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We found out that the seller of the townhome we tried to purchase is actually a professional athlete and millionaire who no longer plays in our city. He must have purchased the townhome as an investment property when it was new (it's a nice but modest place). He's selling it as well as a large house nearby.
I think my realtor's instinct that he'd be more willing to sell quickly and for a lower price has turned out to be completely off. I'm thinking that because he has plenty of money and owes nothing on the townhome, he's actually less motivated than the average seller. Additionally, the listing agent doesn't communicate directly with him, but his financial people who have no emotional or personal stake in what happens to the townhouse.
But then again, taking the hit doesn't hurt him as much as others and he should be more eager to just get rid of the property? What do people think? Anyone dealt with wealthy sellers?
I think they have a larger likelyhood of being more rational.
Because they have professionals work them and making the decisions, in this case he does not live in the place, he probably doesn't have an incentive to fire sale the place. So if your offer is below market its more likely he'll reject but less likely that he'll hold out for an above market price that might never come out of stubbornness.
What do you know. The seller accepted our latest offer of $230,000. His wife drove to St. Louis (where he's based) from Georgia (where family pad is) to sign the papers tonight.
What do you know. The seller accepted our latest offer of $230,000. His wife drove to St. Louis (where he's based) from Georgia (where family pad is) to sign the papers tonight.
Thats crazy! Why didn't they just fax it over, or do the signatures online? Realtors dropped the ball on that one, unless she insisted...
I don't think most wealthy people will sell for a bargain -- unless they are underwater, want to use the money as downpayment for another home, or want to reinvest that money in something more profitable.
The majority of my clients are wealthy, so I deal with this all the time. Each is different, just like regular folks. A lot will hold for a fair price. Some will dump it just to move on. The thing they ALL have in common is that they're very smart. You're not going to steal a property because they're hurting. Most aren't. You'll get a good deal if it makes sense to THEM. But again, they're all different and you don't know their motivation.
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