Apartment offer

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fybian
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Apartment offer

Post by fybian » Wed Mar 14, 2018 10:59 pm

Dear all,

Thanks for your help in my previous posts.
Now we are considering to buy an apartment. In the current Chilean market situation, what is a reasonable offer to make to the seller to buy the properties, say 5% off or 10% off?

Thanks,
Frank

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Re: Apartment offer

Post by admin » Thu Mar 15, 2018 8:35 am

10%, unless you have some mega leverage. Even with leverage sellers in chile will often just refuse to drop the price.

More than 10% the sellers tend to get imsulted and will not sell at any price.
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Donnybrook
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Re: Apartment offer

Post by Donnybrook » Thu Mar 15, 2018 10:41 am

Have an argument for dropping the price. What would need doing - painting, redoing the kitchen etc. If buying a flat ask if there is a savings fund for future big shared expenses, how many owe their monthly "gastos comunes". These are very important in a small building as fewer are contributing. When a lift needs replacing in an older building this can matter a lot. Check the flat is debt free.

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eeuunikkeiexpat
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Re: Apartment offer

Post by eeuunikkeiexpat » Thu Mar 15, 2018 11:26 am

Donnybrook wrote:
Thu Mar 15, 2018 10:41 am
Have an argument for dropping the price. What would need doing - painting, redoing the kitchen etc. If buying a flat ask if there is a savings fund for future big shared expenses, how many owe their monthly "gastos comunes". These are very important in a small building as fewer are contributing. When a lift needs replacing in an older building this can matter a lot. Check the flat is debt free.
Very good advice.

And realize, these things can change quickly to the negative if the administration commits fraud.
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BUT when necessary, by way of ridicule and truth revelation we shalt do war.

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fybian
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Re: Apartment offer

Post by fybian » Thu Mar 15, 2018 1:37 pm

Donnybrook wrote:
Thu Mar 15, 2018 10:41 am
Have an argument for dropping the price. What would need doing - painting, redoing the kitchen etc. If buying a flat ask if there is a savings fund for future big shared expenses, how many owe their monthly "gastos comunes". These are very important in a small building as fewer are contributing. When a lift needs replacing in an older building this can matter a lot. Check the flat is debt free.
Thanks for the suggestions! Where can I get the information that how much they owe their "gastos comunes"? From their agent?

at46
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Re: Apartment offer

Post by at46 » Thu Mar 15, 2018 2:37 pm

fybian wrote:
Thu Mar 15, 2018 1:37 pm
Donnybrook wrote:
Thu Mar 15, 2018 10:41 am
Have an argument for dropping the price. What would need doing - painting, redoing the kitchen etc. If buying a flat ask if there is a savings fund for future big shared expenses, how many owe their monthly "gastos comunes". These are very important in a small building as fewer are contributing. When a lift needs replacing in an older building this can matter a lot. Check the flat is debt free.
Thanks for the suggestions! Where can I get the information that how much they owe their "gastos comunes"? From their agent?
Talk to the administrador/mayordomo of the building about gastos. As to asking for a discount, find out how much the apartment has been on the market. If not much, they're not likely to move. So just wait it out. But if you have researched the market and are really interested in that specific apartment, maybe offer 5% off or just pay the full price before someone else snaps it up.

fybian
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Re: Apartment offer

Post by fybian » Thu Mar 15, 2018 4:32 pm

Thank all for the help and suggestions! Is there a checklist for buying an apartment in Chile.

paladin
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Re: Apartment offer

Post by paladin » Thu Mar 15, 2018 8:34 pm

fybian wrote:
Thu Mar 15, 2018 4:32 pm
Thank all for the help and suggestions! Is there a checklist for buying an apartment in Chile.
I would suggest you dont believe anything the real estate agent tells you, even though you’ll no doubt be paying him/her, and that you use a reliable lawyer. It will obviously cost a little, but from my experience, it’s well worth it, as there are many ways to slip up, and perhaps gind yourself with major problems.

at46
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Re: Apartment offer

Post by at46 » Thu Mar 15, 2018 10:22 pm

paladin wrote:
Thu Mar 15, 2018 8:34 pm
fybian wrote:
Thu Mar 15, 2018 4:32 pm
Thank all for the help and suggestions! Is there a checklist for buying an apartment in Chile.
I would suggest you dont believe anything the real estate agent tells you, even though you’ll no doubt be paying him/her, and that you use a reliable lawyer. It will obviously cost a little, but from my experience, it’s well worth it, as there are many ways to slip up, and perhaps gind yourself with major problems.
I used both an agent for local knowledge etc. and a lawyer for the documentation. It worked really well.

BTW, they're more likely to move on price if you're paying cash.

fybian
Rank: Chile Forum Tourist
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Joined: Mon Oct 23, 2017 10:54 pm

Re: Apartment offer

Post by fybian » Fri Mar 16, 2018 5:40 pm

Another thing I would like to ask is that the mortgage. What is the current mortgage rate now? Which bank offers the best interests rate?

Thanks,
Frank

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