How to quickly sell real estate in Bulgaria: tips and recommendations

Real estate sales in Bulgaria: key aspects

In Bulgaria, when planning to sell your property, you need to consider that the price may be significantly lower than the market value. This is especially important if you want to close the deal quickly, for example, within a month or even sooner. An urgent sale implies the need to set a lower price in order to attract buyers.

Example of pricing

For example, in the secondary market of Sunny Beach, a typical one-bedroom apartment, with an area of about 50-55 square meters, fully furnished and equipped with the necessary appliances, can cost around €25,000. If your goal is a quick sale, it might make sense to lower the price by10-15%In this case, the optimal price will be around€22,000With a slight decrease in demand, it may remain low, as the cost per square meter should not exceed a certain amount for a quick deal to be made.€400“— notes Lyudmila Shabanina from the New Estate agency.”

Remote real estate sales

If you are outside the country and intend to sell property remotely, you will need a trusted person in Bulgaria — this can be either a notary or a real estate agent. It is important to choose a reliable person you can trust, as they will handle everything related to communication with potential buyers, the legal side of the transaction, and access to the property. It is advisable to carefully study the market, reach out to various agencies, and settle on one or two that will take care of photography, organizing viewings, and, in fact, the sales process.

Consultations and legal support

If you have doubts about choosing an agency, it would be wise to hand over the legal aspects to an experienced lawyer in Bulgaria. All property owners must give their consent for the sale to take place. The process of remote selling is significantly easier if the property is owned by only one owner, which excludes joint ownership.

Algorithm of actions for remote sales

Now let's look at the step-by-step procedure for remote sales in Bulgaria:

• The owner needs to submit applications to the agency to sell their property, and they must also provide access to their property for the agency representative.
• A representative of the agency inspects the property, takes photographs, determines the market value, and checks the legal validity of all documents.
• After that, an advertising campaign begins, and showings of the property are organized for potential clients.
• The terms of the deal are being discussed with the owner, and a deposit is being collected from the buyer based on the reservation agreement, after which the property will be taken off the market.
• The owner needs to email the agency all the information required to draft the contract. An agreement for the provision of real estate sales services is being concluded.
• The agent collects all the required documents for the owner and sends them via email.

Key points of the sales process

It is important to note that each of these actions requires care and attention. Each step has its own specifics, and it is critically important that all of them are carried out correctly to avoid problems in the future. Therefore, it makes sense to consult specialists who can help not only sell your property but also protect your interests throughout the entire process.

If you decide to actively participate in several stages on your own, it is recommended to stay in constant contact with your on-site representative to ensure the successful completion of the operation. Remember that the right approach and professional support can significantly simplify the process and make it more beneficial for you.

The procedure for selling real estate in Bulgaria

In the process of selling real estate in Bulgaria, the seller is required to send the original notarized documents to the agency via postal service. This package includes documents, among which is a power of attorney issued in the name of the real estate agent. This power of attorney grants the right to represent the owner's interests before various local institutions, including geodesy and cartography agencies, cadastral organizations, municipal tax authorities, as well as various banks and notaries operating in the area where the property is located.

It is important to know that in Bulgaria there is no concept of a "general power of attorney," so all the powers that the owner grants to their representative must be clearly outlined in the relevant documents.

Preparation of necessary documents

It will also require the preparation of a statement regarding the seller's citizenship and family status. This document is standard and includes information from the seller confirming their citizenship, place of permanent residence, and family relationship status. If the seller has had previous marriages, it is necessary to indicate:

• year of marriage
• year of termination;
• grounds for termination.

It is equally important to provide a declaration confirming the absence of debts to the state of Bulgaria that may be subject to compulsory collection. In addition to this, an original document proving ownership of the property is required, which can be a notarial deed.

Conclusion of the deal

As the preparation of documents is completed, the real estateagency will order and obtain the appraised value of the property, as well as the cadastral plan. The transaction is carried out at the notary's office, where the buyer and the authorized representative of the seller meet. At this moment, the purchase and sale agreement is signed, which is formalized in the form of a notarial deed, and the buyer makes the final payment for the property, documenting the payment and providing the necessary information to the notary.

The notary, in turn, registers the transaction in the property rights registry. It should be noted that each case of real estate sale may have its unique circumstances. For example, it could be a situation where the property belongs to several owners, or when the sale is conducted by legal heirs. Such nuances are discussed during the initial consultation with the agency and clarified during the preparation for the transaction. The documents are prepared taking all these specifics into account to avoid further misunderstandings.

