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BUT, the sellers have owned it barely 6 years and paid too much. They also spent a significant amount on finishing the basement. Of course, they have way more into it than the city's valuation, even taking into account the average amount of under-assessment in this area. They are very unlikely to make back the money they have spent.
The listing agent is the mother/MIL. She said they wanted to move to someplace with more room for the kids. The house and yard are not small (not huge either). There are 4 bedrooms. It's in a pretty nice area of the metro area for lots of reasons.
So, that might be the main reason and it might not be. I'm not going to ignore my radar, but other than a sense of something's a bit off with their story, how can one figure out why a seller is really selling?
I often tell my couple clients (I'm a psychotherapist), "When you marry someone, you're marrying a set of problems." (don't worry, the rest of the discussion is much more positive and strengths-based :-) Likewise, when buying a house, one's buying a set of problems. How do you determine what set of problems you are buying when you buy a house?
(Of course we'll have an inspection, but those aren't foolproof by any means. Also, since the basement is fully finished, that hides a lot of info, IMO.)
You will never truly know why they want to sell, maybe they are embarrassed to say that it's too expensive for them, at any rate their loss may be your gain. People sell for many reasons. Don't worry about it.
I'm not going to ignore my radar, but other than a sense of something's a bit off with their story, how can one figure out why a seller is really selling?
You can't, unless the seller specifically tells you. (And even then, would you believe them?)
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How do you determine what set of problems you are buying when you buy a house?
You get an inspection by a good home inspector, with a more detailed follow up of any serious findings by an appropriately trained individual (such as a structural engineer, electrician, etc.). And you visit the neighborhood multiple times at different times of the day to look for issues.
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(Of course we'll have an inspection, but those aren't foolproof by any means. Also, since the basement is fully finished, that hides a lot of info, IMO.)
A fully finished basement reveals as much as it hides. People who live in houses with serious water issues don't finish their basements.
As for home inspections not being foolproof, well, you shouldn't buy any house if you want completely stress-free living. Because even if the house has no problems when you first move in, sooner or later it will develop some. That's just what houses do!
Why is it your business? Maybe they are going through a divorce. Maybe they have financial problems. Maybe they had a financial windfall and are just tired of the house. There could be 100 reasons why they are selling that have nothing to do with the quality of the home.
As a psychotherapist, you must know and teach that no person is perfect. That goes with houses too. You simply pick the house with risks that you can live with, and a house inspection plus evaluation of the neighborhood helps you do this. Checking with the county that recent improvements have been permitted and inspected helps as well.
Most of the time buyers are never told why a seller is selling the house, and your example shows why. Their reasons are almost always not the reasons you would have leaving the same property. A simple example is commuting stress. You may work from home, they may have a drive that has been made more difficult over time due to new traffic patterns. Their child might be being bullied or they might want a school near a playground. Lots of little things add up to each family's decision.
They are offering a product for sale, and your task is to evaluate whether that product is something for which you would pay their requested amount, not to psychoanalyze the sellers.
how can one figure out why a seller is really selling?
How do you determine what set of problems you are buying when you buy a house?
You get yourself a crystal ball or if you have reasons and suspect problems/defects then you perform a comprehensive inspection and hire independent licensed professionals, ie, hvac, electrician, plumber, roofer, structural engineer, etc, everything else is irrelevant.
You should do your due diligence to assess the current value of the home, and then whether or not a deal can be made will come down to whether you and the seller can agree on that value.
If the motivations really matter such as a divorce, loss of job, IRS problems I as there agent will never tell or disclose those problems.
If it's a house condition, it should be disclosed in the Sellers Disclosure. Due diligence is required by the buyer and their agent.
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