BCN Apts

Why is the estate agent so eager to help me get a mortgage

If you’re shopping for property in or near Barcelona, the real estate agent might recommend a broker to help you get a mortgage. Why so helpful? Two main reasons:

1) Knowledge is power. They want to know how much money you have so they can negotiate the price in their client’s (seller’s) favor. In the context of referring a broker, the agent might ask:

a) How much money do you have in savings?
b) What percentage of the purchase price do you need to buy the property?

If you say you have a lot of money, or a high percentage of the purchase price, the agent won’t negotiate the price. They’ll aim to get your last euro. Most apartments in Barcelona are overpriced from 5% to 15% and owners, some of whom are desperate, will negotiate. So protect your negotiating power.

In fact, I always interrupt the agent when they ask my clients these money questions. The agents don’t like it, of course, especially when I ask them: “How much money does the seller have? How much? Say that again?

2) Catalan law. There’s a Catalan law that says you get your deposit back if you can’t get a mortgage. You must normally pay a deposit of 10% of the purchase price to reserve the property. And it’s not refundable. However, under Catalan law, you may withdraw from the sale, and get your deposit back, if you can show that your bank refused your mortgage application.

Since agents don’t like returning deposits, they want to overcome this problem and help you get a mortgage. So if your bank says ‘no’, but their broker finds a bank that says ‘yes’, even if the mortgage terms are terrible, the agent can say: ‘I got you a mortgage and complied with the law. I’m not returning your deposit’. You might be stuck.

In short, keep your mortgage totally separate from the agent. Shop around by going bank to bank or hire a mortgage broker. Lending terms are currently very good and there are some good brokers in Spain. Disclosing financial information to the seller, or their agent, could doom your chances of negotiating a good price for property that the seller wants to unload anyway.

Finding a Bargain During COVID-19.
Prices for apartments in Barcelona are slowly falling, but remember: To get a good deal you must have your mortgage ready! Owners will only sell for less if you can pay a 10% non-refundable deposit within 10 days or sooner. And you can’t do this until your mortgage is approved. Spanish banks loan to non-Spanish residents, but it takes time.

My client recently bought a renovated flat at a great price from a builder who needed the money to finish another project delayed by COVID. The builder only sold cheap because my client paid a 10% deposit within 7 days, and the balance about one month later. My client leapfrogged several other buyers who had just begun the mortgage process.

Talk to banks, hand in your financial documents and find out how much you can borrow. Then start visiting agents to see what they have. If your money is ready you can negotiate aggressively. Owners only sell for less because they need money … now.

For mortgage help we recommend Mortgage Direct, an intermediate with excellent client service and negotiating power. They can speed up the process. For questions email me at [email protected]. Thanks, Mark Carr, Owner

Barcelona Property Search in Seven Steps. Start here:
1) Count your money. How much you can spend including gifts?
2) Look Online. Look at portals like idealista.com to see what's out there, prices, etc.
3) Mortgage. Do this now. Talk to banks or hire an intermediary. Spanish banks lend money to non-Spaniards, but the process takes time. We can recommend a trusted intermediary.
4) Area. Walk the barrios of Barcelona so you know where you want to live.
5) Visit Agents. Go door to door in your buying area to see what they have (it's easier than calling).
6) Visit Properties. Now you can visit flats that meet your criteria. Buyers visit an average of ten before they decide.
7) You found the flat. Make an offer. A low offer. Don’t be afraid to offend; the seller might be desperate. I always offer low, nothing to lose, and sometimes they say yes or drop the price by a lot.
Questions or Assistance. Call or email Mark at 664 665 365 or [email protected]
https://bcnapts.es/

Home - The Barcelona Apartments Find Your Home in Barcelona We offer properties for sale in the Barcelona area. The owners are builders who buy, renovate, and resell. We help you buy directly from them. It’s easier and saves you time and money. Get in touch Why Buy Through Bcn Apts. Mortgage Assistance Spanish banks grant mortga...

Home - The Barcelona Apartments Find Your Home in Barcelona We offer properties for sale in the Barcelona area. The owners are builders who buy, renovate, and resell. We help you buy directly from them. It’s easier and saves you time and money. Get in touch Why Buy Through Bcn Apts. Mortgage Assistance Spanish banks grant mortga...

Buy Property Seminar via Zoom
Is now a good time to buy a flat in BCN? Join our Seminar. Email Mark at [email protected]. I’ll send you the Zoom link before the seminar. Thanks.

Barcelona Buy Property Seminar via Zoom
1) Is now the right time to buy property in Barcelona?
2) The effect of COVID 19
3) Search Strategies
4) Mortgage Requirements
5) The Legal Process of a Purchase

Date: December 3, 2020, at 7:00 pm (Thursday)
Duration: 1-hour presentation + 1-hour questions
Presenter: Mark Carr, a Property Advisor and Lawyer. He’s helped non-Spaniards find and buy property in the Barcelona area for over seven years.
Reserve: Email Mark at [email protected]
Cost: Free

Property Search in Barcelona in 7 Steps. You want to buy but aren't sure. Start here:
1) Count your money. Calculate what you can spend including savings, investments, and gifts.
2) Quick Look. View properties for sale online to see what's out there, prices, etc. Idealista.com is popular.
3) Mortgage. No need to continue until this is resolved. Talk to banks or hire an advisor. Spanish banks lend money to non-Spaniards, but the process takes time. We can recommend a trusted advisor.
4) Walk the barrios of Barcelona so you know where you want to live. You should also go at night.
5) Visit real estate agencies in your buying area to see what they have. I find this easier than calling.
6) Visit Properties. Now you can visit flats that meet your criteria. Buyers visit an average of ten before they decide.
7) You found the flat. Make an offer. Don’t be afraid to offer low to get a response.
Questions or Assistance. Call or email Mark at 664 665 365 or [email protected]

Bcn Apts. was founded by Mark Carr, an attorney from Iowa, USA, who's lived in Barcelona for 20 years. He's worked in Barcelona real estate for over seven years. He sells newly-renovated properties owned by builders and developers. Most of his buyers are non-Spanish who prefer a new apartment and not worry about renovating or making repairs. It's a very personalized service where BcnApts spends a lot of time with each prospective buyer, reviewing their buying goals and showing properties. They also introduce the buyer to the owner so they can carefully review the property's construction.

Beautiful apartment for sale with a large terrace near Sagrada Familia. If you'd like to see it, please contact Mark through Messenger or by email to [email protected]
https://bcnapts.es/property/piso-en-el-camp-de-larpa-del-clot-ground-floor/

Apartment with large terrace near S. Familia - The Barcelona Apartments A spacious, newly-renovated apartment with a large terrace in the Eixample area eight blocks from Sagrada Familia. Uniquely located on a very quiet street, it blends aesthetics and functionality with a contemporary design. The home retains its original Catalan features including a 4-meter high vault...

San Andreu is about 25 minutes from the Barcelona city center by train.

https://bcnapts.es/sant-andreu-neighborhood-builder-information/

Sant Andreu Neighborhood - The Barcelona Apartments The City Barcelona is one of the most beautiful cities in the world and hosts a myriad of multinational companies, yet maintains a village-like charm. It’s the second-highest destination for international buyers of real estate in Europe and Europe’s fourth most-visited city. The Neighborhood San...

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Welcome to BCN Apts. We advertise property for sale in Barcelona. The owners are property developers who buy, renovate, and resell. We help you buy directly from them as it's faster and easier. We spend a lot of time with potential buyers reviewing the market, advising on where to buy and what to look out for. See our website for more information. https://bcnapts.es/

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