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Posted by Carol-Ann Palmieri & Al Mussi on 5/15/2018

When it comes to buying a home, there is no reason to let negotiations get the best of you. Fortunately, we're here to help you become an expert negotiator, i.e. someone who understands the ins and outs of obtaining a high-quality residence at a budget-friendly price.

What does it take to become an expert homebuying negotiator? Here are three negotiating tips that every homebuyer needs to know:

1. Act Quickly on a Home That You Like

If you fall in love with a home and are ready to make an offer on it, don't hesitate to put your best foot forward. Submit a competitive offer, and you may be able to avoid stressful negotiations with a home seller.

Understanding the true value of a residence is paramount for homebuyers. Conduct plenty of housing market research before you submit an offer, and you can better understand the prices of comparable houses in your area.

Also, if a home seller counters your initial offer, don't be afraid to negotiate. Be flexible, and you can boost your chances of securing your dream residence.

2. Do the Math

How much can you afford for a new home? You'll want to establish a homebuying budget before you enter negotiations with a home seller. Otherwise, you risk spending too much to acquire a residence.

Getting pre-approved for a mortgage may make it easy for you to avoid the temptation to overspend. With a mortgage in hand, you can search for houses that fit your price range.

In addition, be sure to account for closing costs and other fees that you may encounter down the line. If you fail to do so, you may wind up overspending on a residence.

3. Collaborate with a Real Estate Agent

Homebuying negotiations can be time-consuming and expensive if you're not careful. Thankfully, real estate agents are available who can negotiate with a home seller on your behalf.

Hiring an experienced real estate agent usually is a good idea, particularly for first-time homebuyers. Stress and anxiety can be problematic during homebuying negotiations, but a real estate agent will ensure that you won't have to deal with these issues.

Your real estate agent has a simple goal: to ensure that you can purchase the best house at the best price. He or she will go above and beyond the call of duty to accomplish this goal. As such, employing a real estate agent to handle homebuying negotiations can make a world of difference for homebuyers nationwide.

Furthermore, your real estate agent will keep you informed throughout negotiations. This real estate professional will offer expert tips and recommendations and will never make a move without consulting with you. Perhaps best of all, your real estate agent will be happy to answer any of your homebuying concerns and queries, guaranteeing that you can make informed decisions throughout the homebuying process.

Work with a real estate agent as you prepare to enter negotiations to purchase a residence. By doing so, you can simplify the process of going from homebuyer to homeowner.




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Posted by Carol-Ann Palmieri & Al Mussi on 5/8/2018

“Short sales” may have one of the most deceiving names in real estate. Any client who is undertaking the purchase of a short sale property will ask, “Why is this taking so long?” Short sales generally happen due to lapsed payments on a mortgage. In the short sale, the owners take a loss on the property, but it saves them from being foreclosed on by the bank. Many of these sales are circumstantial by divorce, or a sudden change in job. The seller asks the bank to take less money than the amount owed on the house in a short sale transaction. 


If You’re Buying A Short Sale Property


If you have made an offer and the seller accepts it, your dealings are far from over in a short sale. The seller’s bank needs to approve the sale. Since the bank is losing money in the deal, this is where the hold up can be in the entire transaction.


The First Step


The seller’s bank must review the short sale package first. The seller needs to submit a complete picture of their finances to the lender. The seller’s credit score will also be reviewed. A bank would not approve a short sale if, let’s say, the seller happened to have a lot of extra cash just sitting in a bank account. The lender needs to protect themselves.


The listing agent should be on top of all of the paperwork that should be done in order to have the transaction approved. As a buyer, you’ll appreciate a good short sale listing agent. 


Make Sure Everything Is In Order


There’s a lot of paperwork to sign in order to get a house. There’s even more paperwork to sign in order to secure the purchase of a short sale. If just one page of the documents are missing or one signature is left unsigned, the entire process can be slowed down even more. As a buyer, you should confirm that all the required documents have been signed and received. 


Another problem that can occur is that documents quickly become outdated. Bank and other financial statements are a good example of this. By the time paperwork is ready to go through the lender, last month’s bank statement could be completely outdated. The lender will then need an updated statement, holding up the process even more. The seller and agent need to be ready for these circumstances. The faster the lender is responded to, the smoother the process will go.          

 

Remember You’re Working With Two Banks


When you’re purchasing a home that’s a short sale, you’ll need to deal with two banks- your lender and the bank handling the short sale. Be mindful of the timelines that each bank has. If you aren’t, you could be approved hours too late to buy the property, leaving you and the seller to start from scratch. 


Buying a short sale is risky because there is always a greater chance the sale will fall through or succumb to foreclosure due to some kind of circumstances beyond the buyer or the seller’s control. If you have the right realtors on both sides of the table, the process of buying a short sale should go as smoothly as can be expected.      





Posted by Carol-Ann Palmieri & Al Mussi on 5/1/2018

From the time an offer is made on a property, and the deal is done, you may face quite a few challenges. Whether you’re buying or selling a home, the process can be dizzying. There are a lot of things that go on from the time an offer is accepted, and the closing table is reached. The entire process of home buying and selling is designed with built-in protections to help both buyers and sellers avoid feeling a lot of regrets. Below, you’ll find some familiar situations in the buying and selling process, and what’s available to help you avoid disappointment.


Once An Offer Is Accepted, Is It Binding? 


If you were overzealous to accept an offer on the home you’re selling and wish you had looked at others before making a decision, you’re not out of luck. Once you’re under contract, you’re obligated to sell to a buyer. The reason you may want to look at other offers is that it doesn’t hurt to have a “backup” buyer. If something falls through with the first buyer, the second buyer in line becomes automatically under contract. While you may not necessarily sell for more, in this case, there’s a sure way available to help you sell your home fast. 


