Buying a Home From a Motivated Seller
Posted Wednesday, April 30, 2014
When you see “motivated seller” in real estate listings, does that mean the sellers are desperate to sell their home and are open to negotiation? Sometimes yes, sometimes no. Do not assume it means you’re going to get the home at a bargain price.
When you see “motivated seller” in real estate listings, it could mean a wide variety of things including:
The seller is willing to accept a lower price or give some concessions.
The home could be near foreclosure.
The sellers want to see an offer before canceling the listing.
It’s a marketing strategy. (In other words, it means nothing.)
Here are some tips on how to deal with motivated sellers:
Decide if you really want to buy the home. Don’t buy it just because you think you might get it at a greatly reduced price.
Have your agent ask the listing agent why the seller is so motivated to sell. If there is no realistic reason, you could be wasting your time.
Consider giving a low-ball offer to see how the seller responds. If the seller does not give a counter offer, you have your answer. If they give a reasonable counter offer, they’re obviously willing to negotiate.
Wait for a price reduction. Most listing agents will ask the sellers to reduce their price when the property hasn’t gotten any offers or sold in the expected time frame.
Ask if other offers have been made. If yes, find out why they were rejected, and try to overcome the seller’s objections.
Owning a home is the American Dream. Figuring out if it’s the right time for you to buy, and which property is best for you to purchase, is something only you can decide.
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