The more motivated a vendor is to sell their property- the better your odds of securing a good deal.

Keeping in mind that you should base your property selection, on a range of merits, if you discover that a vendor is eager to sell, you can use this knowledge as leverage.

There are two types of motivated vendors:

• The “must sell” vendor
• The “will sell” vendor

The “must sell” vendor is usually eager to sell due to personal factors, such as divorce, death, financial hardship etc. These vendors are more likely to accept a low offer and shorter settlement.

The “will sell” vendor is probably selling because of a lifestyle change, ie additions to the family, moving because of education or employment reasons. These vendors are unlikely to sell for lower than market value and are not as driven, by a shorter settlement period.

To understand the vendors’ motivations and negotiate a settlement, ask the following questions:

• Why are they selling the property?
• What are their preferred settlement terms?
• How long has their property been on the market?
• How high is their motivation to sell?
• What is their preferred timeframe?
• Have they made any reductions in the price so far?

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