To get a better deal, find out who the seller is
Every Spring Texas home seller is different and they all have different reasons / motivations for selling. You may not be able to find out the motivation for each seller. But if you know which category the seller belongs to, you will be able to get a better deal on your home purchase.
Every home seller can be classified into one of the following categories: builder, individual, relocation company and individual seller, relocation company, bank and individual seller, and bank.
A builder‘s motivation for selling is to build more homes. Once a home is built, his capital is tied up until he sells the home. A builders motivation for selling continually increases. The longer the builder’s capital remains tied up the less money he will make on the home. You can get a better deal with this seller by knowing how long ago the home was completed or the date it will be completed.
An individual seller‘s motivation for selling is the most difficult and hardest to understand. The other categories of sellers have a need for selling either financial or job related. Some individual sellers do NOT have a NEED to sell only a WANT to sell. A seller with only a want to sell will sell if the terms (financial and time frames) meet his needs. If the terms don’t meet his needs, he will either wait for the next offer or eventually take his house off the Spring Texas real estate market and try again at another time.
A relocation company and an individual seller‘s motivation for selling is because the seller is being relocating for work. Since there is a relocation company involved the seller has some level of relocation benefits. The level of relocation benefits vary by company and employee. The benefits can be as generous as the relocation company agreeing to purchase the house from the seller, the seller receiving an incentive to sell it within a defined time frame, or the relocation company agreeing to pay the costs of selling. This seller has a need to sell. How negotiable the seller will be depends upon the level of his relocation benefits.
A relocation company‘s motivation for selling is to get rid of the house. Relocation company’s do NOT like to own houses. The reason a relocation company owns the house is because the seller’s benefit package included the option of selling his Spring Texas house to the relocation company.
A bank and individual seller‘s motivation for selling is because the seller can no longer afford the house. This type of sale is called a “short sale “. The individual seller can not sell the house without the bank’s approval since the bank will be netting less money than he is owed on the loan. The individual seller is motivated to sell to avoid having a foreclosure on his credit report. The bank is motivated to sell it as a short sale because his loss on the loan will be less than if he has to foreclose on the home.
A bank‘s motivation for selling is to get rid of the house. The bank owns the home because the prior owner forfeited on the loan and the bank foreclosed on the home. The longer the home sits on the Spring Texas real estate market, the more the bank loses.
Every home seller as a different motivation for selling. And its by knowing who the seller is that you can determine his motivation and get yourself a better deal on the home.