Want To Learn How To Invest In Real Estate? Make sure you know the types of motivated sellers to buy from.
If you want to learn how to invest in real estate, you should learn about what makes a good motivated seller. Motivated sellers are very different than typical homeowners trying to sell their property. Most people will try to get the best possible price for their home and are willing to wait a long time to make sure they get it.
For motivated sellers, on the other hand, time is of the essence. There is some sort of reason they need to unload the property fast, whether it is because they need cash fast, or they are losing money on the house the longer they hold onto it.
Motivated sellers are the more desirable of the two options for this reason. They canâ€™t afford to play cat and mouse and they are usually willing to negotiate down to meet your needs.
How To Invest In Real Estate | 10 Types Of Motivated Sellers #6-10
In part one of this two-part series, we discussed landlords, heirs, homeowners under threat of foreclosure, banks who own REOs, and people who are transferring jobs.
Below, you can find five more types of motivated sellers.
6. A Person With A Recent Job Loss
When people lose their jobs unexpectedly, there are two things that usually can happen: they can pick up a lower income job as a temporary substitute, or they can wait until they find a comparable job to their old one.
In both cases, the person obviously wonâ€™t be making as much money as they previously did. Because of this, they might not be able to afford the mortgage or property taxes on the home they are living in.
Often times, what happens is the person must sell their house and purchase a less expensive one. Theyâ€™ll want to sell the home fast, and are probably willing to negotiate down considerably.
7. A Couple Facing Divorce Or Separation
Divorce can be an ugly, nasty process. Much of the time youâ€™ll find one partner and their lawyer battling against the other partner and their lawyer over dividing the different assets. The biggest of these assets is almost always the house.
Often times, the person who is rewarded the house will try to sell the house quickly before their significant other tries to renegotiate the assets.
In other instances, they will sell the house together and each party will receive half of the profit. When this happens, the couple might be disorganized and have little communication with one another.
In both cases, they will want to sell the house and get the process over with, and theyâ€™ll take whatever amount of money they can get.
8. A Family That Is Expecting A Baby
A pregnancy in a family can often mean one thing...