photo credit: ctrigger

If you have ever bought or sold a real estate property then you know that this transaction is a situation akin to that old saying that “it ain’t over ’til the fat lady sings”. People who are new to the process may believe that the real estate purchase is basically complete when the negotiation has been completed and the closing date has been set. However, veterans of real estate sales know that there are a whole lot of things that can go wrong at real estate closings. Until the closing is over and the transfer of the property is officially complete, neither buyer nor seller should assume that the deal is certain to go through.

For those who are new to the process of buying and selling real estate, here is an overview of some of the most common problems that may occur at real estate closings which can delay or terminate the deal:

• Failure of parties to show up at the closing. The most frustrating experience for those people who arrive at the real estate closing on time is when they end up waiting there for one party to show up and the party never does. In rare cases, this is due to a case of cold feet by the buyer or seller and results in a dead deal. However, the more common case is that someone who didn’t realize he or she had to be there to sign the papers is a no-show. For example, a married woman may be purchasing a home as a fix-up for sale and not realize that her husband is also going to need to be there to sign the paperwork. If he’s not there and she doesn’t have Power of Attorney to sign for him, the closing may need to be rescheduled to a time when he can be present.
• Failure to bring all of the paperwork and identification necessary to complete the closing. It often happens that one or both parties mistakenly fails to bring an important piece of paper or ID to the closing. Make sure that you know in advance what items are expected of you from the title agent and other professionals that you’re working with at the closing. Put all of these together in a file and make sure to bring the file with you to the closing in order to avoid problems with completing the deal.
• Sudden awareness of problems. In theory, both parties have already read all of the documents about the deal in full before the closing date and there will be no surprises. However, those people who don’t pay close attention to what they are reading may get to the closing and discover that there are issues they weren’t aware of that change the terms of the deal for them. For example, a more thorough read through the title report may reveal that certain issues are present with the home that affect the insurance of the home. Sudden awareness of this could cause the buyer to have second thoughts about making the deal.
• Insufficient funds. The financial details of the real estate transaction should be worked out prior to the closing date. However, that’s not always the case. The most common scenario here is that the buyer doesn’t realize that he or she needs to bring additional funds for the closing costs. If the buyer doesn’t have those funds available, the closing may not be able to take place. Other problems with the funds for the purchase may have to do with problems coming up in relation to the mortgage loan such as failure to pay off other mortgages or foreclosure payments prior to completing this transaction. If all is not in order with the money situation then there’s a good chance that the closing isn’t going to be completed at this time – and may not ever be completed.

In most cases, the closing of a real estate sale is easy. Everyone shows up with all of the proper documents and everything is in order before they arrive. They sign the papers, pay the closing costs and go their separate ways. However, things don’t always happen so smoothly. Neither the buyer nor the seller of a property should consider the real estate transaction complete until the real estate closing has been finalized. There are simply too many problems that might come up at (or just prior to) the closing which can cause the deal to have to be delayed or even to fall apart completely.

photo credit: Eponabri

You have a property that you want to put up for sale. Maybe this is the home that you have lived in all of your life and you’re finally ready to sell it and move on. Or perhaps you’ve just recently gotten involved in the buying and selling of investment property and you’re working on selling one of the first homes that you purchased. In any case, you are starting to learn the tough lesson that it’s not that easy to sell a home, especially in today’s precarious real estate market. If you know what you’re doing, you can still a sell a property today for a fair price. However, there are a lot of mistakes out there that people make when trying to sell a home. If you make those mistakes, you’re going to find that the home doesn’t sell or that you aren’t satisfied with the transaction when it does.

Here is a look at the most common mistakes that are made by home sellers:

