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Looking for a bargain property in France?

Property prices have risen steadily across France for the last few years so bargain hunting has become more difficult. There are still bargains around in rural regions of France. If you can find a “motivated seller” then a bargain can often be discovered. So looking for reduced price property is a good starting point.

We have started a new section on www.1st-for-French-Property.co.uk called Price Reductions. Primarily designed for French Estate Agents to add property details where the property price has been reduced!

Of course, the vendor is looking for a sale – so do NOT be afraid to negotiate further! Often a reduced price is indicative of a motivated seller. Always a good sign especially if you are in a position to buy. In other words your property is already sold / cash buyer / or mortgage arranged! Always use a Notaire for the property purchase – do not be misled to release money to a private seller who does not want to use a Notaire.

Currently 125 properties in the “Reduced Price” category – some with over 100,000 euros reductions. For more details: French Reductions

Needless to say do check why the property has been reduced. In many cases, the vendor wants a quick sale but there maybe a more serious reason. Although it is unusual in France for a survey, it is common to ask a local builder to give you quote to renovate!

Well the house is now sold – with lots of regrets! Already missing the location and the lovely house. But times move on and we shall be buying again in France soon!

As seems common in France, we increased the number of estate agents(Immobilier) to market our property, and the increased competition seemed to work wonders. Our first offer on the house was ridiculous and rejected outright!

However, within a few weeks they were back with an increased offer! Now, it got interesting and another estate agent had a buyer. So the offers started to escalate and we accepted the highest offer.

But, and there is always a but…..a couple weeks down the line, it was becoming increasingly obvious that finance was an issue. Suddenly the Immobilier could no longer contact the buyer – who was not answering phone calls or emails! Very strange….and all the time Immobilier with the original buyer is running down the opposition accusing them of all sorts of tricks! Who do you believe?

After some days of waiting, the original buyer makes a “final offer”, and we agree a figure somewhat higher than the final offer. OK – we have not got what we wanted but we are happy!

The buyer wants to conclude the deal within weeks. This seems very optimistic – normally it takes 2 to 3 months. Within days we get the compromis de vente in French – and my French is not good enough to translate technical “guff” so we call a friend who recommends a Notaire who speaks English and translates the documentation.

Although it is normal in France to have one Notaire, there is no extra charge for having your own notaire. This is an excellent move and the compromis is sent in both languages. It is duly signed.

Now things begin to move very quickly, and out of blue comes a request to fly out in the following week to sign the final Acte de Vente. There has been a breakdown in communications and no notice was received. No way, can I get out the following week. So we decide that I will give a Power Attorney to my Notaire to sign on my behalf in France.

Document arrives from my Notaire by email – I now have to find a UK Notary to witness my signature! Help! Fortunately I am visting Brighton on business and just down the road nr the Pier is a Solicitor’s office with a Notary. Document signing is duly witnessed, stamped and I am relieved of £60 for the pleasure!

So now the document has to be sent to my Notaire in France toute de suite! Courier to France is extremely expensive, so we opt for AirSure at the PO. Phew!

A few days pass and I get an email from the Notaire saying that the Acte de Vente has taken place a few days early!

No money yet – but Capital Gains has to be assessed – and I am told the money will be coming in a few days. I am waiting patiently!