While not as common as in recent years, there are still a number of homes in Colorado Springs with homeowners that are desperate. These desperate sellers are a unique and serious hindrance to many people trying to sell their homes. Knowing how to compete with desperate sellers is vital.
Who Are Desperate Sellers?
Desperate sellers are homeowners who probably have an adjustable rate mortgage that has “adjusted” out of their ability to afford the payment. For some, they’re starting to fall behind on their payments, or they understand this situation is coming down on them soon. When these home sellers fall behind in their payment, the lender will come knocking on their door and can foreclose on the home. In order to save their (probably already damaged) credit, these homeowners need to sell in a HURRY.
Often, that means selling for less than what they owe, which is called a Short Sale.
When you’re already desperate, you’ll do whatever it takes to get out from under the home and the mortgage. These sellers have nothing to lose by accepting ANY offer that comes their way, and then they’ll work with the bank to get it sold.
We often work with Sellers in this situation. Desperate sellers require a LOT of hard work, but it is very rewarding to get the house sold for them. In addition to being highly motivated sellers, this means the short sale listing agent will be working very hard to sell this home for their clients.
All of these factors make desperate sellers formidable competition when you’re looking to sell your Colorado Springs home.
How to Compete against a Desperate Seller (and their agent):
Just by NOT being a short sale or pre-forclosure, you should already be getting more buyers interested in your Colorado Springs home. Most home buyers today have neither the time nor patience to deal with the very long time it takes to purchase a short sale. Not to mention that these short sale homes are notoriously hard to buy – the bank can cancel the deal, the condition could change, other homes come up that the buyer is more interested in. Most home buyers are not looking to deal with any of that stress.
In addition, a desperate seller is probably cash poor. They’re typically not able to help with closing costs, negotiate much on terms, or offer any help with repairs. These are important factors to Colorado Springs home buyers! Make sure your Realtor® advertises all the incentives that you’re willing to provide up front.
Two awesome incentives are offering a home warranty or paying for some of the Buyer’s closing costs. If you’re competing with desperate sellers, make sure you put your best foot forward!