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THE BUYER-SELLER ALGORITHM Advice on How to Buy or Sell Your Home in Bulgaria

Feature in Focus

2018-10-19

BUYER

1. A BIG STEP

Buying a new home is a big step in anyone's life. Make sure you are emotionally & financially ready for it.

GOING THROUGH A REAL ESTATE AGENCY WILL:

• add professional perspective to decision-making process

• spare you lots of effort in home search and legal preparation

• will cost you 2.5 - 3 % of the purchase price (without VAT ).

Cooperation with a single agency wins you a lower commission rate.

An esteemed agency is a useful mediator when negotiating a bank credit.

2. THE BUDGET

Determine your maximum budget and hold to it. Setting this limit at the start will help you resist too pricey offers later.

You need to afford at least 20-25% of the set budget - the rest could be covered by a bank loan.

3. MUST-HAVES

Make a list of your must-haves and nice-to-haves. Stay realistic, think in terms of set budget, desired location or other limiting criteria.

4. SEARCH

Arm yourself with patience and begin the search. The process could take a few months.

YOUR OPTIONS:

hire an agency to take you through the purchase process. An introductory meeting will help you crystalize your priorities and get a realistic picture of the market.

search on websites for free real estate ads (risks: plunge into generic, unreliable, countless ads)

look into specialized print editions (risk: same as with free websites)

roam social media websites (risk: accidental offerings)

An agency gives you access to exclusive, reliable, clearly organized information on property offerings.

5. VIEWINGS

Take the time to inspect a potential home in detail and don't hesitate to get answers of all your questions. You could miss a serious drawback while rushing and regret it later.

Professional experience allows consultants to quickly learn clients' desires and recommend proper-ties which will fit their tastes.

6. BARGAIN

You came to really like a place. Ifs time to bargain! Try to negotiate total price, deposit amount, timeline and subject clauses. If you don't leave earnest money (between €1000 - €2000), you risk to lose the property, while negotiating the preliminary contract.

A good agent knows the subtleties of the price game and will easily negotiate a lower price for you.

An agency will perform for you all necessary due diligence on the property: existing foreclosures, mortgages, claim statements, financial obligations, third-party ownership.

7. EARLY AGREEMENT

Close an early agreement with seller. This is a preliminary written contract, signed in the presence of advisers or agency representatives.

Request and review all documents (listed in the seller section).

If planning for a bank loan, request appraisal confirmation from the bank.

If you have employed an agency, you must settle its commission, after this contract is signed.

An agency will examine for you all legal factors: existing foreclosures, mortgages, claim statements, financial obligations, third-party ownership.

8. CLOSED DEAL

After all administrative procedures are completed - checking for financial burdens or imperfect documentation, payment of overages, etc., the title deed could be signed. Have your payment documentation with you (final payment to seller, property conveyance (PC) taxes, govern-ment taxes).

PC taxes: a total of 3 - 4 % of the property price, depending on property's locality and other factors. Buyer & seller usually split the fees.

A good estate agency is there to facilitate a smooth transfer of ownership.

9. THE KEYS

Receive the keys from your freshly bought home and enjoy your new life.

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SELLER

1. A BIG STEP

Selling your home is a big life step. Make sure you are emotionally ready for it.

GOING THROUGH A REAL ESTATE AGENCY WILL:

• help you realistically determine maximum selling price for your property • provide you with the most effective advertising of your property • will cost you 2.5 - 3 % of the agreed property price (without VAT ). Choosing to work with a single agency wins you a lower commission rate.

2. THE SALES PRICE

Try to make an estimate of the actual market value of your property. Examine prices of similar estates in same area. Pricing too high will guarantee its long stay on the market and add suspicion of irregularities.

an agency can estimate an accurate market price for your come, based on its rich database )f properties.

3. SHOWCASE

Give your home an attractive look:

Wash floors, windows, carpets; scour kitchen; make small repairs, decorate.

Smallest drawbacks lead to renegotiation of price!

4. The whole article, you can read HERE. 

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