Selling on the hurry hurry

[AnOther]

With the slow pace of the French property market where it's not uncommon for it to take a year or longer to sell I understand that there are property auctions and wondered if anyone here had had any experience of these. They do something with candles don't they (no rude comments please!)?

I believe also that the Marie will sometimes buy a property to sell on and wonder on what basis they do this, (presumably only when there is a profit to be made....!!!!) and what reduction in estimated market price one might expect in such circumstances.

Yes I know, a "how long is a piece of string" question, but there is a reason for it and that is, with an eye to the future, if one partner was to die for instance and the survivor wished to go back to UK, or perhaps for unforseen circumstances it suddenly became neccessary to repatriate, then it might well be necessary to realise funds from a French property to get re-established in the UK and having to wait a year or 2 for a sale, maybe paying ££££/mth rent in the UK in the meantime, auctioning might be a quick and cost effective solution and the lesser of the evils despite the potential losses.

[Will]

There are still buyers around - one reason for things being slow is that so many houses are priced above the levels that the current market can sustain. When prices rose sharply, sellers got conditioned to the fact that their houses were increasing in value at 15% or more per year, and, despite what agents and notaires may tell them, they are expecting this rate to still apply. Note that I said one reason, not the reason - there are other factors too.

Auctions are an option, certainly, and there are several types, including the one with the candles. This site gives details of sales http://www.encheres-publiques.com/, so you may find an auctioneer near you. This page, from the Paris notaires, gives information about buying and selling at auction. http://www.paris.notaires.fr/art.php?cID=283&nID=706. Most notaires, all over France, will know the local sale rooms and will probably have dealt with them when clients want to sell quickly.

I do think that if you were to approach three or four agencies, explaining that you want a quick sale and will accept a realistic valuation, you would be welcomed with open arms. There are still reasonable numbers of buyers, but they are looking for sensible prices. Don't necessarily go with the lowest valuation - the agent may be suggesting a low price so that he can snap up the place himself to sell on (perfectly legal if the agent is also a marchand de biens, as some French agents are, though not perhaps very ethical). You and the agents should be able to determine what a realistic price is likely to be, and go from there. Or you could ask a slightly higher figure but make it clear you are open to offers - that might give a bit more scope for negotiation, but be prepared to fend of absolutely daft offers of little more than half your asking price because there does seem to be a point of view that houses in France sell for two thirds or less of their asking price.

I can't say which option would be the best for you, because the market might have changed anyway should the situation arise that you need to sell. But there's some food for thought.

Edit - I had missed the bit about selling to the maire. There are various prescriptive rights of purchase. These include sales to the commune, and sales to SAFER (the regional agricultural bodies, which give existing farmers an effective first refusal on actual or potential agricultural land). The commune will not normally buy a property unless it has a specific need for it - for instance to meet its duties to provide social housing, to promote local tourism by providing holiday accommodation (some gites are run by the commune) or for things like road improvements, use as public buildings etc. There is not a lot of spare cash in most communes for speculative purchases.

[AnOther]

Thanks for the info and links.

As I said, just really gathering information in the hope it's never needed but as they say, knowledge is power.

We haven't even taken possession yet (due to on the 30th) much less moved in so a trifle soon to be thinking about bailing out!