- Found a house they want
- Financial hardship
- Vacant homes
Finding a House They Want
When people start the process of selling a home the first thing they do is to look at other homes to determine if there is anything that they may want. This is when they are presented with homes that are on the market and when they find a home they like their desire to sell their current home escalates. Depending on what they find and how much they want it the potential seller is in a position to be more motivated than if they had not found a home.
This is both a curse and a blessing as it places upon the real estate agent the need to create the most aggressive plan that also meets needs of the seller. The seller more often has a mortgage on their current residence and the amount of the mortgage and the equity they can benefit from can make the transition more complicated or in some circumstances possible.
This gets back to having a plan and knowing the numbers that have to be reached in order to allow the seller to make the next purchase. Selling the home quickly is only one aspect of the sale as the move requires that the seller retains as much earnings as possible in order to make the next purchase.
Taxes can play a big role in this plan depending on the state that the home/s are located in. We need to add the transfer taxes as well as the capital gains taxes to the equation in order to make sure that we do not lead the seller down a road that turns into a dead-end for everyone. Using a preliminary HUD 1 and working with a knowledgeable Escrow Agent or Title Company can make this much easier.