Home Negotiation tips to close the deal

Home Negotiation tips to close the deal

  There is no simple formula for home negotiations.  There is no if C happens then you should go to counter F.  It’s not that simple.  Some of it comes with past experience.  Some if it comes with being able to read the opposite party and to read between the lines.  This home negotiation tip is for both buyers and sellers.  Negotiating the sales price or repairs on a home is so different than many other types of sales negotiation. That is what confuses people. Here in Detroit we have many Tier 1, Tier 2 and 3 negotiators that deal with Ford, GM, and Chrysler. These negotiators are hard nosed and good at what they do, and they wonder why the tactics they use everyday do not work with home sales.  In most cases you cannot be a hard nosed negotiator and expect the other party to succumb to your demands or to close the deal.

There are a few reasons why hard nosed negotiations do not work and why some negotiators end up frustrated and not at the closing table.  After all the ultimate goal is to get to the closing table.

1.) There are emotions involved. Sellers have an emotional attachment to the house because they have remodeled the home, or raised their children there, or think the house is the greatest in the world even though it needs major updating. Seller’s sometimes have the rose colored glasses on. Buyers are usually less emotional about the house, but they too get emotional sometimes when the negotiations get tough. In car sales, equipment sales, and many other types of sales and sales jobs there is no emotions. It’s about product and price. Not so with all home sales.

2.) In equipment sales or negotiating with the big auto companies both sides want to make the deal work and work hard to come to an agreement.  They are negotiating to meet in the middle because there are a limited amount of companies to deal with.  There is may be prior relationships between the companies.  In house sales that is not always the case.  Seller’s usually DO NOT HAVE TO SELL THE HOUSE, nor DO BUYERS HAVE TO BUY.   The buyers can move onto the next home, and the sellers can keep turning down offers as long as they want. In equipment sales there are usually only a few companies to choose from. Not in real estate there are always more homes coming to the market. They may not be as nice, or as updated, but there will be more homes coming to the market if you are willing to wait.  They can put up the house for sale next year, or wait until spring to buy.

It is the same with sellers. I just heard yesterday about a seller that has turned down 5 offers. After 5 offers you should get an idea of what a buyer is willing to pay for your home. Yet there are some unreasonable sellers that will still want more after multiple offers on their house. The seller just rejected my clients offer that was higher than the previous 4 offers.  Sellers and buyers do not have to close the deal. And it is common for buyers or a seller to quit negotiating and walk away from the deal. Sometimes they just don’t care or are unreasonable in their demands and wants. It is common for one party to base their price in reality and the other party in the transaction living in dream land.

So when negotiating on a sales price you want to be the one grounded in reality. You want your agent to look at the recent solds in the neighborhood. That way the agent or you can look at the recent sold prices of comparable homes and be able to give a range of what the home is worth. That is so important whether you are the seller or buyer. Know what the current market value of the home is your priority.

Having the knowledge of the range of what the home is worth gives you a basis of what to offer (if you are the buyer ) or what to accept (if you are the seller). If you are unreasonable in what you want then do not be surprised when the other party stops negotiating or walks away. It is the same way for you. If the other party is unreasonable in their demands then it is smart for you to walk away.   The other party has an incentive to close on the home, but they cannot be forced to accept what you think or what you want. Even if you are right on, they may be the unreasonable one. There is nothing you can do about it. Many buyers do not have to buy the one house or the seller does not have to sell.  That is the difference in home sales in most cases…. they do not have to.  If you are a hard nosed negotiator you may learn the hard way and lose the house.  So the key is how bad do you want to buy or sell?

I hope this negotiating tip of understanding the mind set of the opposite party, and what has to be done in the home sales process will help make your home sales negotiation more fruitful. It will save you aggravation if you understand this up front. It does not matter if it is waterfront home for sale in Oakland County or any home in Mesquite, NV. …..realize that many times hard nosed negotiations fail in the real estate business.

The goal should always be to find a win win for both parties.

 

 

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Why Do Home Buyers Wait For Spring?

Why Do Home Buyers Wait For Spring?

Search Mesquite NV. homes for sale at; Mesquite-realestate.com

Why Do Home Buyers Wait For Spring?

