How can I determine the "motivation" factor in my offer?

Lawnarjax
Home Buyer
Gainesville, FL

I am considering a purchase of a home that is held in a trust with 3 sisters as beneficiaries. The home has been on the market for 2 years due to inept pricing strategy and declining markets. It is now in the ball park, and I need to get an idea of how motivated these sellers might be to get rid of it. The owner passed in 2006 and it was initially priced at 399k, now its listed at 259k. I believe that the home is the most valuable asset of the trust. I also believe the beneficiaries are in need of the funds. This house has never been sold, the folks who built it in the 60's are the peoples trust in fell into in 2006. The most recent sale of a home of comparable stats was 1974. Help! I don't want to be too aggressive, but I believe the price is 20-25 too high.

Answers (6)
Lucy Puniwai
Agent
Keller, TX

Firstly, I see you are from Florida. Are you considering buying this home as your primary residence? Are you working with an agent? I am thinking perhaps you are not as your agent should perform due diligence in several areas.
You stated the most recent sale of a home with comparable stats was in 1974. I live in Keller and will visit the property, take pictures and see if there is a "Seller's Disclosure" available so we can determine if there are known issues or insurance claims on the property. We just experienced a hail storm that left many roofs damaged and windows.
Another good place to get information is in the Tarranty County Appraisal tax records. Perhaps the estate has had a recent appraisal to determine the sales price. There are many items that a Realtor who has the authority to represent you can pursue on your behalf.
Please let me know if you find this information helpful. I am interested in an interview to become your Realtor.

Take care,

Lucy A. Puniwai
(214)783-6416 - Cell
HomeCity Real Estate

puniwai@gmail.com

Fri Apr 10 2009, 13:40
Lynn911.com Dal...
Agent
Dallas, TX

Happy to assist you in this matter ALL PARTIES have to agree in order to sale property.

Is there a remaining mortgage left on property? IF so that needs be paid off first. Many factors come into play.

CONTACT OUR OFFICE TODAY
972-699-9111
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Fri Apr 10 2009, 10:15
Bruce Lynn
Agent
Texas

These are my favorite..... you're on the right track.

This can be win-win for all. You can perhaps get a great price. The 3 sisters get their money and get rid of an asset that perhaps is declining in value and eating cash from the estate in taxes, insurance, and risk of a vacant house. Make an offer that is great for both parties and you're sure to come out a winner.

Web Reference: http://www.teamlynn.com
Fri Apr 10 2009, 09:36
Troy George
Broker
Southlake, TX

We have a feature on our website at http://www.troygeorge.com called "Market Snapshot" and it will give you an idea of the value of any home.

In a case like this where you belive the owners are very motivated and may consider a lower offer, you need to make an offer in writing to get the ball moving. You (or your agent if you have representation) could do a Market Analysis and research the tax value. We would recommend you make an offer and at least start the negotiation process. You will not need to put any money up unitl the offer is agreed by everyone.

If you need help, feel free to call The George Group at 817-410-8769 or visit http://www.troygeorge.com.

Fri Apr 10 2009, 09:32
John Patterson
Agent
Keller, TX

Submit an offer - if you have a great comparative mkt analysis CMA to back you up - submit and offer and offer the CMA to help them understand the current mkt. Would you like a free CMA?
John Patterson, Graduate Realtor Institute
Real Estate Consultant for Life
Keller Williams Realty
817-232-5995
johnpa@netzero.net
fax 817-887-3156

Fri Apr 10 2009, 09:27
Roger Vining
Agent
Southlake, TX
FIRST ANSWER

Have your buyers agent find comps or ask his appraiser friends for guidence if difficult to find..... Its going to have to be appraised anyway if you are getting a loan. Then just offer what its worth to you (subject to appraisal). Then you will be happy,right?

Fri Apr 10 2009, 09:03

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