One of the more curious parts of a property listing is when an estate agent notes that a particular property has a “motivated seller”.
This can seem quite confusing, particularly since everyone in a housing market that has been exceptionally hectic for most of the 2020s so far is motivated in one way or another.
Buyers want to find the right property for the right price with the ideal mortgage, whilst sellers want to strike the right balance between getting a quick sale and ensuring they sell for a high enough price to avoid a short sale.
However, there are some sellers for whom the balance is firmly not on their side; they need to sell and sell exceptionally quickly and will make whatever sacrifices they need to in order to sell their home at any price.
There are many different motivators for motivated sellers, but they typically involve either not having enough time, not having enough money, or some combination of the two.
The least time-critical motivated seller is someone who inherited a property or is executing a will and wants to sell quickly to divide the assets amongst multiple parties.
Another similar case is people who have a property in such a state of disrepair they no longer feel capable of renovating it without severe expenses, and so would rather sell it cheap to a house flipper.
Some people need to relocate very quickly, and this can become a motivating factor to sell a home quickly, as it can become much more difficult to sell at a distance.
Finally, there are financial challenges. Some people need to sell due to unexpected bills, or unforeseen financial situations such as divorce or disability, and in some cases, a short sale is a better alternative to a mortgage default.
