For Buyers: Condo Buying Tips
- Use a Buyer's Agent
- Why You Should Not Make Any Major Credit Purchases
- Be Wary About the Listing Agent
- Be Careful of the "Dual" Agent
- Getting a Legitimate Lender and Getting Pre-Approved
- Finding the Right Seller
- Build a Plan of Action and Get Ready
- Hot, Normal, and Cold Markets
- Importance of Inspection
- Avoiding Financial Stress
Finding the Right Seller
The best seller is one who is highly motivated. A highly motivated seller is more likely to sell for less than his or her condominium is worth. And it matters that you find out why; learning the reason why can help you get the price you want and help the seller get what they want: a timely sale.
When given the opportunity to meet with sellers, ask them why they are selling. The reasons could be anything from job change to a new location to financial problems. If you can solve their problem, whether it be cash related or time related, do so. For example, if the sellers are highly motivated because they need to move quickly, give them a fast sale - and a lower price. If you can make an offer, even a low one, that gives them cash in a short time, they are more likely to accept.
There are also some sellers that you should avoid. Not every seller is as genuinely motivated as they make themselves to be. Some possible hints:
- they stall on having the home appraised or inspected
- is unable to clear up liens against their property
- does not own 100% of their property
- they push back the move-out date
- does not have a replacement property or back up plan
- etc. etc. etc.
It is impossible to find the perfect seller. But it is possible to find out which sellers are legit, and which ones aren't.
Article by CLTA
- back to top -