5 Ways to Tell If a Homeowner Is Motivated to Sell
In any real estate deal where you’re interested in buying, it’s important to gauge as quickly as possible how desperate the seller is to sell. Perhaps they’re not desperate at all. Or maybe they need to sell really bad.
It may seem a little mean, but it definitely works in your favor if they’re desperate. Here are 5 signs that a seller really needs to offload that property you’re interested in.
1. They’re selling their own home rather than using an agency.
Often this means they’ve tried an agency and it didn’t work or they can’t afford one. But regardless of why their house is for sale by owner, it generally means that they will be more willing to negotiate and be done with the deal.
2. They’ve bought another home already.
No one wants to pay the mortgage for two houses when they only want one. So if a seller has already bought their next home, they will be all the more willing to do what it takes to get rid of the one they’re leaving behind.
3. The property has been on the market a long time.
Whatever the reason is that a seller wants to sell their house, none of them want it to take a long time. Some can afford to keep waiting to sell at their asking price, but many either need or want to be out of their house bad enough to cut a deal with you.
4. They can’t make their payments.
Whether it’s because of increased taxes, or the loss of a job, or a divorce, if a seller is in a situation where they can’t pay their bills, they will be much more willing to do what it takes to remove the burden of a mortgage, taxes, and insurance.
5. The property is vacant.
An empty house costs its owner hundreds of dollars every month and benefits them nothing. If the home you want happens to be vacant, you are in a good position to negotiate with the seller.
(via Mathilde Caltot)
Many of these signs will go together. And the more you find in one property owner, the more likely you’ve found a property owner who really needs to sell. So, as a buyer, keep your eye out, and be sure to negotiate the price of a house with a motivated seller.
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