What will the home seller take for the property?
Home seller bottom line on the property is always a mystery. As a buyer agecy office, we often get asked what the home seller will take for the property. I can give an educated guess but have been surprised too many times to think that there is a magic formula. There is not.
The listing agent does not know what the home seller will take either. The home seller may be fickle about price too, depending upon their circumstance and mood for the day.
If I have a buyer client interested is a property the first thing that I do is research:
When did the home seller buy the property?
I look at that to see if there could be equity in the home.
What did the seller pay?
Is the seller going to make any money?
What does the seller owe?
That may be difficult to get an accurate picture of, but I still want to know that the tax records say.
Are the taxes current?
Deliquent taxes means financial difficulty.
How many price changes were there?
A seller that needs to sell will start dropping the price periodically.
Last but not least…
I speak with the listing agent. While their job is to protect and promote the sellers best interest, many will blab and spill the sellers secrets and say more than they should.
I listen carefully so that I can formulate an offer with the buyer where the homebuyer is able to negotiate the lowest price and most favorable terms.
How low the seller will go depends on many factors:
- How much equity does home seller have?
- How quickly they need to sell?
- What they need to net in order to move.
- Who has influence on the home seller.
- How reasonable the home seller is.
- What the home seller thinks of the offer.
- What the listing agent thinks of the offer…
Every home has a different situation, every home seller is a different personality with different needs. You never really know what the home seller will take untill you make an offer. Let us advise you on that.