Often ads for homes on the market include the phrase “motivated seller,” and while this sounds as if it may be to your benefit as a home buyer, what does it actually mean? If a seller is truly motivated you can benefit from a number of potential perks they may be willing to throw in to get their home sold, or they may even be willing to accept a lower offer than the asking price. Here are a few tips on how to find motivated sellers, and how to get the best deal possible.
Believe it or not, all “motivated sellers” are not really motivated. The phrase is often used by sellers and real estate agents to get a response from potential buyers. From the perspective of agents, if a seller is fairly insistent that they want a particular price for their home, which the agent feels is above the market value, they may use this phrase to encourage bids below the asking price. Sellers, on the other hand, may request this phrase be used whether they are motivated or not, in order to encourage a bidding war. Whether the seller is actually motivated or not may not always be apparent, but the best way to gauge the situation is by contacting the agent and making a low offer if you are interested.
So The Seller Is Really Motivated! Now What?
If you have put in a below asking price offer and it has been accepted, or a counter offer has been given, then you may really be dealing with a motivated seller.
So what should you do to make the most of this situation while protecting your own interests? The first thing you should always do is be sure you are clear about why the homeowner is so motivated to sell. Is there something wrong with the house or the property? Getting a qualified home inspector to carefully check the property before signing anything is very important to protecting your investment. If all goes well with the home inspection, you may have the opportunity to negotiate other bonuses as well, including the appliances, financing options, or a renovation budget.
Whatever the situation, it is always a good idea to have an agent represent you through the home buying process. They are your insider in getting the most out of the situation, and can help you wade through all the jargon of the home purchasing experience.