Recommendations for investors and immigrants

For those interested in investment activities, immigration, and the need for annual updates on real estate data, it is highly recommended to subscribe to a specialized Telegram channel that regularly provides up-to-date information and useful tips.

Real estate sales in Turkey

Regarding the situation in Turkey, the property owner will need either to be present in person or to appoint a representative through a power of attorney issued at the embassy or consulate of the Republic of Turkey for the property sale process. The power of attorney must also include a photograph of the owner. When obtaining the power of attorney, the owner is required to provide a copy of the passport of the person in whose name the document is being issued.

This condition is strictly monitored and must be taken into account when preparing the deal.

Documents for selling real estate

The documents must clearly specify the terms of sale, including the price and duration, as well as all information about the property.

The role of professional agencies in real estate sales in Greece

In the context of the rapid real estate market in Greece, it's hard to manage without the help of professional agents. Choosing an agency that has experience working with both local citizens and foreign clients is of utmost importance.

However, if one prefers companies that are focused solely on the Russian audience, it may lead to significantly prolonged sales timelines or even a complete disruption of the process, notes expert Vadim Dolmenidis.

Property prices in Greece

It is strongly recommended to consider that in the current real estate market conditions in Greece, one should not expect significant discounts and external characteristics of properties. The level of demand for housing is no longer as high as it used to be.

Therefore, if your goal is to sell your apartment quickly, it makes sense to set the price at least 10-15% below the market value. It's also important to prepare the apartment for sale, making any necessary minor cosmetic repairs and getting it in proper condition.

Especially those clients who are interested in purchasing resort properties spend more time on emotions than on the size of the rooms—the property must attract with its aesthetics.

Alternative strategies for selling real estate

If the search for a buyer is taking too long, Vadim Dolmenidis recommends considering the option of renting out the apartment. This will help cover maintenance costs and may even generate income in foreign currency.

Moreover, renting out the property won't be an obstacle for a future sale. Sometimes potential buyers may appreciate this option, as it saves them the time and effort of finding tenants.

Real estate valuation

When determining the value of an apartment, it's important to take an objective look at the situation and, if necessary, lower the price by 10%. This is because setting an attractive price is essential for closing the deal quickly.

You can also offer the buyer some additional bonuses or gifts, which can be a decisive factor in their choice. The main condition for quickly closing sales is, without a doubt, the price, which should be at least 10% lower than the market rate.

Be prepared for the fact that even in this case, buyers may try to negotiate, as noted by specialist Dmitry Ivanus.

Examples and tips for sales

For example, if an apartment located in the very center of Torrevieja, with an area of 50-55 square meters, is valued at around €48,000, then for a quick sale, it would be reasonable to set the price at €44,000.

As an alternative aspect, you can offer the buyer a garage or a parking space, which will significantly speed up the sales process without the need to provide additional discounts.

Preparation of documents for sale

Furthermore, before starting the search for potential buyers, the owner or their representative should gather all the necessary documents for the sale to avoid any possible delays. This includes:

• Owner's passport and personal documents;
• Documents confirming the full repayment of the mortgage loan;
• Documents regarding tax and utility payments for previous years.

This is especially important for buyers from Europe who can take advantage of mortgage offers to purchase property. Properly prepared documents are the key to a successful transaction.

Conclusion

In summary, it can be said that selling real estate in Bulgaria is a process that requires careful attention and preparation. A comprehensive approach to price reduction, choosing a reliable representative, and consistently following all the steps of the transaction will significantly simplify the task for the owner. I realized that an urgent sale requires flexibility and a willingness to compromise, but ultimately this can lead to a successful completion of the deal.

It's important to remember that reliable information about the market condition and consultations with professionals are key aspects that can make the selling process less stressful and more profitable. If you are considering selling your property in Bulgaria, it is advisable to thoroughly research the market, reach out to several agencies, and choose the right partner for collaboration.

Key aspects of successful sales:

• Flexibility and willingness to compromise:Urgent sales require adaptability.
• Trust between the seller and the agent:Establish relationships with a reliable partner.
• Market research:Gather information from different sources before making a decision.
• Studying individual characteristics:Consider the nuances of each specific situation.

As an author, I hope that the information provided will help you navigate the intricacies of real estate sales, regardless of your situation. The final note is that trust between the seller and the agent, as well as the professionalism of the latter, play a crucial role in the success of the transaction. Don't forget to consider the individual characteristics of each situation, as they can significantly impact the process. Be prepared for interaction and openness, and in this case, you will be able to successfully complete the real estate sale process, achieving the desired benefit.