How to find value in Maltese off-the-market properties
At any given time, there are hundreds of available commercial and residential properties listed in Malta and Gozo. It is perfectly reasonable, then, to ask oneself: why is it worth the effort to find and acquire a property that is not listed with any agency?
There are a number of reasons why an off-the-market property can represent the best value for your money – both as an investment (which a property always is!) and if you are acquiring it for your personal use. Here are a few of the most common situations.
You are the early bird
For one of several reasons, you are able to come in with an acceptable offer before the property even shows up on the market. A typical example: a property owned by an elderly relative is vacant. Often, the family is willing to wait until the succession to put the property on the market. However, they may be convinced to sell right there and then if it means less paperwork, lower notarial costs, and the possibility to receive the proceeds of the sale, in a tax-efficient way, from the still-living relative.
Some owners think they’re not ready to sell – but you are the right buyer at the right time
When a house is in need of repairs, has bills or ground rent in arrears, or a family member that is not in agreement with the others on the selling price, the owners may be reluctant to put the property on the market just yet. They do not feel “ready”. However, the very same property may be just the renovation project that you were looking for, or you can get a great deal because you’re willing to settle bills and arrears on behalf of the sellers. You’d take the problem off their hands – and quite possibly pass it on to us to solve.
Sellers do not want to pay fees to an agent
“I don’t want to list my house through an agent and pay the fees”. It is a surprisingly common to hear a seller say this. Some sellers are, quite simply, reluctant to fork over a commission to a listing agent. They may try to sell the property themselves, either through newspaper ads or their network or some other do-it-yourself method. It takes time and determination to track all these difficult-to-find properties.
It is a “special situation”
So-called “special situations” exist for every type of investment – including property. There are too many to list, and some are typical Maltese situations: family disagreements, the necessity to force the sale through court when only a majority – but not all – of the sellers want to sell, and many more. Let us be frank: these situations can be discouraging and overwhelming for buyers, and especially for foreign buyers.
It is a great pity when you are turned away from a great deal because you lack the time and effort to deal with these “special situations”. This is where our services become crucial. We have bought and sold properties in some of the most competitive markets in the world and have the expertise to deal with difficult sales. Your role as a buyer is to advise us of your needs, and leave the hard work to us.