Buying property from a distressed seller is a deal that can benefit both parties. You get a good deal, and they get out of a pickle. However, when we buy houses, Buffalo property owners aren’t always highly motivated to sell.
If you are an investor who has encountered this issue, you may wonder why a seller who would benefit from selling might hold back. We will explore reasons these sellers are so elusive and strategies you can use to approach the situation. We also want to impress on property owners that there are solutions to your problems when you find the right buyer.
Investors Must Understand Distressed Property Owners Face Unique Challenges
Distressed sellers are often suffering from overload. They may be regularly receiving a high influx of marketing mail and junk offers about their property.
The many scammers preying on people in their situation can make them feel uncomfortable entertaining legitimate offers. Some don’t know who to trust. Another factor that can paralyze sellers is the hope they may get a better offer, not realizing their options diminish with time.
You may encounter sellers that feel ignoring the situation is the best way to cope. They can be in a state of desperation where they feel their condition is so terrible they cease to care. Last, some sellers are sold on ideas that can be more detrimental to their creditworthiness, such as bankruptcy. They do not believe other options are available.
As investors, we know being proactive and having a sound plan is the best way to keep their situation from getting worse. However, owners reach a point where they can no longer see how that is possible. It is important to develop an understanding of and appreciation for the challenges these homeowners face. Doing so will allow you to deal with them in a way that promotes their receptiveness to your offer.
If You Are In A Distressed Situation Be Proactive
If you are an owner in a distressed situation, there is one thing you must remember; you are not a victim. There are things you can do to preserve your dignity and cut your losses. Your situation will get worse if you do nothing. It won’t be a walk in the park, but it is best to tackle the situation head-on.
By dealing with the issues at hand, you can get out of your situation sooner and possibly with less stress. Best of all, you can move forward and get a fresh start right away. Selling will be far more forgiving in your immediate future than foreclosure or negative impacts to your credit and reputation. Keep in mind, the deeper into the mire you go, the fewer options you will have, and the less attractive those options will be. So act now!
You can start with these few steps:
1) Be clear on what your situation is and the options you have available.
2) Find help from resources you can trust.
3) Be proactive so you can capture the most attractive and beneficial solutions.
4) Follow through with a course of action.
If you seek out a real estate investor who can give you a quick cash sale, you might be surprised at the options available to you. It may be possible for you to save your home and stay in it. You might be able to sell and have money to move. At the very least, you will be able to rid yourself of the debt owed to your lender and walk away clear to start afresh.
We Buy Houses Buffalo
When we buy houses, Buffalo homeowners find they can easily connect with our team. We take the time to find and contact them. We make ourselves stand out from their other options. It is important to convey that you can be trusted and are genuinely able to bring value to their situation. The goal is to make a sound business move while helping the property owner lessen the impact of their situation.
Make your interest clear and provide reasonable solutions. Be honest with them about the impact delaying a deal can make. Sometimes it is as easy as offering a fair price, other times they may need help moving so they can continue their life with dignity. The end game is creating an agreement that mutually benefits you both.