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How Seller Motivation Affects Your Offer
Price
Truthfully, it is
rather rare that a seller’s motivation will dramatically affect the price
of a home, but it is often possible to save a few thousand dollars. The
most common "motivated seller" is someone who has already
bought his or her next home or is relocating to a new area. They will be
under the gun to sell the home quickly or face the prospect of making two
mortgage payments at the same time. Since that can drain a bank account
quickly, most sellers want to avoid such a situation and may be willing
to give up a few thousand dollars to avoid the possibility.
There are also family
crises that can motivate a seller to make a quick deal. However, when you
see a real estate ad that mentions "divorce," "motivated
seller," "relocation," or something to that affect,
beware. Although the facts may be true, that does not necessarily mean the
seller is motivated to make a quick and costly sale. Most likely, the ad
is more designed to generate phone calls and leads rather than sell the
home.
However, there are
times when a seller is truly distressed, willing to make a quick sale and
sacrifice thousands of dollars. With the seller’s permission, the listing
agent will post this information along with the listing in the Multiple
Listing Service. They may also inform other agents during office and
association marketing sessions or by flyers sent to other real estate
offices. Provided this information has been made generally available to
Realtors, your agent should know when a seller is truly motivated and
when it is just "puff" designed to illicit interest in a
property.
The exception is when
an agent is selling a home they have listed themselves or selling a home
that was listed by another agent from their own company. In such a
situation, the agent may be acting as an agent for the seller, or as a
"dual agent," representing both you and the seller. In such a
situation, they cannot legally provide you with information that would
give you an advantage over the seller.
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