• Bad advertising. The most common mistake that home sellers make is in the area of bad advertising. There are many different areas where you can go wrong. One is the location of your advertisements – the classified ad section of your local paper probably isn’t sufficient on its own. Another is the text of the ad – you may even want to hire a professional writer to do this for you since people are going to form some strong first opinions of the property based on the ad that they read about the home. And one crucial area where many new home sellers mess up is in using bad photos for the advertisement. You want good photos with lots of light and little clutter so that people will find the home appealing before they’ve even gotten to the door.
• Listing the home at a bad price. You really have to be careful when you list the price that you are asking for the piece of real estate that you are selling. On the one hand, you are going to want to price it higher than you’re actually seeking because the process of negotiation is going to bring the price down from your initial asking prices in all but the most rare of cases. On the other hand, you don’t want to price the home too high because then people aren’t even going to bother to come look at it, especially right now when the market isn’t great. You’ll want to do some extensive research into what the true value of the home is and what other homes are selling for in the area so that you can price the property correctly when you list it for sale.
• Failure to fix-up the home. Many new home sellers figure that they’ll offer to fix certain things only if the people looking at the home complain about them. For example, you may know that the broken chunks on the fence are kind of ugly but instead of just repairing them, you decide that you’ll offer to fix the fence if any potential home buyer mentions that it’s a problem. This is a mistake. First of all, most people will not bother to mention the problems like this; they’ll just take one look and drive away. Additionally, doing some basic fix-ups that don’t cost a lot can significantly increase the value of the home and speed up the process of making the sale.
• Working with shoddy professionals. You are going to have to work with a variety of different professionals to complete the sale of the home. You’ll need to work with a real estate agent to assist you in listing, marketing and selling the home. You will need to work with a home inspector. You may work with professionals who are going to do the repairs and painting for the home before you put it up for sale. It is tempting to cut corners when working with these professionals because it’ll save you on immediate costs. However, working with inexperienced or unqualified professionals is going to cause you headaches and additional costs down the line.

There is never any guarantee that you are going to be able to sell a property for as much as you want to get for it in a short period of time. However, you can increase the likelihood that this will be the case by paying attention to the details and avoiding the most common mistakes that new home sellers make. Learn from the people who have made mistakes before you so that you can be successful with the sale of your home without having to learn things the hard way.

photo credit: gsf747

It’s time to get the home inspection done for your property. You don’t have a home inspector that you regularly use so you’re in the position of needing to choose a home inspector. How do you go about doing this if it’s not something that you’ve done in the past? What rules should be followed in order to make sure that the home inspector that you choose is a good one?

There are a few basic things that you’re going to want to look for in a home inspector including the work experience and educational experience of the inspector. You’re also going to want to count on recommendations and your gut instinct to get a good home inspector. It’s important that you choose the home inspector who is right for the job so take the time and pay the money to get it right the first time around!

Here are some of the basic tips that you should follow during the process of selecting a home inspector:

• Get recommendations for a good home inspector but take them with a grain of salt. Many people choose to get a home inspector based on the recommendation of their real estate agent. This may not be the best route to go because these home inspectors may be inclined in favor of offering the results desired by the real estate agent. However, real estate agents do work with a variety of different home inspectors so it’s possible that you may get some great information from your real estate agent. Just remember to review recommendations like these with a balanced look at the criteria you’re seeking in a home inspector.
• Make sure that you fully understand the licenses certificates needed for being a professional home inspector in your area. You’re going to want to review the education and training that any home inspector has before you choose that inspector. You’re not going to be able to do this if you don’t even know what you are looking for so you have to do your research about this in advance and then make sure to check on this when you are reviewing potential home inspectors.
• Ask detailed questions about the experience that the home inspector has. Education and training are important but a home inspector only really gets good at what he does when he has had a lot of hands-on experience in the field of doing home inspections. Make sure that the home inspector you choose has years of experience behind him. Consider asking for references to confirm that this was quality experience.
• Ask detailed questions about the experience that you can inspect when working with the home inspector. The inspector should be willing to provide you with information about the tools that are going to be used to complete the inspection. The inspector should also be able to tell you the basic information about the things that he will look for in each room while completing this inspection. He should be able to answer any questions that you may have or at least be willing to find an answer for you if there are questions that can not be immediately addressed.
• Choose a home inspector in the mid-range price. It’s not necessary to pay an arm and a leg to get a good home inspection. However, you do often get what you pay for and you should definitely be wary of a home inspector who offers you a quote that’s considerably lower than the others you’ve received. A bad home inspection can cause you serious financial problems down the line so you want to pay for a quality home inspection in advance to save yourself the cost and trouble later.
• Interview potential home inspectors in person. You may be able to obtain all of the above information from a simple phone call but you’re not going to be able to assess your gut instinct unless you meet the home inspector in person. Whether they come out to the property to speak with you or ask that you come into the office to meet them, you want to make an in-person meeting in advance of choosing the home inspector to make sure that you feel good about the choice before it’s finalized.

