Tips for Buyers Regarding Motivated Sellers
The Fort Lauderdale real estate market is like many areas in the country where the number of buyers outnumber the number of sellers. With this being the case buyers need to work every angle possible to find a home and work a strategy when crafting an offer.
Gone are the days when a “motivated seller” was one who was trying to avoid a foreclosure. Today most sellers are positioned to sell with a profit and come out on top. However, there are still other factors that motivate one to sell. How do you spot these sellers? Here are some examples:
- The home has been on the market for over 3 months so the sellers may become impatient
- The sellers need to relocate for employment reasons
- The owner has recently passed away and the heirs need to sell
- The sellers are divorcing and would like to move on
Some signs to look for include a home where the sellers have done things to make it most attractive. This includes a home that is fixed up, staged, has professional photos and is priced to move quickly. Another sign is when a seller is willing to negotiate. Some sellers won’t entertaining a counter offer, but if one does and they come closer to your offer number then you may be able to work a deal that is more in your favor.
So what else can you do when you find a seller who is motivated? Here are some options:
- Find out what the sellers goals are. This includes things like when is their ideal closing date? Would they rather negotiate price for a quick sale than tend to any repairs?
- Short term rental. Maybe the sellers need to sell quickly, but then need a month or so to remain in the home before they move. Consider renting it back to them.
- Disclose your flexibility. When submitting your offer you may want to alert the sellers of things like that you can move anytime, already have your home sold or the like. Knowing they can use your flexibility may make you the perfect buyer given their situation.
- Offer a larger deposit. Offering more money down for a deposit can show the sellers that you are just as serious about buying their home as they are about selling it.