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Motivated sellers = priced too high but are willing to come down but think they can ask more than it is worth.
Priced right = usually price is close to what it is worth, but always double check.
Location, location = most likely the price is high and the sellers believe their home is a castle and in some cases they are right.
Need some TLC = bring a lot of money because the house is very dated and needs a lot of work.
Fixxer upper = This one is usually really a fixxer upper and a honest remark.
Seller finance = priced too high but seller is trying to be nice but wants to make a lot of money on interest, and it seems nice for people who actually should be renting until they can get a loan that they can afford.
Can close fast = please make cash offer
Maybe some of you have more of these to add and some of you may not like that I wrote this down but this is my opinion when seeing these remarks.
Motivated sellers = priced too high but are willing to come down but think they can ask more than it is worth.
Priced right = usually price is close to what it is worth, but always double check.
Location, location = most likely the price is high and the sellers believe their home is a castle and in some cases they are right.
Need some TLC = bring a lot of money because the house is very dated and needs a lot of work.
Fixxer upper = This one is usually really a fixxer upper and a honest remark.
Seller finance = priced too high but seller is trying to be nice but wants to make a lot of money on interest, and it seems nice for people who actually should be renting until they can get a loan that they can afford.
Can close fast = please make cash offer
Maybe some of you have more of these to add and some of you may not like that I wrote this down but this is my opinion when seeing these remarks.
I have to disagree with the last two. Seller finance means just that. It is much harder for people to get a loan than it used to be. This is just another way to get the house sold.
Cash offers are always preferred, but by stating that the seller can close fast it makes the listing more desirable than all the short sales and occupied homes that may have an issue with closing in less than a month.
I have to disagree with the last two. Seller finance means just that. It is much harder for people to get a loan than it used to be. This is just another way to get the house sold.
Cash offers are always preferred, but by stating that the seller can close fast it makes the listing more desirable than all the short sales and occupied homes that may have an issue with closing in less than a month.
Some short sales can close really fast. We have done the fastest one from listing to closing in 40 days with a cash buyer and 2 loans but both were with the same lender and seller walked away with $ 33K at closing!
Other short sales that will go fast are the ones who had an offer and the buyer backed out for various reasons and due to that the sellers agent is aware what the bank will approve and can set the listing price at exactly that approved price and if the BPO was recently performed than you can close fast with a cash offer.
"Pride of Ownership" -They're too proud (or naive) to take a true market-value offer
"Small Cape-Cod"-an 800SF bungalow
"This One Won't Last!" - "Please believe that you have to race over here and fight off other buyers with a 20% overbid...really, I need a commission and this house is a dump..."
"Lots and Lots of Space!" - Yes, in the basement, garage, and attic, where they threw up some drywall and suddenly you have extra "living space" no one wants to actually live in
"Brand-New House, Built only 5 years Ago!" - Yes, I DO actually see this one, all the time
"All-New Flooring, Just Installed!" - because the owner's dogs/cats/pigs/tarantulas/etc dig all their business all over the old ones.
"Perfect For Entertaining!" - Absolutely terrifying to have your children live in
"Convenient to Major Commuting Routes!" - Right on them
And some new ones whose meanings have just changed recently:
"Home Warranty Paid By Seller!" - Owner has maintained nothing, and will pay a couple hundred bucks so you will overlook that.
"Needs some work, contact agent" - The house is regularly getting damaged by scrappers, squatters, neighbors, animals, and whatever else, and what it needs or lacks changes daily.
"Beautiful Original Features!" - Not at all upgraded, in any way shape or form
"Polish This Gem and it will Shine!" - Needs complete overhaul
"First-Floor Master!" (In an older home) - Unpermitted in-law or rental apartment addition that the seller wants you to believe the city will continue to overlook when re-assessing taxes
"Get This While You Can!" - Really, cause in 60 days it will be tied up in foreclosure proceedings and the bank/county will sit on it for a year or two.
Last edited by Pokemom; 06-26-2012 at 06:53 PM..
Reason: I had some more, but had to cut it short...gotta go watch some drunk people fight over a chainsaw - yeah baby
Secluded == hey don't try and find this place with a scout from the US Calvary.
Great "close to everything" location == since the police /fire / railroad stations are equidistant bring earplugs if you want to get any sleep.
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