Whether our first contact is catalyzed by a property you're interested in or you are looking for an agent to represent you in your buying process, we strive to assist you as rapidly & efficiently as possible.
From our first phone conversation, we get an overview of your requirements so we can connect you with a First Estates Consultant specialized in the property type you are looking for. Our first meeting happens at our office where we, consult with you & narrow down your specific needs, “must-haves” & negotiables. If you have a partner, this is the perfect time to synchronize & define the details. The priority is to finish this meeting with a clear understanding of your priorities to make sure we don’t waste time viewing properties that don’t meet the requirements. With a clear picture of what you are looking for we can present properties, areas, and options you may not have been aware of. At this meeting, we sign the intermediation contract to formalize our commitment to you throughout the purchase process.
Budget Setting & Credit Standing
At our first meeting, we can also assist you in preparing your finances for the purchase process. Our job is to make sure your budget will fit your requirements & in the case that it does not, help you refine to get the best for your investment. How much of your payment will be in cash & how much from bank financing? If you need financing, we have in-house credit consulting provided commitment-free, by Dilarius Financial Services to help you get the best deal on your loan. We coordinate with your bank, assisting to provide all relevant documents needed to get an accurate pre-approval amount for your loan.
Our objective is to find the right property for you. We search our database of over 1000+ properties, the major real estate search engines & the offerings of other local agencies. No matter what agency a property comes from, we can show it at no additional cost to you. We have long-time relationships with most of the local developers, as well as access to off-market & private seller listings. Our clients enjoy the benefits of our First Club (link to first club) where we present our latest listings 24hrs before they are launched on our website & 48hrs before they are pushed to the local search engines. Most importantly, we filter out false advertisements, saving you time & wasted effort!
From our thorough research, we send an optimized list of properties that meet your requirements with the important factors summarized, directly to your inbox. We frequently work with buyers outside of Bulgaria so we are happy to consult via Skype or phone call to review the options & answer questions. At this point, we can proceed to arrange viewings in coordination with your schedule.
Typically we meet at the property for viewings. For our out-of-town clients, we can also meet centrally & accompany you to the locations. We also offer evening & Saturday visits. The first three viewings are crucial because we solidify your preferences from onsite feedback. Throughout the viewing process, we always advise & look out for your best interests. We encourage you not to choose your agent because they represent a property you are interested in, but for the level of service they will provide you.
Submitting an offer & Negotiations
When you have decided on a property, submitting an offer starts with a stop deposit (typically 1% of the property price.) At this point, our priority is to prepare you to be successful in your interactions with the seller. If a mortgage is involved we provide all of the information regarding the property for your bank. If the seller is also represented by our agency, we are in an even better position to manage the negotiations. Our objective is to get both parties to put their cards on the table; the seller receives payment and the buyer receives a clean title. We act as a mediator & of course assist you with any issues that may arise.
The preliminary contract is the first serious document with legal obligations between the seller & buyer. This contract is drafted by our in house-lawyer (in coordination with your personal lawyer if you wish) & gives a detailed description of the property, its state, the particulars of payment, possible leans & the specific time period for all to be dealt with. We educate our first-time buyers on the full purchase process, explaining each document & laying out the typical timeline. If the sale does not involve financing we can move forward with scheduling a notary date & close in a maximum of 30 days. For sales involving bank financing, you can expect around 2 months of lead time. We handle issues that may arise, protecting the interests of our buyers & ensuring their compliance.
Closing the Deal
Our inhouse lawyer coordinates with the seller to secure all necessary documents needed to allow a clean transfer of ownership and reviews the newly drafted title deed. If payment is to be done with bank credit, she also makes sure all the bank's requirements are met for the approval of the property as collateral for the mortgage. We coordinate the notary date & make sure both parties come prepared with the necessary documents. We organize a translator for our foreign clients if necessary. We accompany our clients to take possession of the property, sign the handover protocol, receive the keys, make sure all utilities have been paid & ensure a clean hand-off of the property.
At First Estates, care for our clients extends beyond delivering the keys - we want them to have a smooth transition to ownership. We remind you to register with your local tax bureau & change the names on your utilities. If you are planning a remodel, we can connect you with our trusted builders & interior design team. We also offer property management services if you are interested in renting your property & of course can connect you with potential tenants.
- International Team & Local Experts
- In-house Legal & Financial Advisor
- We show the entire Sofia Market
- Expert Service that saves Time & Money!