Bread & Butter Properties

Bread & Butter Properties
Generate passive rental income

Tuesday, July 20, 2010

Other "Motivated Sellers"

The wonderful thing about Blogs is that you can always add to it, unlike a book, where its difficult to edit once you have published.

Just thought of a few more categories of motivated sellers:
1) People moving out of town: they are usually keen to selll quickly as they don't want to leave the house empty for too long. Thieves and rodents can be a problem. Plus if they are moving far away, for e.g to KK, coming back to tend to a house in KL may be a hassle.

2) Behind on loan instalments
If they are behind on their payments and the bank is chasing them, they will be more open to sell at below market price. Some just want to "breakeven" and get rid of the property. So, if you make them a decent offer, they will probably take it; so aim low.

3) Foreclosure / 'Lelong' coming
The owner would like to avoid this and would be open to negotiations. But just be careful as sometimes they may want to sign the offer to purchase, so that they can buy some time with the bank. Delay tactics. I personally have not bought any property facing foreclosures.


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