Sometimes I am shocked, stunned and dismayed by the lack of knowledge displayed by some owners of properties. The owner of this one shall remain nameless. See if you can guess by a few clues in this post which property I am talking about.
Just before the Liverpool match tonight I got a phone call from a property seller. She said that she wanted to change the price on her property. OK I said, "how much do you want to reduce it by?".
Now you know what I am going to say next don't you!
"Reduce it? No I want to increase it as it is underpriced." My initial reaction has been detailed on these pages before because this always used to happen in Spain in a rising market but today we do not have a rising market, far from it of course. So before deciding to burst out laughing I thought I would give her the opportunity to hang herself first.
"Could I ask why please?"
"Well lots of people have visited it and they all like it and none of them have ever mentioned the price, they always come up with a problem in finance with the bank. The thing is... you know... personal reasons... yadda yadda yadda"
So I answered. I told her that her buyers are liars. They don't mention the price because they haven't got to the negotiation stage yet. They firstly go to the bank and the bank refuses them credit, because apparently that is the role of the banks these days after being handed the biggest bail outs ever seen. (The bank them offers them a similar property with 100% mortgage but the strange thing is the bank actually owns that one)
I told her that until somebody knows whether they can get credit there is no point in making an offer and actually talking about the price. I told her that prices are continuing to fall in the Spanish market when the property is not in a prime area, prime areas are maintaining prices currently and in some exceptional cases rising slightly, and increasing the price by 55000 Euros was probably not a good idea because I suspect that the three people I have who have recently enquired about the property wouldn't take too kindly to a rise in the price before they come and see it...I didn't even mention more than 4 million unemployed, over 20%, the falling pound and the need to find a buyer with cash as the banks are being so generous.
I convinced her not to do it with my company. My clients can have it at the original price. However she is going to advertise it herself at a higher price. Yeah that makes sense doesn't it?
Now the simple fact is that the price is right for the property, the property is "different". It will sell to the right buyer but sending out a message like the one she wants to do might not be the right way to go about selling it. Oh and if she raises the price it comes off my site.
What do you think? Guessed which property it is yet?
Related Reading
1) The Final One of Our 100 Tips For Moving to Spain
2) Paramount Theme Park in Murcia
3) On Unrealistic Expectations (More Laughable Owners)
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