Why do they wait until the competition ramps up and all the other buyers are ready to buy? Why do buyers wait for the “hot” spring market with its price increases and multiple offers?

  • Some buyers delay because they are doing what is expected – “we’re always done it this way” thinking is common in real estate.
  • Others may need the first warm rays of sun and the fragrance of spring flowers for motivation.
  • There may be more listings later in the spring, as sellers react for the same two reasons above, but increased buyer competition may cancel out advantages.Indications are that this will be an active spring market with real estate price and mortgage rate increases which extend deep into 2017. Getting ahead of this momentum may bring benefits and real estate you can love.

    You’re got nothing to lose by shopping now and a lot to gain. Here are Five Smart-Buying Tips for Getting a Jump on Spring:

    Tip #1: Find a real estate professional who is has a lot of experience in the locations you’d consider and with the type of property (detached house or condominium) you want to own.

    Learn what you need to do to prepare to make an offer and what to look for in the properties you’ll view. You’ll also discover the listing price range to shop in and which are the best locations in your buying range. If you don’t start this strategic relationship first, you’ll miss out on many of the advantages of an early start.

    Tip #2: Build your professional team to be ready for offer time.

    Your real estate professional may have recommendations for mortgage brokers, home inspectors, real estate lawyers, and surveyors. Take three names for each and interview them to determine the fit and what they consider the extent of their professional responsibilities to you.

    • For example, concentrate on locating a mortgage broker who has the experience, contacts, and interest to help you finance your purchase. The questions you ask the real estate professional about price range, size of mortgage, and steps in the buying process should also be directed to the mortgage broker. The mortgage pre-approval letter, which may be essential at offer time, will only be truly useful when you’ve been professionally vetted and stamped as mortgage-worthy.

    #Tip 3: Stop Wasting Time and Concentrate on Real Estate.

    There’s a lot to learn and to think about when buying real estate, so your productivity matters. The US 2016 versionof Deloitte’s sixth annual Mobile Consumer Survey revealed more online time wasting than ever:

    • More than 40 percent of consumers check their phones within five minutes of waking – text messages (35%) and email (22%)
    • Each day is disrupted since we look at our phones approximately 47 times. Sleep is disrupted: more than 30% check their devices 5 minutes before sleep and about 50 percent in the middle of the night.
    • Every 60 seconds on Facebook, 510,000 comments are posted, 293,000 statuses are updated, and 136,000 photos are uploaded. The average Facebook visit is 20 minutes; Facebook reports visitors spend more than 50 minutes a day using Facebook, Instagram and Messenger. (Source: Zephoria)
    • Millennials (25 to 34-year-olds) demonstrated higher levels of mobile device interest and use than the phone-hooked younger demographic.
    • Postpone binge watching the latest hyped series until after you buy your dream home.

    Tip #4: Sell Yourself on Success

    According to sales inspiration Dale Carnegie, author of How to Win Friends and Influence People, “The only way to influence someone is to find out what they want, and show them how to get it.” To achieve success, clarify, with the help of professionals, exactly what you want and need from a real estate purchase. Then decide to get it. The professional team you select will provide the know-how and will help you refine your dreams into an achievable goal for the location and price range involved. Do your homework, so you understand what they show you.

    Tip #5: Motivate Yourself During This “Buy-athon”

    What motivates you to want to own real estate? Postpone as many non-real-estate distractions as possible. Clarify what will sustain you through the often-stressful buying process. Use slogans, affirmations, or whatever it takes to persist. You may make offers and lose out on one or more properties before you find yours. Persist using self-motivation – that’s your job. No one else can motivate you. No one cares as much about the outcome as you do.

    What are you waiting for? Get the jump on spring!

    Final Smart-Buying Tip:Don’t get in the way of the professionals finding out what you want and helping you get it.

Downpayment Assistance Programs that Work with USDA

Nevada Home News

May 2017

To Avoid Contract Disputes, Itemize Items That Convey

To Avoid Contract Disputes, Itemize Items That Convey

To Avoid Contract Disputes, Itemize Items That Convey

Question. We have signed a contract to buy a house. When we first saw it, before signing the agreement, there were two refrigerators. One was in the kitchen and one was in the basement. The real estate agent told us that both refrigerators would stay with the property. Settlement is scheduled for next week, and we have now been told that the basement refrigerator has been removed. Our mortgage lender, however, insists on our signing a statement that the refrigerator remains as part of the house, and as part of the lender’s security.

