When you are looking to buy a condo you want to get the best deal possible. You can get great deals with short sales and bank foreclosures but the numbers are limited in the New Orleans condo market. I work the Warehouse District fairly hard and there may have been only a dozen successful sales through banks in the last 3-4 years. This would be a combination of short sales and foreclosures combined.
Banks do not make it easy to purchase but motivated sellers surely do. Their desire is strong and will work with buyers and agents to get the necessary things done to get to a successful sale. This can be the subject of the next blog.
The motivated seller knows the price has to be right. The sellers motivation can change over the coarse of the listing process. Your agent needs to know that things change quickly and suddenly when people are selling. It may be the new job or lack of job. It may be a new purchase. It may be a divorce. It may be a need to free up cash. It may be a graduation or marriage. Whatever the reason certain sellers are highly motivated to sell from the start.
They will price the condo to be the best in its price range so each buyer looking in that price range knows its a fair buy. Buyers can easily find out the purchase of the condo through the buyers agent so in a flat market the value just does not go up unless positive changes are made to the unit.
The motivated seller will make the condo easy to show. The seller will do all the little things needed to have the place looking the best it can be. This may be done with updates, repairs or using a professional stagger. The seller will know these are important factors. Some may just think its the price and they will be disappointed.
One of the best sellers for a buyer is one who has a lot of equity and just needs to sell for a variey of reasons and just wants his money out of the property. Just saying your motivated is not going to work as a seller, you have to do it. An experienced agent should know and spot the changes that have been made and be able to feel the motivation.
The listing agent may or may not know if his seller is motivated strange as that may sound. Your buyers agent needs to know as it can be money in your pocket. Another oddity is that it does not always show up in the asking price.
I recently made an offer on a 200 k condo on Magazine Street that was priced OK. It was on the market for a week and we ended up getting it for 175 k. There were a couple of defects and the seller took care of those as well. It even surprised me that we got it for that price. It was a two bedroom with parking with lots of quality updates.
Another great motivation may come from a developer who has one condo left in a complex and just wants to finish up with the project. Sometimes he is motivated to get the first units condo sold and will give extras. You just never know…..