Working with Distressed Homeowners
Working with homeowners who need to move out of their home for financial reasons can be a tough sale, especially if this is not a decision they came to on their own. Some sellers are unwilling to negotiate with real estate solutions companies, even though it seems there is really no other choice for them. While there can be a variety of reasons unique to each situation, here are three main reasons distressed homeowners aren’t selling and ways you can solve this problem. With each negotiation, it is important to get to know the homeowner and what they are really looking for when selling their home.
- It might not be the homeowner rejecting the offer
Banks, mortgage lenders, and credit unions may be the real problem behind a foreclosed home for sale. The best financial interest of these institutions would be to sell these properties, especially if the owners have defaulted on their loan and the home is losing value each day; however, these companies are not going to jump at the first bite. First, these situations require a certain procedure, which the banks and credit unions are not going to ignore. If you want this sale to be in your favor, it’s important you follow the procedure exactly, or you are just wasting your time. Secondly, these companies are driven by money and are looking for offers that will result in the most net profit for them. If you think that you have the best deal, make sure it is in plain black and white with no room for questions.
- Consider the emotional needs
High end homeowners are used to having a certain status in society, and losing their home for financial reasons can have a tremendous emotional impact on them. As a real estate solution company, it’s important to recognize that this type of homeowner is more concerned about their reputation than their current physical and financial needs. Offer to help them find a new, more financially responsible place to live or ways to fundraise enough to renovate an older home.
- They may not see any other option
Homeowners who are being forced out of their home may feel threatened with any offer, no matter how reasonable it may be. This is because many people feel they will have no where to go once they leave their home due to rising rent costs and their poor financial situation. By offering to help them get in contact with a rental property agent or covering some of the moving costs, the homeowner may be more willing to negotiate with you. Removing these financial burdens can ease their mind and help them see there are options available with a little bit of help.
If you find yourself in a distressed situation, or know someone who is in one, give our team of experienced professionals here at Puck Realty a call today at 919-842-5900 and let us see how we can help.