Selling building land - advice needed

Hi

I think I read somewhere on this forum that Poles don't like to buy from foreigners? I may have a plot of building land to sell this year and would welcome any advice on using estate agents, how to market etc. I have also heard that Polish people don't like to use estate agents, is that right? I would be grateful for any opinions of the market for land at present - mine is a small plot with planning permission.

That's nonsense...

Great I am glad to hear that!

The polish people are just as eager to find a bargain as anyone else. Don't worry, if your land is valued correctly and is in a good area you'll find someone who's interested.

Who the hell likes to use agents - I have said many times on this site that I try to always be very positive about everything.

well o.k not everything - I hate property agents -

I make no bones about it, as a group they are in the majority dishonest money grabbing greedy, devious, liars e.t.c. e.t.c. i could use lots more stronger words but i would like to retain my lady like composure. In all countries of the world, no one country is any worse than any other, actually maybe the Irish agents are the worst because of the area of inflated valuations, hence alot of the current banking crisis. It will be interesting what the valuers appointed by the irish government to value all the crisis property will be doing.

Poles don't want to pay money for nothing and sometimes when you are buying the agents fee is money for nothing. However if a good agent with all the lovely characteristics I outlined above is involved in the sale, you may get more money, my advice is a combination of the two, if you speak polish put a sign on your land and a phone number and see what happens, tell the agent you deal with that you are doing it too. However if you don't live here then they may take your sign down, advertise it on line Allegro is good.

In relation to the agents commission - they will all tell you its a standard 3% - total horse manure - NEGOTIATE - they are getting commission both sides.

I could tell you stories of deviousiousity in ireland and poland that would scare you, many agents will buy a good deal themselves and still charge you commission and not take valid higher offers.

If you get a valuation hire a company that you can trust -
Savilles - cover the whole of poland, but they aint cheap -

This is probably the one I trust the most but your valuation will be expensive, but a proper valuation. If you want to save money contact a bank in the local area of your land and ask them to recommend a valuer, this is good because they won't take risk and you will get the number of someone who you can trust thats local and will give you the real value.

Contary to what I say there is always honest people everywhere, the problem is that the really honest people are always busy with repeat business so not out touting business and the people who you find easily who speak good english and talk everything up are usually the people to really avoid. beware of the really hot girl who speaks english and is sooooo nice - she is wall paper and used to lull you into a false sense of security, if I had a euro for every Irishman who has fallen for that trap I would have at least a nice two week holiday for myself. These ladies couldn't organise a pissup in a brewery and are usually doing their nails in the office, one friend made a surprise visit to the city he bought an apartment and was ringing such a lady who sold him an apartment, she was ignoring his calls, when he got to outside the office, he could see her and she could not see him, he was calling she wasn't answering, boy she she get a fright when he walked through the door - BUSTED!!!

Be wise is all I'm saying, its a crazy business so proceed with extreem caution!!!!

good luck with your sale.

MKD

Thank you for all your advice, getting the right valuation really does seem key. I have surfed various free websites and agent's sites and this is giving me a good idea of the value I think, but getting in touch with a bank is something I hadn't thought of. Re estate agents, 3% is rather a lot, good to know I can negotiate!

It is good advice to surf these websites but they are also controlled by the agents, think about it, in this market where cash is king alot of stuff is selling way below market value, its interesting to watch how much stuff is selling on these sites. We are trying to buy a bigger apartment at the moment and I know every site and the stuff thats on it. I also know the price that will be accepted on some places and its 100,000pln off the asking price on the website. The agents keep contoll of these sites with bogus properties to make it look like the market is still very stable - what things are selling for is a very different story. Cash is King!!!

One other problem if you don't have a proper valuation on your property land, if you agree a sale price and lets say its subject to your client getting finance, they go to the bank get a valuation and its less than the price you have agreed, its a bad situation to be in, your client can get out of the sale. If you have a valuation thats from a babk approved company, its going to be conservative and realistic, in the current market things are not good and its hard to raise finance so this is the most common reason people are walking away from a sale.

This way in my opinion you save yourself alot of heartache. My advice if you can is wait - the banks will be more open in the newyear or mid of next year.

Hi, good advice, many thanks.

I think we probably will wait until next year, certainly there's no reason to rush. Do you really think banks will be more open by then?

Well they are saying they will - property is seen as high risk at the moment. Many banks like WBK are over exposed to property i.e. they have maybe 3/4 of their lending book lent to property and that makes them nervous, its the area of greatest return for the least risk i.e european law is very in favour of the banks when its comes to defaulting on paying your mortgage. In Poland in the area of home mortgage the risk area is swiss franc mortgages- too many people have mortgages in swiss franc and it has created unease in the banks, if people start to default on mortgages then the banks who are stable here will have problems.

The people who I know in banking told me their brief for 2009 was wait and see, sit on the fence so to speak, cut costs in the running of banks, give people high rates of interest and get them to put their savings in longterm high interest accounts and wait and see how the year pans out. In 2010 have a look at how things are going and with caution start lending again.

So all you can do is wait, I have seen some fantastic apartments for such great prices, some people have to sell, maybe they were left the apartment in a will and want the money, maybe its a couple getting divorced who want to move on and need to sell, but who has money at the moment, its a bad time to sell apartments you can't get money from the bank... what do you do.

euro millions is 100million this week, maybe thats the best way to go.