How to Deal With Motivated Sellers

How to Deal With Motivated Sellers

Treat these sellers like any other seller who has a product to move. First, decide if you really want to buy the home.
•Ask the listing agent why the seller is selling? If it's not a viable reason to sell, you might be wasting your time if you don't want to pay list price.

•Consider a lowball offer just to see how the seller responds. If the seller doesn't issue a counter offer, you will have your answer. Or, if the seller writes a full-price counter offer, the seller might want to negotiate further. Counter the seller's counter. Don't give up.

•Wait for another price reduction. Most agents ask for a price reduction after a certain number of days from listing inception such as after 30, 45 or 60 days on market. Check the cumulative days on market time.

•Try to find out other motivating factors. The seller might have concerns apart from pricing. It could be buyer possession, owner financing or a seller rent-back expectation.

•Ask about other offers. If the seller has turned down offers in the past, try to find out why and overcome the seller's objections to those offers. You might find out you would be pleased to offer slightly above those rejected offers.

But the short answer to this question is that advertising "motivated seller" often means nothing. How much to offer depends on the comparable sales and the price buyers feel comfortable offering based on those comparable sales. Besides, every seller should be motivated to sell or they are not real sellers.By Elizabeth Weintraub

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