Sell a Property in 45 Days on the Internet (Or Buy One!)
Volume XX, Issue 47
The Chambre de Notaires of France now has the possibility of selling or buying a property directly on the internet, with Immo-Interactif®, in 45 days or less.
Sellers, buyers, neophytes, or those used to working on the internet, Immo-Interactif® is within everyone’s reach. A Notaire accompanies you throughout all the stages of the transaction.
With this process, conceived in the year 2000, the Notaire’s office has created a sort of “eBay®” for real estate. Immo-Interactif® is an innovative sales method halfway between classic negotiation and auction sales. It is an online call for properties on the internet, the progress of which is orchestrated and secured by the Notaires.
The Immo-Interactif® process allows you to obtain, within 45 days, the right price of a property by comparing in real time the offer and the demand. And this is done in complete transparency since the offers are placed by potential buyers on the official real estate site of the Notaires, a real interactive sales room accessible to everyone on the Internet.
The transaction is only concluded afterwards, when the seller accepts, by signing a “Compromis,” the offer that best corresponds to his criteria, defined in a special conditions booklet that has been previously made known to potential buyers.
1. Evaluation and preparation of the conditions of sale:
The seller contacts his Notaire with the aim of selling his property. After having appraised the property with reference to the Notaire’s real estate databases and his knowledge of the market, the Notaire determines with the seller the strategy for the sale of the property: the first possible offer, the conditions, the timetable for the sale…and receives an exclusive mandate for a very short period: six to eight weeks maximum.
2. Putting the property online and advertising:
The Notaire publishes the real estate ad with photos, description, first possible offer (the first possible offer and the offers are negotiated with advertising costs included), dates and times of visits and the sale on the website.
All the useful information (diagnoses, town planning documents, plans, summary notes of the building…) are put online. At the same time, the Notaire advertises the property through a powerful and targeted communication plan on different types of media.
3. Visit of the property and online registration for sale:
The Notaire visits the property on predefined days and times. During these time slots, which generally extend over a period of three to four weeks, potential buyers visit the property, question the Notaire if necessary to obtain further details, and sign an approval request (free of charge and without obligation) in which they acknowledge having read the specific conditions of the sale. At the end of the visits, the interested parties will register online at the official website in order to receive an electronic approval which will be issued to them by the Notaire and will enable them to make their offers during the sale.
4. Conduct of the sale:
At the times and dates fixed by mutual agreement between the seller and the Notaire, the reception of offers begins and lasts 24 hours. Only those persons who have previously registered and have been approved by the Notaire may participate and submit their bids. The seller and the potential buyers can watch the successive bids being made live and appearing in real time on the online sales room.
5. Selection of the offer and signature of the “Compromis”:
At the end of the period for receiving offers, the seller selects the one that best meets his expectations: it is not necessarily the most expensive. He then signs a “Compromis de Vente” at his Notaire’s office and the rest of the procedure takes place like a traditional sale.
The offers are made over a period of 24 hours. In order to participate, it is imperative to be registered before the beginning of this period. Any bid made in the last four minutes pushes back the end of the bidding period by four minutes. The sale will only end when no new bids have been received during the last four full minutes.
In spite of this device, given the possible risks of slow connection or other computer malfunctions, it is strongly recommended to put your bids online as soon as possible and not to wait until the last minute to connect, otherwise you may lose out.
The advantages for sellers and buyers:
Immo-Interactif® is a new method and an innovative tool for putting properties up for sale. It is the freedom of a meeting between buyers and sellers in which the notary is the referee and conductor, with advantages for both parties.
For the seller, Immo-Interactif® presents the property at an attractive price, with targeted advertising. It enables valid purchase offers to be obtained on a property. The seller decides with the notary on the conditions of the sale and remains free to choose the “best bidder.” Throughout the process, the seller benefits from the Notaire’s legal expertise and advice. Immo-Interactif®, an exclusive online service of the immobilier.notaires.fr website, does not incur any additional costs compared to a traditional negotiation sale.
