Motivated Sellers–The Key to Your Real Estate Success

Published by julia | Filed under Buyer / Seller Tips, Communities, Market Trends, Miscellaneous, Pinellas County Homes, Real Estate

Today’s sluggish real estate market means it’s the perfect time to make money as a real estate investor. If this seems like a strange statement, it’s really not. If you are in a position to buy real estate at this time, you’re in the perfect market to find incredible deals that simply would not have existed a few years ago. Now is the time to buy houses for a fraction of what their owners paid for them. Many properties are on the market now and being advertised at many times below their estimated market value. What’s the reason for this bargain basement pricing? Motivated sellers!

A sluggish market means a plethora of motivated sellers, and this is good news for you. Motivated sellers turn the real estate market into a buyer’s market, and this means you can practically name your price and get it. Plenty of sellers are in over their heads with mortgages they can no longer afford and sitting on houses they’re unlikely to sell. These people are facing foreclosure, and they’re willing to do pretty much anything to prevent that and protect their credit. You can use this to cash in!

Motivated sellers mean that just about anyone can purchase real estate, even without good credit. People who are desperate to sell will often by willing to look at all kinds of alternative forms of financing in order to get the deal done. This means you may be able to take advantage of full or partial owner financing, which does not involve a credit check. You may also find homeowners who are willing to simply let you take over their mortgage payments so they can walk away. Many homeowners will provide you with money for a down payment on their house, or will pay your closng costs or give you cash back at closing. The possibilities are almost endless.

Finding motivated sellers won’t be hard, either. Simply look in your local classified ads and look for homes for sale “by owner.” People who don’t have a lot of money to spare for real estate agent commissions will often go the “by owner” route, and may very well be desperate. Other terms to look for in the classifieds include “owner motivated”, “vacant”, “must sell”, “pre-foreclosure” and other similar terms.

Contact these homeowners and find out about their situation. Have a look at their house in person. If you’ve done your homework and know about your local real estate market, you’ll know which properties are the best deals and have the most potential to make a profit for you, either as a re-sale or as a rental property. Once you’ve found your motivated sellers and the house and terms you want, you’re on your way to making money in a down real estate market.