Being a Motivated Seller Means Pricing Real Estate Right

You don’t have to take it on the chin to prove that you are motivated to sell your house fast. In other words, while buyers are always looking for a bargain, you don’t have to lose your shirt on the deal if you take the advice of real estate professionals and price your house according to fair market value.

It’s not really the buyer’s business why you are selling your home. You may be motivated to sell because you have to — job loss, divorce, foreclosure or other financial constraint. Or, your decision to pack up and move may be because you want a bigger house, or you are looking for a retirement home. Or any number of other reasons that really need not be shared with potential buyers. You want people offering bids based on the property and the community — not low-balling you because they feel like you are in a rush to go.

By industry standard, a “motivated seller” is someone who wants to sell their house relatively quickly — within two to three months of listing. If you have no reason to move and are willing to stick it out until the next season or “until you get your price,” you won’t be perceived as motivated by buyer’s realtors and their clients.

However, if you price your house aggressively, it won’t really matter.

  1. Make sure you choose a realtor who is willing to do homework about the area. In fact, you’ll be ahead of the game if you choose someone who routinely buys and sells properties in your town will be prepared to price your home aggressively.
  2. Support an aggressive marketing campaign. Be willing to allow your house to be photographed and videotaped. Be willing to allow the agent to hold open houses.
  3. On that note, say “yes” to any and all requests for showings. Never send a buyer away because they may very well never come back.
  4. Stay in touch with your realtor on a very regular basis. If you aren’t getting the interest you want, make sure you discuss options for improving your marketing program.

Request at least weekly updates from your agent as far as how many showings, feedback, suggestions, etc. If you are truly motivated to sell, you need to be willing to make changes as you go along. You may need to stage the home differently or lower your price.

One last note: when selling a house, money isn’t everything. Say what? Yes, it’s true. One deal may mean more dollars but another is a cash deal. That’s real money, in hand. One buyer may want a quick closing which really fits into your plans while another is willing to offer more but they have a contingency. Don’t forget that every month you own the property is one more month you are paying the mortgages and bills. A great price offer can be eaten up quickly by the extra time you need to cover the bills.

Of course, if you have a major incentive to sell fast — you must move for one reason or another and have to sell your property before hitting the road — you can underprice your house, offer buyer incentives such as paid closing costs, etc.

However, if you timeframe for moving is aggressive yet reasonable, you can make sure you choose the correct listing price — one that is in accordance with comparative listings and sales for your particular town and neighborhood. Savvy buyers will bite when they believe they are getting a great home at the appropriate price.

When it’s time to sell your home, you need to choose an experienced real estate lawyer who will protect your rights and interests legally and financially. Contact the Law Office of Joel R. Spivack for sound legal homeselling guidance.

We are here to help you.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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