It’s not easy to choose the person who is going to be your home inspector. You want to make sure that you take everything that you need to into consideration so that you can choose a great home inspector who will provide all of the accurate information that you need about the home. If you go down this list and make sure you’ve followed these tips, you should be in good shape when choosing your home inspector.

photo credit: Nuneatonolly

Throughout the nation, there are neighborhoods which are set back from the road and surrounded by gates that are guarded by security personnel who monitor the comings and goings of people on the grounds. These gated communities are highly appealing to some home buyers who like the exclusivity, privacy and security that they feel is afforded to them when living in one of these neighborhoods. However, others feel that the drawbacks of living in a gated community actually outweigh these perceived benefits. Whether or not to live in a gated community depends greatly on the things that you value in the neighborhood where you live.

Benefits of Living in a Gated Community

The following are some of the most common benefits that people who enjoy living in gated communities will cite:

• Exclusivity. One of the things that people really like about living in gated communities is that these are considered to be exclusive neighborhoods. They’re kind of like the modern version of the old walled castle where only certain elite people are allowed in. Of course, if you have the money, you can move into a gated community which wasn’t true of old castles but there’s still the feeling that you’re living in an exclusive place. It’s something of a status symbol that people can show off.
• Sense of security. The comings and goings of the neighborhood are monitored which tends to make people feel safer about living in a gated community than they would in a typical neighborhood. These areas tend to have low crime rates which confirms the feeling that these are safe neighborhoods.
• Privacy of the neighborhood. This monitoring of activity does more than create a sense of safety; it creates a feeling that this is a private neighborhood where you can conduct your daily business without a lot of interference from the outside world.
• Quiet atmosphere and general beauty of the area. The gated community tends to be quiet and peaceful with a beautiful appearance. Landscaping is maintained and noise is controlled so it’s possible to feel really at peace even when living in and around large urban areas.

Drawbacks of Living in a Gated Community

Not everything is great about living in a gated community. Some of the most common things about the gated community that people dislike include:

• High cost of the home. The homes in a gated community are going to have a higher value than the homes in a typical neighborhood. This adds to the exclusivity of the neighborhood but can be a drawback at the time of purchase.
• Ongoing cost of living in a gated community. There are additional costs associated with living in a gated community. For example, you may pay higher property taxes to live here or you may need to pay fees to the homeowner’s association here. These cause additional financial drawbacks related to the purchase of the home in a gated community.
• Rules of the neighborhood. There are rules when you live in a gated community. They may vary depending on the community and can be as strict as what color the homes can be painted to as general as requiring that trash not be left out several days in a row. Some people just want to live in their homes and not be bothered with the rules of the gated community where they could live.
• Invasion of privacy in the sense of being monitored. People may like the fact that the neighborhood is monitored in terms of the safety it provides but it’s also a little disturbing to know that a guard is watching everyone who comes and goes from your home. Just the hassle of having to make sure to get visitors approved to be let in is too annoying for some people.
• Sense of elitism. Although one of the main reasons that people like the gated community is because it’s an elite and exclusive community, this is also one of the things that some people don’t like about it. Not all people want to be associated with a home that is “rich”, “snobby” and “elitist”.

Deciding Whether or Not To Live in a Gated Community

For some people, the benefits of the gated community will easily outweigh the drawbacks of living in a place like this. For other people, it’s a no-brainer that the gated community isn’t the right place for them. To determine this, it’s important to consider what you really seek from the neighborhood in which you live. If what you want is what is offered by the gated community, determine whether you can pay the costs that come along with those benefits.

photo credit: OK-59

You have listed a home for sale and it’s not moving. It could just be due to the slow market but that doesn’t mean that you have to sit back and wait for the market to speed up again before you can sell your home. There are things that you can do to improve your listing so that people will want to come take a look at the property that you have for sale. There are also things that you can do to the property to make it stand out from the crowd. By making the effort to do these things, you’ll be able to speed up the sale and generate some revenue from your real estate despite the fact that the housing market isn’t moving as quickly as most people would like.

How To Make Your Home Listing Stand Out

You aren’t going to get any buyers for your property if you can’t even convince people to come look at it. It’s very important that you take the time to make sure that your listing stands out from the others that are being advertised so that you can get the attention of home buyers and get them to consider purchasing the property that you have for sale.

The most important part of the listing that you can improve is the photos that you provide of the house. Here are some basic tips for getting better results by changing and improving your photos:

• Use a professional to take the pictures.
• Only use photos that are very clear and where there is great lighting. Exterior shots should be taken in full daylight and interior shots should be done with the lights on and window blinds open.
• Provide many different photos. People want to see the inside and outside of a home, the front and the back of the property.
• Scan the picture for flaws. The one cracked tile in the kitchen shouldn’t be what people see in a photo posted in the listing.
• Get pets and extras out of the photos. People don’t want to see your junk in the pictures so make sure they just get the house and nothing else. Pets in particular can turn people off if they aren’t the kind of folks who live with animals in the home.

