I'm not an agent, although I did toy with the idea once, just a dead keen oversea's investor, and wanted to share my Berlin experience.
I bought with a German freind who is a London based Lawyer. The best method we found for aquiring investment grade property as cheaply as possible was to buy at Court Auction - an arcane little known system, but very useful as properties can be up to 60% cheaper.
The properties come with the safest type of German property title and we felt for this reason is a safer method when compared with buying at Public Auction.
We have a local agent on the ground that bids on our behalf and manages the properties, indeed it's the managing side he is interested in, and his motivation to help us aquire decent highly rentable property (not in his interest to aquire a dog that will eat into his managing time).
We targeted just outside Berlin but within striking distance of the airport that is under construction.
Our best buy was under £30,000 with an existing tenant.
The reason I make this post is to enable fellow investors to recognise the crucial difference between the Court and Public Auctions.
If and only if you are a serious and willing investor I can gladly pass on your details (just because it's good to network - and good for my relationship with our German property manager), but please ABSOLUTELY NO TIME VAMPIRES - I do this as a favour not some time costly service
Please do not enquire if you are a Which Magazine addict - this will not be for those who like everything buttoned down to the enth degree - you need to deal through ordinary agents. All I ever get is VERY brief property details and a grainy photo - and then we buy if it seems cheap and the manager recommends it - again our manager doesn't want dogs to manage. No surveys, just a Court pre - sale report in German only.
Cash only, no time to arrange mortgages on auction properties. We find the majority of offers need decorating and in some instances renovation which our manager arranges.
The majority are Bank reposssessions. The manager only gives people one chance - if he gets asked lots of time consuming questions and the person does not buy, he wont offer again - why bother when there are ready and willing buyers. As I say, not for the feint hearted
Sorry AGENTS - this is for private individuals only - our chap does not deal with other agents.