Target Motivated & Flexible Sellers - Posted by Michael Morrongiello
Posted by Michael Morrongiello on March 20, 2000 at 23:05:00:
This technique is done all the time. Our firm has purchased hundreds of these type deals. However FSBO’s may not be the only or best audience to utilize this technique. We have found the FSBO’s are historically “cheap” and wish to save money by selling their home themselves. Unless there is some REAL strong underlying motivation to sell NOW rather than wait they are usually not to receptive to taking much in the way of discount.
The KEY then is to target those situations where there is distress. A lease option buyer who wants to purchase & a seller who wishes to sell but they have been shut out of the traditional financing market, a divorce situation, a seller who is behind in their payments or carry two mortgage payments since they have vacated one of their unsold homes, etc.
The situations will dictate the degree of motivation and flexibility. The KEY emotion you will find if you locate these type of sellers or they locate you will be someone who wishes to SELL FAST. Seller financing is one of best ways to move a property FAST.