How long is a house on the market before the seller's are (typically) considered desperate to sell..?

Question

I do not want to take advantage of anyone! But I'd like to get the best deal too.

One home I saw, very nice, updated throughout, but it's only been up for sale a month. I doubt the sellers are too eager just yet.

But another one has been up for sale since March (it needs a lot of updating, structurely sound and solid, but very outdated, panel walls, old brown shag carpet, 70s wall paper in the kitchen etc...) Are they getting itchy, maybe..? (that's the home we really like, it has so much potential to be a real nice, roomy home!)

I know no one can say "yes or no" they're itchy to sell, but in your experience, what is considered a "must sell" as far as time up for sale goes? And they're (the 1 that needs the updating) is offering a 1% sellers assist and home warranty. Do sellers w/those offerings typically go down a bit more?

(yes I'll talk more to my realtor, lol, but I'm bored and curious to see what you all think)

=D

Answer 1

I agree that it does depend on the seller.  A seller who is facing foreclosure will do whatever they can to sell quickly.  A seller who is buying another house will try harder to sell their old one.  There are sellers who think their houses are worth every penny of what they are asking and they don't really have any reason not to wait for a full price offer.  Ask your Realtor if he/she knows why they are selling.  The only way to find out how negotiable they will be is to submit an offer.  If you really like the house that needs updated then make an offer.  Offer less than you are willing to pay so you'll have room for negotiations.  The seller will either say no, say yes, or counter offer.  Usually if a seller offers assistance and/or a home warranty they are trying to make their house more appealing to buyers.  But, they might not go down as much because they are offering those things.

Answer 2

Time has nothing to do with it, just situation.

There are homes hoping to sell the first day, and will price accordingly.

There are homes on the market for years and they do not care if it does not sell today, the price is the price.

Answer 3

There is no set rule, nor a clear pattern as to how long the property on the market vs. how eager the owners want to sell.

The determining factor is the financial situation the sellers are facing.

Some PI work would reveal late payments, unpaid bills etc. then with some finesse your agent can get the house for you at a decent price for a quick close of escrow.

Thus, having a bank pre-approved loan is to your advantage. Seller wants to get the money before the bank gets it.

Remember to put a clause on the offer that subjected to engineering checking for mechanicals and structural.

Ask your agent to run a comp. per square foot cost for this house against the similar sold recently.

Home warranty can be bought independently for cheap; do not cloud the issue with the distressed sellers.