I did a search on the MLS for active listings that had the word "motivated" in the description and I was surprised to see there is a lot on there, quite a few have been sitting on there for a while. I know that likely means the houses are overpriced...
So, if there's a house for sale at $500,000 and it is worth $375,000 ARV.... would you bother making an offer of 70% of ARV if the description says "extremely motivated" and it has been for sale for over 3 months? What about if there are expireds that were "motivated"? Do people just write that to get a multiple offer scenario or do they usually actually mean they are motivated?
long days on market are good ones to place offers on. As far as how motivated they are can be determined if and when they respond with a counter offer
Agree with @Thomas Weir . In addition, if you get a counter, but you're offer isn't close to the sellers you could wait it out and then put in another offer as psychology always changes everyday. Keep repeating these steps and maybe you'll get yourself a good deal!
@Pam N. There are many "motivated" sellers on the MLS. Often, the main reason that they are motivated is because they have received no offers after months of trying to sell. And the reason that they have received no offers is because their house is over-priced. And the reason that their house is over-priced is because they owe more than it's worth. If they were TRULY motivated, then they would be lowering the price.
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