A guide to buying property in Malta ¦ Part 2

  • 14.August 2009
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Now why would we want you to know what questions you should expect from a Real Estate agent?  This is because we want you to understand that firstly, a real estate career is a profession and there are processes and honest hard work that is entailed in order to provide a genuine service and secondly, if some questions aren’t answered you may have done yourself wrongly and wasted your time and the real estate agents time. 

The first job for a estate agent is to validate you as a real buyer for themselves and for the vendor.  The questions that are asked may or may not be sound intrusive but it is important that they are answered honestly.  If not, it is likely that you will be found out at some stage and your offer may fall through, losing you the property you wanted.

Here are some of them:

Have you a property in Malta to sell?

The real estate agent in Malta needs to work out if you are a potential customer and most importantly does the purchase of a new property depend on selling yours.  Obviously, this gives the agent an indication on the strength of your position to buy.

Are you cash buyer?

The vendor will want to know this,  If you are not a cash buyer and there are properties in Malta that need to be sole quickly, there is little point introducing you to these properties unless you are certain to get a mortgage with in a relatively short time.  And if the agent showed you these properties and you would not be able to buy them you would definitely be unhappy with the agent and claim that he has wasted your time.   There are two types of cash buyers.  A real cash buyer has the amount of money that is immediately accessible and equals the price of the property.  The second type of cash buyer has nothing to sell, but needs a mortgage to fund the purchase.

What stage is your property sale at?

If you are trying to sell your property in Malta  but you haven’t had much interest from buyers there may be a reason.  It could be because your property is overpriced or that you are not in any rush to sell.  In this case it may also mean that there is no rush to buy a property in Malta which is an indicator for the agent to show certain properties to you.   If you are really keen to sell but you are finding it hard to figure out why there isn’t much interest the agent may be able to value your property and provide you with some tips to sell your property or he may ask you to list your property with his company.  

Have you agreed or looked at obtaining a mortgage?

This question may sound intrusive however it is actually not.  If you haven’t done your homework and figured out how much money the bank will mortgage you to buy the property in Malta and you view properties assuming you have a certain budget you may end up disappointed. It happens often in the property market whereby banks change criteria for loans, buyers may assume because a friend received a certain amount they would but it is not always the case.  Today, the banks are more careful than ever and it is recommended not only for your sake but also for the agent’s sake to speak to a bank first.  You will save your time and you will be able to budget for the purchase.  And hell, you may realise that next year may be a better year to buy because you will be able to afford something more appropriate for your purpose.

Nevertheless, it is always recommended to speak to a reputable real estate agent in Malta, be honest with them, talk to the bank and then decide on what you are going to do.  A real estate agent will always guide you in the right direction; he understands the market and may even assist you in speaking to the bank. 

To read part one go Buying Property in MaltaIn the next issue we will cover getting the best out of your estate agent in Malta