The Dangers of Going Solo: Selling your Flat without a Professional
Sell Flat in Valencia may not be as straightforward as you might think, with some complications surprising even the most hardened real estate professional. It looks easy enough to put your flat online. The main thing is to find a buyer, right? Yet even when you find one, you’ll need to be aware of all the steps involved. It’s in the seller’s interest to know about all the relevant documents. They also know how to avoid serious problems such as the ones we will highlight here.
In countries such as the United Kingdom or Unites States, for example, nobody buys or sells without a Valencia real estate agent or a solicitor. There’s a good reason for this.
All too often, buying and selling activity can at best be complicated or at worst prevented, bringing all sorts of unwanted consequences. Loss of money, weeks or even months of wasted time, frustration, disputes, and even court visits, fines or other penalties are all part of the ‘going solo’ Valencia property investment experience.
Permission to sell
Did you know, for example, that you must let the local authorities know if you plan to sell flat in Valencia – and across Spain? This is especially the case for poorer neighbourhoods. There is an abundance of social housing and bank-owned or repossessed properties.
And what of Spain’s price caps on both sales and rentals? These also apply to investment properties in Valencia. The fines for serious offense like failure to comply with the rules are heavy.
When you sell or buy flat in Valencia, some detail can be overlooked by many buyers and sellers. They must properly checked in advance all debts, taxes, and shared contributions associated with the property. The hidden issues that need reporting can only be spotted by professionals.
Such ‘latent defects’ (as they are referred to by Spanish law) can reverse a sale. This means that a judge can order the seller to return funds to the buyer and pay any additional damages.
What if the buyer applies for a mortgage, and you end up having to deal directly with their bank? Bureaucracy, and demands to complete seemingly random documents or forms you’ve never even heard of can leave your nerves in tatters and your patience exhausted. The reality is that banks nowadays can seem both hostile and inaccessible.
Bad agencies and timewasters will inundate you with calls as soon as you place your advert. Even with a buyer lined up, you’ll have to overcome these and many other obstacles. Just imagine trying to navigate it all by yourself.