Home Buying in Jacksonville>Question Details

Lawnarjax, Home Buyer in Gainesville, FL

How can I tell how motivated the sellers are?

Asked by Lawnarjax, Gainesville, FL Fri Apr 10, 2009

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 a poor 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 same peoples trust in fell into in 2006. The most recent sale of a home in the area of comparable stats was 1974. Help! I don't want to be too aggressive, but I believe the asking price is 20-25% too high.

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The best way to see how motivated they are is to make an offer. They will counter offer you if they feel the price is too low. Most sellers do not even know their own bottom line until an offer is on the table in front of them.
0 votes Thank Flag Link Fri Apr 10, 2009
Everybody's got a walk away price. To find out what their's is, you'll have to start the negotiation somewhere. Pick a place, but be wary of insulting them. I find a good coverletter politely and empathetically explaining your position is one way of at least engaging them in the negotiation.

Remember, you have to get multiple people to agree - and their motivation levels probably differ dramatically. I hate being the listing agent in these situations, it is very difficult.

Also, remember that 1974 means nothing - find good comps.
0 votes Thank Flag Link Fri Apr 10, 2009
Hi Lawnarjax,
I believe you have answered your own question. Have your Realtor write an offer 25% below the asking price, since you don't want to be too aggressive. Then you can readily gauge the motivation of the sellers or at least one or two of the sisters. You will know the true market once both sides fully agree to the sales price.

Happy Good Friday,

websites http://www.jacksonvillehomes4u.com and http://www.facetoface4u.acnrep.com
0 votes Thank Flag Link Fri Apr 10, 2009
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.
Web Reference: http://www.troygeorge.com
0 votes Thank Flag Link Fri Apr 10, 2009
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