Buying Real Estate Prepare Determining needs Gameplan "The Players" Agents Sellers Lenders Attorneys and Closing Agents Mortgaging Preparing Types Applying Negotiating Offers Contracts Inspecting Professional Personal Closing Insurances  Contact Us	Find and Compare Mortgages at Quicken Loans Buying Real Estate: "The Players": Sellers Although you may never actually meet the seller of the home you will buy (for most home buyers, an Agent acts as a "go-between"), it will help your position if you understand some of the seller motivations and "seller psychology" that you may be dealing with. Seller Motivations Each seller will have their own motivation for selling, but some examples are: Extremely Motivated Sellers: A seller, for example, with an impending divorce or a recent death in the family. There is no guarantee that the house will be priced correctly, but due to the circumstances, it may be easier to negotiate with them than with some other sellers. Emotional considerations, though, generally run high with this type of seller. Motivated Sellers: Sellers who want to move as quickly as possible but are not willing to "give the house away." Often, transferees fall into his category. Moving Up (or Down) Sellers: The largest bulk of sellers. Not selling because they have to, but because they want to get a different house, whether larger, smaller, or in a different area. "Take a Shot" Sellers: They have no real motivation for selling, except to find a buyer that is napping and willing to pay an exorbitant price. Sometimes selling on their own, sometimes with an Agent, and almost always difficult to negotiate with, they probably should be avoided if at all possible. Seller Psychology "My Home is My Castle" is probably one of the strongest psychological effects you will see exhibited by sellers when it comes time to sell their home. Although selling Agents will often caution sellers that they must stop looking at their house as their home and more as a "product" to be sold, that is easier said than done. It's tough to erase years of memories--raising children, family holidays, the improvements they have made, and just the warm remembrances--in the minute or two it takes to put a "For Sale" sign in the yard. There almost always is some emotional attachment to a house, so selling one carries a lot of emotional weight. It is important you recognize how common these feelings are and consider them when viewing houses and making offers. Criticizing a seller's decorating taste, for example, can do little good to enhance your position as a buyer. It may actually hurt your position if the criticism angers the seller, which will not help in negotiation. "I Know Exactly What My Home is Worth" is a tough one to combat. The price this seller asks usually has no basis in fact except for the seller's personal beliefs as to its value. Hopefully, you will be represented by an Agent who can develop a CMA that gives a factual picture. If you are buying directly from an owner, you will need to rely on your powers of persuasion and your skills as a negotiator!
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