Please can someone help - offer contract 500 euros to start negotiations?

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05 Apr 2024 9:03 AM by EllaHilly Star rating. 2 posts Send private message

We saw a property in spain that we really liked the look of, the property is up with at least five agencies, so we decided to choose the agent that was in the area of the property for sale.

We viewed the property twice with this agent and said that we would like to make an offer the agent said that in order to negotiate with the buyer we would need to pay 500 euros and sign an offer contract, if our offer was not accepted we would get our money back, the agent said this was standard practice.

As we do not feel comfortable doing this and never heard of this before , does anyone know if we can contact one of the other agents advertising the same property to see if they have the same policy and if they don’t make an offer with them?





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06 Apr 2024 10:01 AM by crisco Star rating. 14 posts Send private message

This is to protect the agent who does all the work from people who then make a deal directly with the seller. As it is amultiple agency listing, any commision has to be shared. Pay with a credit card.





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06 Apr 2024 6:31 PM by EllaHilly Star rating. 2 posts Send private message

07 Apr 2024 10:04 AM by windtalker Star rating. 1938 posts Send private message

The the estate agent is probably fed up with stupid people dreaming and the easiest way to get shot of a dreamer is to ask them for a returnable deposit .. a genuine buyer will pay up whilst the dreamers will turn on their heals and carry on dreaming. 

 


This message was last edited by windtalker on 4/7/2024.



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20 Apr 2024 9:33 AM by LEXF Star rating in Spain. 2 posts Send private message

Normally, you negotiate a price that you agree with, then open an escrow account of 5% of the price of the apartment.  This 5% will be deducted from the total price.  The real estate agent's job is to take the offer to the owner and if a deal is agreed upon,  then you can pay the remaining cost of the apartment by bank transfer.  If the agent insists on receiving money BEFORE a deal has been reached,  just shake his/her hand and say "have a nice day!"  This comment will make the agent realize that you aren't stupid concerning the 500€ "deposit."  They will find a million excuses as to not reimburse your money.  If the agent says that this is standard practice, again, a handshake and a goodbye with a smile, will force him to realize that you aren't stupid.  I have bought 3 properties in spain and was NEVER asked to pay a "standard" deposit of 500€!!  Agree to a price to make the purchase, give 5% of total price on a bank transfer to the IBAN bank number of the COMPANY, not the agent, then when you pass through notary and everything checks out, then you make a second transfer for the remaining funds to be paid and the agent will give you the keys.  At THAT time, the agent will be paid his commission.  



_______________________
Lex Monroe FAGEN



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20 Apr 2024 9:36 AM by LEXF Star rating in Spain. 2 posts Send private message

Normally, you negotiate a price that you agree with, then open an escrow account of 5% of the price of the apartment.  This 5% will be deducted from the total price.  The real estate agent's job is to take the offer to the owner and if a deal is agreed upon,  then you can pay the remaining cost of the apartment by bank transfer.  If the agent insists on receiving money BEFORE a deal has been reached,  just shake his/her hand and say "have a nice day!"  This comment will make the agent realize that you aren't stupid concerning the 500€ "deposit."  They will find a million excuses as to not reimburse your money.  If the agent says that this is standard practice, again, a handshake and a goodbye with a smile, will force him to realize that you aren't stupid.  I have bought 3 properties in spain and was NEVER asked to pay a "standard" deposit of 500€!!  Agree to a price to make the purchase, give 5% of total price on a bank transfer to the IBAN bank number of the COMPANY, not the agent, then when you pass through notary and everything checks out, then you make a second transfer for the remaining funds to be paid and the agent will give you the keys.  At THAT time, the agent will be paid his commission.  



_______________________
Lex Monroe FAGEN



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