Desperation can be used as leverage in any negotiation. This is especially true when it comes to real estate. You can actually buy a home at below the market rate if you can spot a desperate seller. Under the right circumstances, a seller would be willing to let go of a good piece of property for a handsome discount. However, you shouldn’t push it. Gauge the seller and try to establish their reason for selling before driving a hard bargain. Here are some tips on how to find desperate home sellers and what to look out for.
1. Too Many People in One House
As a family grows, the need for a bigger home and more space becomes more pressing. Sometimes, families wait too long before moving to a bigger home either due to finances or other reasons. You can tell that a family has grown too big for their current home by how cramped the house is. If the home looks overly crowded, then you might just get a great deal since they’re desperate to move.
2. A House Too Big for Its Occupants
Most people will buy a big house to accommodate the whole family. With time, children grow up and move out. Therefore, you might find an elderly couple living alone in a very huge house. It is possible that they would want to find a smaller space if only they would get a buyer for their house. This is your cue.
3. Vacated Property
If you own a house, you must pay utility bills, maintenance charges, and tax whether or not you live in the property. If you come across a vacant property, chances are the owner will be more than willing to sell it just to stop paying the recurrent cost associated with owning the property. You can make a low offer on the property. You never know, the owner might just jump at the opportunity to offload this liability.
4. Listed Homes
Any property that has been in the market for too long is definitely worth a shot. It’s possible that the owner has been desperately trying to find a buyer with little success. If the property has been listed for more than 6 months, they are probably just looking for an opportunity to get it off their hands. This is especially useful if the property is vacant. A family that still lives in their long listed property may not be as willing to settle for just any deal. A good indicator that a family is willing to settle is one looking to move to a new town to join their spouse or start a new job.
5. Foreclosures
These types of homes have been the most affordable homes to buy on a low budget. You can easily tell if a house is a foreclosure because there is always a sign on the front. Usually, the owner will want to sell the home before their notice expires. Therefore, they are more than willing to sell at a cheap rate just so that they make something from their home. The Toronto condo team can help you to find foreclosures in your area.
