The Real Estate Browser Volume 8, Issue 5 | Page 10

10 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 8 Number 5 www.LynchburgRealEstateBrowser.com Seller’s Motivation: Just What ARE They Thinking? by Dan Vollmer, Associate Broker, ReMax 1st Olympic Buyers and sellers come in a home on the market may go ahead and put an all shapes and sizes, and with offer in on their next home, just so they don’t all manner of perspectives ‘lose out.’ In that scenario, one thing that does is and motivations. And oftentimes it can be hard for one to see things from the other’s point of view. Let’s consider a couple factors that sellers frequently consider during contract negotiations. (Keep in mind, these factors don’t necessarily mean the buyer needs to accommodate the seller, firms up for the sellers how much they’ll need to get out of their current home in order to make the new purchase. They may have a fair amount of equity in the current property, but they may have committed that equity to the next purchase. but it can help to understand their mindset…) 3. Time frame. Some sellers need time to 1. Their current loan amount. This is obvi- identify their next home, some may need to ously one of the main concerns of every seller make a move in order to start a new job. Other - unless they are fortunate enough to own the sellers may be forced into a move - due to a job home outright. Sometimes a buyer will believe loss, change in their family status or other unfor- - and have solid comps to back up - the price they’re willing to pay. But the seller has expenses with the sale of the home, and sometimes the purchase price minus their expenses leaves the tunate circumstances. In those cases, the seller may just be dragging their feet out of reluctance to accept the circumstances. So it may not be as seller with a deficit. And THAT means they’ll much about the price as it is about leaving what have to write a check at the closing table. So has been their home. when a seller counter offers, many times they’re just trying to get to a number that allows them to break even (and not pay money out of pocket just to sell the house). 2. Funds needed to make the next purchase. As the market has shifts from a buyers to a sell- ers market - or as certain neighborhoods or even price ranges make that adjustment - sellers with Of course there are a myriad other factors and motivations, but these are a few of the most common. Again, these aren’t always the buyer’s responsibility to cater to, but it can help to see things from the other side. Questions, comments, or have an idea for a future article? Email me at [email protected].