There are many cases that the “personal” gets in the way of the “business,” when it comes to real estate; if the two are ever separate to begin with.
For the seller, there are many reasons selling their home will be personal, and this can and often does effect the transaction. Seller’s personal life can impact have a negative or a positive impact on the home buyer.
Here are some common examples that agents are seeing these days.
How can the seller’s personal life have a positive impact on the buyer?
The best case scenario is that the owner wants to move as quickly as possible, and is not in emotional or fiscal dire straits. An owner looking for a fair, quick transaction is ideal because they are less likely to haggle over small details since they have their eyes on the prize: moving.
How this affects the buyer: A seller in a hurry can mean a smooth and reasonable transaction.
How can the seller’s personal life have a negative impact on the buyer?
Short sale: When the home seller is in a short sale situation, it is difficult for a home seller to accept less money than they owe on the house. Especially if their home has lost value since they purchased it. It may be natural to want to hold out in hopes of a better offer, whether or not this is the best “business” decision.
How this impacts the buyer: Your reasonable offer, based on current market values, may be rejected. While the current market values might make it possible to get a “bargain”, the change in value often means a loss for the seller. If you are interested in a home whose seller is struggling with this type of emotional decision, it may be best to just keep looking.
Foreclosure: This may be one of the most emotional types of home transactions since the previous owner is in serious financial distress and can involve things like evictions, destroyed property, sold or missing property, or worse.
How this impacts the buyer: Foreclosures, needless to say, can be very draining on both the buyer and the seller.