How to Find Motivated Sellers: https://www.hauseit.com/how-to-find-motivated-sellers/
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You can learn how to find motivated sellers by studying all of the classic signals of seller desperation.
Look for Listings with Many Days on Market
An aged listing is typically defined as one that has been on the market for more than 90 days without being in contract. Aged listings are more prevalent during a slow market, otherwise known as a buyer’s market in real estate.
You will typically have more negotiating leverage when making an offer on an aged listing, primarily because the seller likely doesn’t have any other options. When you make an offer on an aged listing that’s still available, it’s very likely that you will be the only offer they have.
Listings with Frequent Open Houses
A listing that keeps having open houses typically means the owners are motivated sellers and are trying to maximize the amount of traffic that they’re getting.
Moreover, a listing that keeps having open houses means that the sellers probably haven’t received an offer that’s acceptable yet, and therefore the listing is still fully available.
This is an especially strong signal that the property owners are motivated sellers if more than one open house is listed, and if there are multiple open houses listed for the same week.
Properties with Recent Price Drops
You can spot motivated sellers from a mile away if you see a listing that has a price drop, especially if the price drop comes after a long period of time on the market without going into contract. This is most certainly a sign that the seller has conceded that their price was aspirational, and as a result has only recently reduced their expectations.
Properties That Have Been Re-Listed
Sellers often try to game the system by re-listing their property to make it appear as a fresh listing. As a buyer, you can easily detect these games by checking out the past sales and past sale attempts in the building.
Properties with Expiring Tax Abatements
You’ll often find motivated sellers in buildings with expiring tax abatements, such as the 421a tax abatement, the 421g tax abatement or the J-51 tax abatement.
Sometimes, these sellers simply aren’t prepared to pay the higher carrying costs associated with their apartment once these tax incentives expire.
Seller Concessions Being Offered
There is no surer sign that you’ve found some motivated sellers than if you see concessions being offered in the listing description. In a weak market, you will literally see sellers write in the listing description that the listing is “priced to sell” or that the sellers are “willing to make a deal.”
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