12 advantages of the IMMO-INTERACTIVE® service for sellers :
1. Fast, Immo-Interactif®; allows you to obtain offers to buy a property within an average of 45 days.
2. Serene, Immo-Interactive® plans and controls sales deadlines, without pressure or delay.
3. Customized, Immo-Interactif® allows the seller to determine the conditions of the sale and to select the best purchase file.
4. Effective, Immo-Interactif® presents the property at an attractive value, with targeted advertising.
5. Motivated, Immo-Interactif® engages any potential buyer to adhere to the conditions of the sale in order to receive approval.
6. Transparent, Immo-Interactif® gives the seller full visibility on the submission of purchase offers in real time.
7. Sincere, Immo-Interactif® compares supply and demand to guarantee the best market price
8. Stimulating, through the emulation it generates, Immo-Interactif® optimizes the effect of successive offers.
9. Flexible, Immo-Interactif® does not exclude any potential buyer: if the first buyer withdraws, the second is immediately contacted.
10. Secure, Immo-Interactif® offers the seller, in addition to legal control, the real estate expertise and advice of the notary.
11. Competitive, Immo-Interactif® generally involves fewer costs than a sale with a traditional intermediary.
12. International, Immo-Interactif® can attract offers from buyers all over the world.
For the buyer, Immo-Interactif® makes it possible to make purchase offers and to propose a price on the basis of a notarial real estate valuation, having previously taken note of all the legal and technical information concerning the property for sale. Within this framework, the acquisition is made at the best market price while benefiting from all the ordinary legal protections in terms of real estate sales (10-day cooling-off period, condition precedent of obtaining a loan, etc.).
12 advantages of the IMMO-INTERACTIVE® online service for buyers:
1. Qualified, the Immo-Interactif® positions the property at a value based on a notarial real estate evaluation.
2. Rigorous, Immo-Interactif® includes detailed information on the property for sale from the outset, as well as its technical, legal and socio-economic characteristics.
3. Fast, Immo-Interactif®; is an opportunity to buy a property from home, in 24 hours.
4. Modern, Immo-Interactif®; uses the internet to facilitate the participation of potential buyers.
5. Immo-Interactif® allows the buyer to compare and adjust his offer in real time.
6. Reassuring, Immo-Interactif&® reassures the buyer in his purchase by showing him the offers of people interested in the same property.
7. Sincere, Immo-Interactif® organizes the meeting of supply and demand to guarantee the right market price.
8. Simple, Immo-Interactif® does not require the deposit of a cheque or a deposit to participate. All participation is free.
9. Flexible, Immo-Interactif® does not oblige the approved buyer to make an offer.
10. Secure, Immo-Interactif® offers the buyer, in addition to legal control, prior real estate evaluation and advice from the notary.
11. Regulated, Immo-Interactif® provides the purchaser with all the usual legal protections in the field of real estate sales (withdrawal period, suspensive condition of obtaining financing, etc.).
12. International, Immo-Interactif® makes it possible to make offers from any country.
Here’s a link to a video (in French) that explains it further.
Everything you just read is what the Notaires say about this new service, but let’s look at the reality, more as a buyer, than a seller.
When you peruse the properties on sale, you’ll find mostly properties that couldn’t be sold any other way—no agent would want to take them on as they would be time-wasters. That being said, you might find a great bargain, particularly if you’re willing to take the risk and the possible expense of the massive renovation it might require!
Here’s a sample…
If you want assistance, with this, we can provide it! Contact us for more information.
The Adrian Leeds Group®
P.S. Our most recent House Hunters International aired Tuesday night, “Learning a Thing or Two in Lille.” You can watch it by selecting HGTV on demand viewing, then select the episode ( you will find it under “recent”), then login to a US cable provider (ask a friend if you don’t have one). If watching from outside the US, you will need to have your VPN set on US! Have fun!