Many times, it is thought that the hardest part when looking for a property in Panama is to find the one that suits what we are needing. But once it has been found, there are other challenges. One of them has to do with the time to make the offer for the purchase. Here’s what you need to know to get ready when making an offer for a house or apartment.
What is the offer for a property?
When it comes to supply, in real estate, reference is being made to a signed agreement. This is therefore legally valid. It is a document in which a person declares to be interested in buying the property on certain terms and conditions. When the offer is accepted, it must be in writing and must be signed by both interested parties.
Considerations when bidding for a property in Panama
If you are looking to invest in real estate in Panama, there are certain factors that should be taken into account when making an offer for a property. These factors are:
- The state and age of the house or apartment
- The cost of repairs if you need them
- What repairs the seller is willing to make and which are not
- Time that housing takes for sale
- What are the conditions of the real estate market and whether it is active
- The anxiety of sellers to make the sale
- The location of the property and access to various services
- The compatibility between the property and the wishes you have regarding a new home
Prepare an offer
Once the above factors have been analyzed, we can prepare to make an offer. Ideally, you should carry out this process accompanied by a real estate agent. At MLS Acobir you can access more than 200 real estate agencies and more than 400 agents with extensive experience and trajectory that will help you find your dream home and make the offer in the best way.
The first advice we give you, then, is not to offer more than you can afford. In addition, any offer, when buying a house in Panama, has to outline all the terms and conditions on which the sale is based. This includes the total amount offered for the purchase, including the amount of the deposit that is frequently made to give legal validity to the offer and the supplementary deposit that is paid when the agreement is formalized.
The importance of the deadline
In addition to what has been said so far, there are other important aspects to consider. One of them is the deadline, as is the opportunity. When making an offer for the purchase of a property in Panama, it is important that it gives the time necessary to obtain the inspection that the house may need, negotiate the agreement, apply for a mortgage loan, among other needs. Always, when making an offer, a deadline or closing date must be set.
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What happens if the offer is accepted?
When an offer is made for the purchase of a property, the seller can accept it, reject it or can make a counteroffer, which means asking for more money than has been offered by the seller but without completely rejecting the option. This is what gives way to negotiation. In the event that the seller makes a counteroffer, the buyer also has the possibility to accept, reject or negotiate it. This is a process that can take several days. Therefore, to avoid the stress that the situation can generate, it is recommended to go to an experienced real estate agent who can take care of the situation and achieve the best results.
The final step: the buying and selling agreement
When negotiations have come to an end and a number has been reached that satisfies both the seller and the buyer, the purchase and sale agreement arrives. This is drafted by the agent’s roots and is usually the second contract between both parties, the first being the initial purchase offer. The sale is a legally valid contract that must be reviewed by suitable professionals. The sale agreement can be standard or for condominiums. All the information necessary for these cases can be obtained with the accompaniment of a real estate agent.
If you are looking for properties in Panama, at MLS Acobir you will find the most qualified real estate agents to accompany you throughout the journey. In addition, you can access our property map with filters that will help you find the perfect home for you.