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 elicit 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.
