Contrary to popular belief, making money is not the only motivation for selling a house. There are many types of motivated home sellers.
If you are in the market to buy you may come across one of the top 4 below:
This is a top motivation for selling a house. Moving might be due to a new job, financial reasons or divorce. If the seller is moving across the country or just a few states away, maintaining a house in another state maybe impractical. There is also the matter of their new home. Most sellers will want money for down payment and selling their old home may be a great way to have cash for the new one.
Once they receive the proceeds from the sale, they can use this money to look for a new home at their new address. This option is more practical compared to maintaining 2 properties in different locations.
Divorce can be a very painful experience. Some people are alright staying put but there are also individuals or families that want a new start in a new home or even a new city.
Divorce can also cause one or both parties to fight over the property. Most in this situation prefer to sell their house and divide the proceeds accordingly.
Aside from a new start in a new home, a divorced person might also want to be closer to their family. If they have kids for example they might want assistance in helping raise their children or want emotional support.
Probate in real estate occurs when somebody dies intestate or without bequeathing their property. For example, you are living in your uncle’s house when he suddenly dies without a will or did not leave his property to you. You will be asked by the probate court to vacate the property and then the assigned personal representative will serve as executor to sell the property.
Selling a house during probate is a good idea because it will prevent heirs from fighting over the property.
Sometimes property owners neglect their properties and they fall into the “distressed” category. Fixing and renovating everything can cost a fortune. Instead of repairing the property they may opt to sell it. For example, a new roof can be very expensive. The same is true for other major home repairs and renovations.
Prices might be lower compared to selling a fully renovated house but sometimes it is more convenient and fast to sell a distressed property at a low and fair price.
According the TheBalance.com, American families move every 5 to 7 years. This can be hard to understand for people who have lived in the same house for a really long time, but this seems to be the trend around the country. There are other reasons why one may decide to sell.
Looking to buy or sell your property. Call your local real estate solutions team at Gold Path Real Estate at 612-758-0071 to discuss your specific situation today.