Have you ever notice that when it comes to presenting an offer to our customer, many times one of the first things they wants to know besides it being a full price offer, is what is the buyer willing to pay for their property.
Well, here is another good thing I learn in class today. (this reminds me of a recent blog about whenever we are doing a showing to try to present the price last). The same concept is here in that when we are presenting an offer to a seller, try to highlight other aspects of the offer first: i.e. buyers, willing to close quickly, buyers large escrow deposit, etc. Hopefully, the seller will like what they are hearing so that by the time they see what the buyer is willing to pay say $10,000 less for their home, they, the seller will be in a better frame of mind to negotiate and will not keep insisting on getting a particular offer for their property in todays market. Especially if the property is vacant. Many in our community are currently making mortgage payments of $800-$1,500 or even more. If they refuse a reasonable offer ($10,000 less their asking price) then their property have the potential of sitting on the market for at least 4 months or even longer so 4x$800 =$3,200 more in mortgage payments or 4x$1,500 = $6,000 so that $10,000 that they rejected the offer for have just turn into an overall difference of $4,000 if they do not receive another offer within a certain time frame, that $10,000 that they were holding out for might end up costing them more. There are cases right now where many are losing their homes. Here in my local area, I've seen where these owners have receive notice from banks stating that if they do not pay up, their property will be foreclosed on. Usually, owners have at least three months before their property is foreclosed on. Why not take advantage of those opportrunity to price right to sell fast. Using the term 'owner motivated' does not quite tell me a lot. Many of these owners are naturally motivated not because they are losing their property to foreclosure but because of other reasons.
I went into our local government website to look at homes that are up for foreclosure. Not surprisingly, many of these pre-foreclosure homes and tax sale homes are on the market for sale. With that been said why don't they set their property at a reasonable cost so that it can hopefully sell quickly to save their credit. My mom told me a long time ago that there is nothing better than a good name. I know that having the word foreclosure on ones credit is not the worst thing that could happen to them but as we all know, there are penalities to be paid.
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