Daniel Pessin Talks about Different Types of Motivated Sellers
Jul 16, 2020 12:38
The most important part of being a successful real estate investor is finding good deals. The best way to find good deals is to provide solutions for sellers who have problems and need help. Here are a few examples of different problems homeowners might be facing, giving them a reason to want to sell their house fast.
1. Repairs - Homes that are damaged and need repairs can usually be purchased at a lower price. There could be fire damage or maybe leaks in the roof that caused mold. Generally speaking, the more repairs needed, the lower the purchase price. If you have a good contractor and you can renovate the home for a low cost, this is a great way for you to add equity and increase the value of the home. The equity you create with your renovations will essentially turn into the profit you earn if you choose to resell the home in the future.
2. Lis Pendens - Unfortunately, unforeseen events happen that cause people to fall behind on their mortgage payments every month. Usually after a couple missed mortgage payments, the mortgage company will file a “Lis Pendens” notice. This notice basically means the mortgage company is starting the foreclosure process due to the seller not making their monthly mortgage payments. In this case, you could offer to buy the seller’s house and pay off the seller’s mortgage to stop the foreclosure process. This way the seller can sell quickly, make some money from selling their house, pay off their mortgage, and avoid a foreclosure on their credit report. This is an example where you could really help someone out who’s in need. Remember, as an investor, you always want to be the solution to someone’s problem. That’s how you add value.
3. Inheriting a Property - This is a sensitive subject because it deals with a death in the family, which is never easy for anyone to deal with. However, many people inherit homes all the time, and they can’t afford the extra property taxes or monthly payments required to keep up with the house. A lot of times for many people in this situation, a quick sale might be the easiest solution.
4. Tired Landlords - This is a very common reason where a seller (landlord) might be motivated to sell their property. Landlords rent their property to tenants. However, there might be a situation where tenants are not paying their monthly rent or they are not taking good care of the place. If the landlord is not receiving their monthly rent, but repair costs continue to add up, they might be in a situation where they are losing money and don’t want to deal with the headache anymore, which is understandable! This could be an opportunity to buy a property from a motivated seller that needs repairs!
The following article was written by Daniel Pessin. The topics discussed above are only the opinions, not facts. You are responsible for doing your own research and due diligence before making any investment decisions. Happy Investing! - Daniel Pessin
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