Desperate Seller

If you are looking to buy a new home at a bargain price there is nothing like finding a desperate seller.  A desperate or distressed seller is a homeowner who wants to sell their house and they want to sell it now.  These types of sellers would do anything to get out of their mortgage and are usually willing to sell their home for a significantly lower price than its actual value.

There are several reasons that a homeowner might be a desperate seller.  The main reason is that they found a new home before they sold the old one.  They have already moved out and are living in their new house but are still paying two mortgages.  These home owners will sell their house for anything you are willing to give them just so they can afford their new home.  Recent divorcees are also frequently desperate sellers—these homeowners would do anything to sell their home so they can move on with their lives and not be stuck in the past.  Another common reason for a homeowner to go desperate is that they have been transferred to another city or state for work and just want to get the whole mess of selling their home over with before they need to leave.  You can find these sellers through words and phrases in their advertisements and listings such as “make offer”, “must sell immediately”, “divorce”, and “owner transferred”.

Sellers can also be desperate to sell a house that needs a lot of repairs. If you are willing to put a bit of work into a bargain house and then to sell the renovated house this is a great way to receive a hefty return.  You can find these sellers through advertisements and listings with phrases such as “handyman’s special” or “fixer”.