Buying a property in Andalucia |
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Buyer's Agent
Buyers’ Agents, also known as property finders, work exclusively on behalf of property buyers, locating properties that exactly match their specific requirements. In all cases, they e meet clients in advance of the search process, either in person or via a video call, for an in-depth discussion about why they plan to buy in Spain, what they want to find and where. If the client hasn't decided where, a buyers agent will make suggestions that match the buyers criteria and it is often the case that clients buy somewhere they had never heard of until the agent suggested it.
Whilst it is possible to find a property being sold directly by the seller either from a friend's recommendation, or by calling the phone number on a 'Se Vende' (for sale) sign or from a website the are many advantages in having a professional agent undertake the negotiation for you.
The initial research phase of a property search takes several weeks, during which time the buyers agent investigates and assess all the options located across the whole market, openly listed properties, private sales and ‘under the radar’ offers. Initially they investigate the immediate environment, looking for negatives such as road noise and empty building land nearby, moving on to internal inspections once we have excluded properties with problems. If there are negatives, they will flag them up, nothing is hidden. This is the legwork and due diligence that few overseas buyers have the time or knowledge to do themselves. Buyers agents write detailed reports for the client and help them develop a shortlist for viewing.
Buyers Agents will help the client find you a property based on the specification. they continue to carry out the negotiations, assist clients through the buying procedure and help with after sales services. In order to retain complete independence, their commission must come directly from the buying client and not from any third parties. Typically their experience, local contacts and negotiating ability will more than repay their fees.
Property survey
A buyer's agent will always recommend a property survey by a qualified professional, preferably before an offer is made, since the report may influence the level of the offer. If speed is required, it is advisable to make the offer in writing, stating that it is subject to a property survey. This gives the buyer the option to renegotiate the agreed price if any major problems emerge, or to walk away with any deposit they may have paid being refunded.
What is the difference between a buyer’s agent and an estate agent?
| Buyers' Agents | Estate Agents |
|---|---|
| Buyers' agents operate across regions and can suggest locations the buyer may never have heard of, comparing and contrasting locations that may suit their criteria better. | Estate agents operate in defined areas. Estate agents often try to dissuade buyers from looking anywhere outside their area. |
| Buyers’ agents are retained by the buyer under contract and fees are paid by the buyer. | Estate agents welcome all serious buyers without any fees or costs. |
| Buyers' agents do the legwork to create a shortlist of properties exactly matching the buyer’s criteria, saving the buyer both time and money. No wasted viewings. | Estate agent will create a shortlist for a buyer. It is likely to be a broader match to the buyer’s specification. |
| Buyers' agents always meet their clients first, either in person or via a video call. The work depends on really getting to know the client, the family, their long-term goals. | Estate agent will carry out a KYC (know your client) of the seller. |
| Buyers' Agents check a range of legals in advance of recommendations for the shortlist. this will include Nota simple and a Catastral entry. | Estate agents may obtain and provide a ‘nota simple’ from the property registry for the prospective buyers. |
| Buyers' agents assess the external environment and flag up anything that could negatively impact a property before recommending a viewing. Nothing is hidden. | Estate agents will also be reluctant to market properties that could turn out to be problematic. The degree, scope and timing of this will vary from agent to agent. |
| Buyers' agents inspect all properties they recommend for shortlisting, looking at them from the buyer’s perspective. They write detailed reports and give their opinion on the price. | Estate agents will have inspected almost all of their own properties. This may not be the case for properties listed by partner agents. |
| Buyers' agents have access to the entire market, including privately offered properties, not just those listed by estate agents. | Experienced Estate agents also have their sources to off market properties where the seller is prepared to pay a commission. |