I do not understand when a refrigerator is a fixture and when it is not.

Answer: Your question has stumped a lot of people, including several law professors to whom this question was posed.

There is no easy answer as to what is a fixture. An item, standing by itself, may not be a fixture, but when made part of the property, it can change its characteristics. For example, a kitchen sink in a plumber’s shop window is personal property. Once it has been installed in your house, however, it becomes a fixture and is part of the real estate.

Generally speaking, and in the absence of a contractual agreement to the contrary, fixtures remain with the house. Personal items can be removed by the seller.

As you can see, it certainly makes a difference if an item is characterized “personal property” or “fixtures.” For example, can a seller take a removable wet bar from the basement, even though the plumbing is hooked up? Does a window air conditioning unit convey with the property?

There are no easy answers to any of these questions. The courts have applied a number of tests, including:

  • The manner in which the article is attached to the real estate. If the article can be removed without substantial injury to the building, it is generally held to be personal property.
  • The character of the article and its adaptation to the real estate. If, for example, an article was fitted or constructed specially for a particular location or use in a house, one can argue the article becomes a permanent part of the building, and thus a fixture.For example, the courts have held these items to be fixtures: pews in a church, screens and storm windows specially fitted to a house and electronic computing equipment installed on a floor specially constructed for it.
  • The intention of the parties. What would the average person consider the article to be? Gas stoves, for example, are intended to remain in a house permanently, and thus are fixtures. The so-called “Murphy beds” fastened to the wall on pivots are considered fixtures. But roll-away beds that are not fastened to the wall are not fixtures (except in Wisconsin).Going through this fascinating history of fixtures, one important caveat comes to mind.When in doubt, spell it out in the contract. Furthermore, if the seller or the real estate agent verbally advise you that a particular item will convey, again spell it out in the real estate contract. If you want the refrigerator to convey with the property, put it in the contract to avoid any confrontation in the future.

    Too many homebuyers are often disappointed because they relied on what the agent or the seller said — or what they thought the agent said — and just did not reduce those representations to writing into the sales contract.

    In your case, I would argue that the second refrigerator stays with the property. This is based not necessarily on the fact that it is a fixture, but on the promises made by the seller’s agent — and on which you relied.

    Custom in the area is also important. I understand that in the Western part of the country, refrigerators do not necessarily convey; however, they do in the Eastern states. But don’t rely on custom. If you are the seller and want to take a particular item with you, spell it out in writing in the sales contract. And if you are the buyer and want a particular item to stay in the house, spell it out in writing in the sales contract.

 

 

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10 THINGS NOT TO DO WHEN BUYING A HOME!

10 THINGS NOT TO DO WHEN BUYING A HOME!

Here are 10 things, you should  Not Do when buying a home! If you do than chances are the deal will go South

1.Do not change jobs,Do not become self-employed and Don’t quit your job!

2.Don’t go out shopping- Especially Don’t buy a car, a truck or van, furniture, new tv or fridge, etc…- wait until you get the home first.

3. Do not use your credit cards excessively and don’t let current accounts fall behind!

4.Do not Omit any debts or liabilities you might have, on your Loan application, you don’t want any surprises toward the end with the underwirters!

5.Don’t spend the money you put aside for closing!

6. Do not make any new inquiries on your credit!

7. Do not make any large deposits in your account without first checking with your lender,to make sure its okay.

8.Don’t change bank accounts!

9.Do Not  Co-sign for ANYONE!

10. Don’t get too Emotional, and the buying process will be less stressful! 🙂

If you really want that new house, wait until you are recorded, then go out shopping,and celebrating!

Written by Lilly Ruiz

Tips For Finding Best Mortgage Companies & Securing Mortgage Loans at Best Rates

Tips For Finding Best Mortgage Companies & Securing Mortgage Loans at Best Rates

Mortgage Loan Company
When you plan to buy a home, it goes without saying that you are in it for the long haul due to the reason that a mortgage debt of 15, 20 or even 30 years is accompanied by it. Therefore, it is smart to shop around for a while to find the best mortgage loan company out there to accompany you in this long journey. One wrong move can result in the selection of a wrong mortgage company or a wrong product and then you could end up spending thousands of extra dollars that could have been easily saved.

