When you're looking through listings of homes for sale you may see a few mentioning that the owner is highly motivated to sell. There are quite a few reasons why a home may need to be sold quickly, and here are the top seven reasons sellers come to this decision.
1. Difficulty Selling the Property
Properties can be difficult to sell for a number of reasons. Quite often there is something dramatically wrong with the house making it undesirable such as foundation problems or serious structural concerns. Another reason could be that the asking price of the home may be too high, so sellers reduce the price in hopes of selling fast.
2. The Mortgage or Taxes are in Arrears
The homeowner may be behind on his payments and have to sell fast. In order to avoid foreclosure and wrecked credit, selling quickly can be a viable solution. Furthermore, if the property taxes are going into arrears, this can cost homeowners everything so a fast sell can prevent a huge financial loss.
3. Having a Financial Crisis
A homeowner may have lost his job and suddenly becomes unable to meet mortgage or tax payment requirements. They may need money to finance a medical expense or to pay for higher education for a child. The faster this seller can find a buyer, the faster he can resolve his personal financial crisis.
4. Home Inheritance
A deceased relative may leave his home as an inheritance. If the home is left to more than one child then the home is usually sold and the money from the sale is divided between the siblings. However, homes that are gifted to a sole recipient may not be needed or desired, so it only makes sense to sell fast in these situations.
5. A Job Transfer
A move to a different town for employment reasons can lead a homeowner into desperation. The person selling probably already has accommodations set up in the new town and won't want to pay to maintain two properties at the same time. In other circumstances, a homeowner may need the proceeds from the sale to settle into a new location.
6. Filing For a Divorce
A divorce case may require both spouses to equally split the assets, and the home might be one of those assets. This could include selling the property so the proceeds can be divided as a part of the final settlement, and usually it needs to be done quickly.
7. An Unoccupied Home
An idle home provides no value to the owner and can become a liability. There may still be a mortgage to pay and property taxes are an annual given that owners simply don't way to pay anymore. Home insurance costs go up and the house is more likely to be vandalized if it is left sitting empty for too long.
As you can see, there are many reasons an owner may want to sell fast, so don't let reduced prices or statements of ‘eager to sell' scare you off from the property of your dreams.