Making an Offer on a Property

1. How do I make an offer on real estate in Colombia?
The property market in Colombia is like any other.  Many sellers raise their asking price knowing that they will always receive a lower offer.  Upon receiving an offer, sellers might claim it is lower than another they’ve just received in order to pressurize the buyer into increasing the offer.  Others might state their asking price and refuse to budge.

The most important thing to keep in mind is that, if you have done your homework and looked at enough properties, you should be clear about what you want and what you expect to get for your money.  So, in many ways, it’s irrelevant what people are asking for.

Given that many people in Colombia will need to sell their property or finalise their mortgage before they can buy, you should try offering a little less if you are a cash buyer, as this removes a lot of waiting time for everyone involved.

2. Should I register less than the full value of the property? 
It’s common practice in Colombia to register a much lower price than the real value of a property when finalising the deeds. This is so that the seller incurs fewer taxes upon sale of the property.  If this makes you a little nervous, insist on registering the real value, but be prepared to offer a little more, maybe $1,000 US dollars.