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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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