Before submitting an offer, check the Motivation Score of the seller. Knowing it going in can give you a starting point and save you Time and Money.
Here are 5 tips to score your sellers motivation level
When did your Seller buy the property they are currently selling?
Before the year 2000 give him a 1 point, each year after add 2 points.
Year 2001 2 points
Year 2002 4 points
Year 2003 6 points
Year 2004 8 points
Year 2005 10 points
What’s owed on the property Compared to the asking price?
10% of the difference give the seller a 10 may be short sale
20% of the difference give the seller an 8
30% of the difference give the seller a 6
How many homes in the subdivision. Neighborhood, or condos are for sale?
If over 30% are for sale give the seller a 10
If over 20% are for sale give the seller a 6
If over 10% are for sale give the seller a 4
How is the house maintained inside and out?
Very poor and neglected give the seller a 10
Okay but needs improvement s give the seller a 6
Well but could use a face lift give the seller a 4
Very well maintained give the seller a 2
How many months of inventory are currently available ?
6-8 months 2
8-12 months 4
How did your seller score?
40-50 points very motivated
30-40 points some what motivated
30 or less points has time to ride the storm
This is a quick tool for you to have a snap shot of what’s going on. By all means this is NOT the only tool to take into consideration. Consult with your realtor. Get pre-approved (Not just pre-qualified) submit a pre-approval with your offer to a very motivated sellers and your chances to get the home of your choice are increased a lot.
Source by Racheli Smilovits