In the second-hand housing market, most of the time buyer and seller negotiate the price to adjust it to the market value. In more than half they reach an agreement and, in effect, reduce the price of the property.
The discounts range between 5% of the property price and 10%, for the most part. They can rarely reach 15%, or even exceed it, in cases where real estate agencies have not evaluated the property properly, a sale price has been set significantly higher than the market price or crucial procedures to make the home habitable have been ignored ( necessary reforms, failure to pass the Technical Building Inspection, absence of a certificate of occupancy, among others.).
A misconception about negotiations is that they only benefit the buyer, although any individual with business experience could justify the opposite.
The first weeks after putting a property up for sale are of critical importance and being clear about the limits of the operation becomes imperative: rejecting a negotiation at the right time can lead to a considerable delay in the sales process or, in certain cases, , making it impossible, especially if the initially overpriced home no longer makes the same impression as in its first stages of marketing.
Use a home appraisal calculator to find out the value of your apartment before selling it and analyze supply, demand and prices in the area.
Negotiations will surely come, so you must have prepared the arguments why you have set that starting price. Also be clear about how far you are willing to go.
Having a simple note of the home on hand will facilitate the negotiation by being able to demonstrate that the property is free of encumbrances. The same with the other documents (energy certificate, last minutes of the owners’ meeting, etc.), which will help you demonstrate the feasibility of the operation.
Remember that the bank will finance up to 80% of the lower between the purchase and sale price and the appraisal price. If the apartment is appraised at a lower value than what you are selling it for, you limit the sale only to those who can pay in cash.
