Just How Desperate Is That Home Seller To Sell?

Most people looking for a home may not consider the motivations behind a given listing. In most cases, sellers sell because they want to move to a larger home or they want a change of location. Some sellers, however, fall into the desperation category. When sellers absolutely have to sell and sell fast, it pays to know about it. Knowing the desperation level of a seller provides buyers with an edge when it comes to making offers, contingencies, and more. Read on for some tips on gauging just how desperate a home seller might be.

The Home Listing Tells the Story

If you've been looking for a home for a while, then you understand all about home listings. Whether it's the abbreviated blurb under a photo or a lengthier summary online, a lot can be gleaned from the way the home is described and the multiple listing service (MLS) information. In most cases, homes represented by real estate agents come with professional blurbs. Homes that need to go may be described with some of these buzzwords:

• Priced reduced!
• Highly motivated seller!
• New price reductions!

And more.

You can also uncover some background information about the home by looking at sites like Zillow that mention how long the home has been on the market and more. For example, if a home was on the market then removed for a few months only to reappear on the market, that might indicate a failed contract to buy situation. This is just one vital fact that can be gleaned from online listings or the MLS.

Get the Facts From Your Real Estate Agent

You might be able to find a home without an agent but having one helps. When it comes to insider information, your agent will use their contacts in the local real estate market to your advantage. They may have first-hand information about why a seller needs to sell right away and they can disclose that information as long as they are not the listing agent for that particular home. Some life situations make it pretty obvious that the home needs to be sold quickly:

• Divorce (judge has ordered the home sold)
• New job in another city
• Death (home is sold by the estate)
• Sellers have already found a home to buy and they need to rid themselves of their current mortgage
• Job loss

Speak to your real estate agent about homes that could turn out to be bargains because of the seller's desperation.

For more information about real estate properties, contact a local real estate agent.