Finding good mortgage loans and a good mortgage lender involves more than just the interest rate. You’ll be handling your mortgage for a minimum of 15 years and therefore, it is important that you work with nothing but the best mortgage company, staffed by professionals, who have your best interest at heart and who can expertly guide you through the entire process.

Here are some tips that will help you in finding the best lenders and grant you more bargaining power:

Polish Your Credit Score: With great credit score, comes great bargaining power and great bargaining power ensures better interest rates.

Know the Lending Landscape: You’ll have to compare a lot of different type of lenders in order to find out which one suits your requirements the best. Talk to online lenders, credit unions, mortgage bankers etc. You can’t rule anyone out before doing your research and comparisons.

Compare Rates: It goes without saying that you’ll have to sit for hours in front of your computer screen and compare rates and terms nonstop to find the best lender.

Asking the Right Questions: Find out about the lenders’ communication channels, fees, requirements etc. and do it upfront. Don’t be shy in asking the questions.

Read the Fine Print Thoroughly: A mortgage loan is not just principal and interest. There are various other costs and fees associated to it. Before you finalize a lender, grab a magnifying glass and read the fine print thoroughly.

If you are planning to purchase a home, All Western Mortgage is a name that has been satisfying its customers since 1981. When it comes to residential mortgages, our happy clients speak for our work. To know more about us, just give us a call at 702-850-2790 or visithttp://www.awmlending.com/contactus.php

WHAT TO CONSIDER BEFORE YOU BUY A CONDO IN MESQUITE NV.

WHAT TO CONSIDER BEFORE YOU BUY A CONDO

Condos were once thought of as homes that attracted singles or couples, often without children. But today, condos are growing in popularity and attracting families of all sizes.

Condos can be an excellent choice for the right buyers. Here are a few things that should considered before purchasing a condo. Most buyers start with the condo itself. That may be a good place to begin but, before they buy, buyers should also consider other factors outside of the condo.

Some developers are building condos that have a look and feel like single-family homes. These modern condos have great rooms and open, flowing floor plans that look and feel like a single-family home rather than an apartment or condo.

One of the major attractions of condos is the low maintenance. The community area is maintained by an association funded by the dues that homeowners pay into it.

That’s why buyers’ first consideration should be to explore the development and make sure they like the look and feel of the complex and surrounding community. There are codes and restrictions, often referred to as CC&Rs (covenants, codes, and restrictions) that buyers will have to abide by once they purchase a condo. Buyers should ask to review them before making an offer to purchase a condo. These regulations help ensure that the community maintains its general appearance and any necessary repairs of the external areas.

Review the association’s budget. It may be necessary to get the seller to provide this information because it may not be released to a non-owner who is only a potential buyer. However, in considering buying into a development, it’s almost like going into business with the neighbors in the complex. It’s important to make sure that the association is running properly and has enough of a reserve for necessary expenses and maintenance. The budget and CC&Rs will give an idea about how stable the association is and if increases in the homeowners’ association dues are likely each year.

Find out how many owners in the development are delinquent on their dues. A condo complex that has a high level of delinquencies can cause problems for buyers when it comes time to get a loan or sell the condo. Some loans are not approved if delinquency rates are higher than 15 percent.

Review the minutes from the association’s board meetings. They will reveal the day-to-day issues that occur each month and give an indication of how the development is run. For instance, lots of complaints and filings about noisy residents, loud parties, or dog droppings on the lawn reveal potential problems with neighbors. The minutes will also reveal if the development is engaged in any lawsuits.

Understand what your responsibilities are for the upkeep of the condo. Find out what the association takes care of and what the homeowners have to maintain. Look at the association’s property management team and see how many times the association has changed management companies. Find out why. This will may reveal how responsive the association will be should residents need its assistance.

Ultimately, buyers need to ensure that when they purchase a condo they’re not buying into any legal battles the association is in the middle of and that they will be able to live in their condo the way they want. Study the CC&Rs and do due diligence before buying.