From the course: Real Estate: Navigating the Multiple Listing Service (MLS)
Understanding the seller's situation
From the course: Real Estate: Navigating the Multiple Listing Service (MLS)
Understanding the seller's situation
- [Tutor] Step two, seek the seller situation. Why do we do this? To help us understand the seller's motivation, and any particular terms or requirements we may need to negotiate to lock up the deal. For example, sellers in short sale situations owe more than their homes are worth. They may be concerned about buyers giving up and not going through with the sale or concerned the bank will come after them for the difference in their loan balance. When we discover the property is in a short sale situation, we can make sure their concerns are addressed and negotiate a win-win deal. Where can we find this information? The listing should specify the type of sale. And if not, ask your field agent to find out. We can use similar tactics to address the needs of sellers in any situation, even cash only auction properties.
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