One of the road blocks for foreign investors in the Colombian real estate market is the difference in the spirit of selling in this country. It’s often the case that selling prices are not based on any formal due process, but rather what sounds good to the seller. For those used to a strict marketplace this is confusing to say the least. It’s difficult to negotiate through to a successful purchase without an official appraisal. Having an agent such as ours with the experience in this market is helpful, and aids in buying directly from a seller. Agents like ours with Corporate Appraisal Agents Registry can make sure you do get the best information quickly. It’s also important to note some unscrupulous “agents” will claim to have this registry, so it is important to ask for documentation. We have agents who can prove they are licensed and have the experience to back this up as well.
There are several important items needed for a strong, legal appraisal. Photo attachments, economic analysis of the sector, title information, property boundaries, supply and demand of properties in the surrounding area, and property and document analysis are part of these needs. You will also need a sector analysis which includes types of buildings, public transport, and access to main roads, and sector activity. Lastly you will need a final valuation of the all properties which are connected under the deed.
Having Peace of Mind
It’s not good to have culture shock in the middle of a real estate negotiation, but this is problem for those who attempt to go it alone. With a certificate in hand demonstrating the pluses and minus of a property it is much easier to negociate the best possible price.
Avoiding “Out of Thin Air Costs”
Having an agent with the right credentials and experience can also help in avoiding little extras tacked on here and there as the process toward negociation begins. The agent is aware of the property taxes and fees involved in the process.