure transaction.

6. Prioritise value over discounts

While getting a good price is vital, don't overlook the overall value of the property. Consider the location, features, and potential investment returns of the property. Focusing on the bigger picture rather than just the discount can help ensure a sound long-term investment.

7. Understand how properties are valued in Spain

In Spain, properties are often priced per square metre, but other factors can influence the value, such as location, property condition, and potential resale value. Understanding these factors and the pricing methods used can help you create a fair and compelling offer.

Take a close look at the property and factor in any necessary repairs or updates when determining your offer. If the property requires significant investment, you may be able to negotiate a lower price to account for those costs.

8. Offer flexibility in terms and conditions

Offer flexibility with your terms and conditions, such as a quick closing or accommodating the seller's preferred move-out date. Also, consider including furnishings or other non-price terms in your offer. While sellers may not lower their asking price, they may agree to other concessions that work in your favour.

9. Offer a leaseback

If the seller needs more time to move out of their property, offering a leaseback agreement can be an attractive proposition. In this agreement, you buy the property but allow the seller to rent it back for a specified time. This can be a win-win situation making your offer more appealing to the seller. This may be a very good bargaining tool if the current owners haven't yet secured their next home.

10. Be the first to view

Try to be the first potential buyer to view and submit an offer on a property. Some sellers might become impatient and accept the first reasonable offer they receive. Timeliness can also demonstrate serious intent to the sellers, giving you an edge over other potential buyers.

11. Consider currency exchange rates

If you're purchasing with a currency other than euros, be sure to consult a currency transfer company. The right timing and rate can significantly affect the total cost of your property, possibly saving you money on your purchase or enabling you to make a better offer.

12. Hire a Spanish lawyer

Engaging a local Spanish lawyer to guide you through the legal aspects of purchasing property in Spain is very important. This professional can help with due diligence, and paperwork, and could possibly spot potential pitfalls during the negotiation process. It is advisable to employ a lawyer in addition to a local estate agent. They both serve their purpose.

By following these tips, you will increase the chances of getting your offer accepted and successfully negotiating an excellent property deal in Spain. Remember to be patient, stay informed, and remain flexible during the negotiation process for the best results. Once your offer is accepted and the deal is closed, try not to dwell on whether you could have negotiated a better price. Focus on enjoying your new property and the life you have planned in Spain.