Finding a Motivated Seller in Albany, NY and Beyond
Motivated seller is one of those industry terms that sometimes makes us stop and scratch our heads a little – why would someone list their home in the first place if they weren’t motivated to sell?
But motivated seller is more than just an industry buzz term meant to indicate to buyers that a home is priced to sell, they may have leverage in negotiations, or the seller wants to move quickly.
When a listing includes the term motivated seller, or your CM Fox real estate agent tells you that the next home you’re going to see is a motivated seller, your first question should be why is the seller motivated. Your real estate agent probably won’t be able to tell you, but this question will help you evaluate the property and determine what is actually motivating the seller.
The Homebuying Odyssey: Motivated Seller Traits & Incentives
The Seller Who’s Stuck Between Scylla and Charybdis
Sometimes motivated seller truly means motivated seller and something like a divorce, death in the family, or job offer in a new state means the seller has more incentive to sell quickly than for top dollar. Do your research on Albany NY real estate before you start looking at homes so you know what neighborhoods you want to look at, what houses typically sell for, and whether or not you’re actually getting a good deal.
The Seller Who Keeps Unraveling the Sale
You may run into a “motivated seller” who’s really just trying to keep everyone vying for her attention and run up the price on the house. Chances are if you’re looking at a motivated seller house as a good deal, so are other buyers. Don’t get drawn into a bidding war unless you think the house is worth it. Negotiating tactics 101: figure out how much you’re willing to pay before you make your bid. If you get into a bidding war and it goes past that price, then you bow out!
The Siren Seller
The siren of motivated sellers is trying to unload a bad property before you realize this property might not be such a great deal. Yes, this seller is technically motivated, but their incentive is to get you to take their bad investment off their hands. Your best weapon against the siren seller is knowledge. Know the neighborhood and prices for similar real estate in Albany NY. If you do decide to buy the property, get your own inspection before closing and stand firm on warranty and repair clauses.
Ready to look for a motivated seller in Albany NY? Talk to one of our expert CM Fox Real Estate Agents in Upstate NY!