The Buyer Doesn’t Have The Financing They Thought They Did


If a buyer’s financial backing falls through or if the buyer is unable to get financing by the closing date, as a seller, you can walk away. Any financial changes to the contract that would impact you as a seller including a change in the type of loan, downpayment amount, or any variation from the contract terms allow the seller to end the contract unscathed. 


Something Wasn’t Disclosed About The Property


Not everything is required to be disclosed by a seller. It all depends upon the rules within the state where you are buying. Understand what’s required to be revealed. If you feel uncomfortable with something, you can inquire about it, or add a contingency to have the problem addressed. Things like a death on the property can't be changed, for example. Your state may not even require that these events be disclosed.


The Home Inspection Raised Some Concerns 


If the home inspection reveals some issues that the seller isn’t willing to fix, you have the right as a buyer to walk away. In many cases, these problems would be things like wiring or plumbing issues. 


The Property Appraised For Less Than The Offer


If the property appraises for less than what you offered for the home, you may feel quite upset as a buyer. Don’t worry! There are a few things that you can do. Lenders won’t give you more than what the property appraises for. You can, however, bring more of your own cash to the closing table. You can also wait for the seller to adjust the asking price, or withdraw your offer altogether. The problem with the last solution is that you may lose any earnest money deposits      





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Posted by Carol-Ann Palmieri & Al Mussi on 4/24/2018

Selling a home can be a major hassle. Lucky for you, family members and friends may be able to lend a helping hand as you prep your house for the real estate market.

There are many reasons why you should include loved ones in the home selling journey, including:

1. Loved ones can help you promote your house to potential property buyers.

Family members and friends can share details about your home with large groups of potential homebuyers. That way, you can boost your chances of stirring up interest in your home as soon as your residence hits the real estate market.

Encourage family members and friends to promote your home via social media and word of mouth. If loved ones allocate plenty of time and resources to share information about your home with others, they may be able to help you get the optimal results during the home selling journey.

2. Loved ones can help you complete assorted home improvement projects.

Although your home may look great both inside and out, there may be minor property improvement tasks that you need to complete before you add your house to the real estate market. Fortunately, loved ones may be able to help you finish assorted home improvement tasks.

Family members and friends may be able to assist you as you clean your house. They might even be able to take excess items off your hands so you can declutter your residence quickly and effectively.

Furthermore, loved ones may be able to offer expert recommendations for various home repair projects. And if you need major home repairs like roof maintenance or a complete backyard overhaul, family members and friends may be able to help you get in touch with the right home repair professionals.

3. Loved ones can help you minimize stress at each stage of the homebuying journey.

The process of selling a home can be long and arduous, especially for those who choose to embark on the home selling journey alone. However, loved ones can help you stay calm, cool and collected throughout this journey, regardless of what happens.

Family members and friends are happy to support you in any way possible. As such, they will listen to your home selling concerns and queries and ensure you can minimize stress time and time again.

Also, loved ones may be able to provide home selling insights that you might struggle to receive elsewhere. If family members or friends have sold homes in the past, they can offer guidance to help you streamline the home selling journey.

If you need extra help with selling your home, don't hesitate to reach out to a real estate agent, either. This housing market professional understands the ins and outs of the real estate sector and will help you generate substantial interest in your property.

Ready to add your house to the real estate market? Get your loved ones involved in the home selling process, and you can move one step closer to optimizing the value of your residence.




Categories: Uncategorized  


Posted by Carol-Ann Palmieri & Al Mussi on 4/17/2018

As a homebuyer, you'll want to do everything possible to guarantee a quick, seamless homebuying journey. Because if you're not careful, you may be forced to deal with a nightmare homebuying experience.

Ultimately, there are many ways to ensure that you can avoid a nightmare homebuying experience, such as:

1. Narrow Your Home Search

Although you know that you want to buy a home, it pays to consider exactly what you'd like to find in your ideal residence. By doing so, you can narrow your home search and avoid the homebuying nightmare of pursuing residences that fail to meet your expectations.

Think about which features are must-haves for your new home, as well as which features you can afford to live without.

For example, if you require a home that is close to your office, you can search for houses near your workplace. On the other hand, if you want to live in a small town, you can remove city residences from your home search.

Establish priorities as you search for your dream house – you'll be glad you did. If you separate your home must-haves from your wants, you can simplify your home search and move one step closer to finding your ideal residence.

2. Get Your Finances in Order

How much can you afford to spend on a house? Create a homebuying budget, and you can avoid the risk of browsing available residences that fall outside your price range.

To determine how much money you have available for a home purchase, it often helps to meet with local banks and credit unions. These financial institutions can provide details about a variety of mortgage options and help you select a mortgage that corresponds to your finances.

Also, you should check your credit report before you buy a home. You are entitled to a free annual copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Take advantage of this perk, and you can learn your credit score and take steps to improve it prior to purchasing a house.

3. Hire an Experienced Real Estate Agent

An experienced real estate agent understands both the homebuyer's and home seller's perspectives. As such, this housing market professional can help you analyze a home seller's point of view and negotiate the best price on any home, at any time.

Typically, an experienced real estate agent will meet with you and learn about your homebuying goals. This housing market professional then will map out a homebuying journey, one that helps you streamline the process of acquiring your ideal house.

Let's not forget about the assistance that an experienced real estate agent can deliver throughout the homebuying journey, either. A real estate agent can provide expert insights into the housing market and help you make informed decisions, thereby reducing the risk of a nightmare homebuying experience.

Take the guesswork out of buying a home – use the aforementioned tips, and you can minimize the risk of a nightmare homebuying experience.




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