In addition to great photos, you want to make sure that you use the power of description when you are writing up a listing for the home. Rely on adjectives that make people feel comfortable and cozy. Your home may be well-lit, spacious, charming … whatever words make sense are the words that you really want to emphasize. You want to compel people to come see this home.

You should get the input of others on the listing. You’ll want to rely on feedback from both professionals and average home buyers so consult your real estate agent as well as some friends who are familiar with the property as to whether or not the listing really reflects the positive qualities of the home.

How To Improve The Property So It Stands Out

Getting people to come to see your property is only half of the battle, though. You need to push them over the edge into a sale and the way that you do that is by following through on the great listing with a great property. Here are some common ways to easily improve your property so that it stands out and gets sold:

• Clean, clean, clean. The most important thing to the average home buyer is that the property looks nice and a dirty property just doesn’t look nice. Clean the yard, clean the back yard and clean the interior of the home. You may even want to invest in a professional deep cleaning service since this is such an easy but important way to improve the property for sale.
• Paint. A freshly painted house looks fresh and new and it’s not a fix-up that costs a whole lot of money. You’ll want to pay special attention to painting in the front of the house since many people base their interest in a home on the first impression that they get when they drive up to it.
• Refresh the hardware of the home. Little things like door knobs don’t cost a lot but they can vastly improve the appearance of a home and help to complete the sale. An old-fashioned style home is more charming with retro hardware whereas a modern home looks particularly up-to-date when new hardware is added.
• Invest in good lighting. The lighting of a home can really make a difference in how it looks. A dark home looks ominous and unappealing. Overly garish lighting can be too harsh. The right combination of indoor and outdoor lighting with variable “mood” settings can significantly improve the appeal of a home for buyers.

It really is the little things that make the difference between a home sitting on the market for months on end and a home selling quickly despite a slow housing market. Consider tweaking these little things to speed up the sale of your property.

photo credit: sscornelius

The so-called “short sale” in real estate is quite an oddity in comparison to traditional real estate lending. It essentially means that the bank that offered the mortgage loan will be willing to accept an amount lower than what is still owed. This is obviously something that a lender generally wouldn’t be interested in doing so the short sale is an uncommon aspect of real estate sales. The fact that it’s not common makes it a bit confusing for people who have never been involved in a short sale before. However, it’s something that can be done fairly easily, especially with the housing market the way that it currently is, so it’s worth looking into if you’re in the business of buying and selling real estate property.

The short sale is essentially an agreement by the buyer of the home to pay off the outstanding home mortgage debt to the lender of the home owner. However, the amount agreed upon is lower than the actual amount of outstanding debt. For example, let’s say that Home Owner A owes $100,000 on an outstanding mortgage. Buyer A agrees to purchase the home for $80,000 and the mortgage lender agrees that this satisfies the total amount of the debt despite the fact that it isn’t the full amount owed. The buyer benefits because the home is cheaper than it should be, the home owner benefits because the home sells and he is relieved of the mortgage payments and the bank benefits because a significant portion of the debt is paid off.

But what would cause a mortgage lender to accept a lower-than-outstanding amount on a real estate debt? There are a number of things that would prompt the lender to be willing to do this. Some of the most common reasons include:

• The mortgage is currently facing foreclosure so the bank is at risk of losing money anyway.
• The property is in such bad condition that the bank is willing to accept a lower amount due to the decreased value of the home.
• The bank sees the mortgage as a liability for one reason or another and wants to get rid of the property.
• The neighborhood has declined in value since the time that the mortgage loan was first issued.

Some of these reasons may deter real estate buyers from considering the short sale purchase because it could reflect problems with the property. However, it is often the case that the homeowner has defaulted on the loan and the bank doesn’t want to have a large percentage of loan defaults on record so the short sale will benefit both the bank and the new buyer.

Since home values have gone down in recent years and the issues people are facing with foreclosures have risen, there has been a vast increase in the number of people interested in real estate short sales. There are many properties out there with outstanding mortgages that have decreased in value so the savvy real estate investor can snap up these homes at a bargain using the short sale and can then hang on to them for resale when the market improves again.

For those people interested in purchasing a property using the short sale, the most common steps to take are the following:

• Locate the property that you are interested in purchasing and make an agreement with the home owner about the deal. Have the home owner sign a “letter of authorization” which will allow the lender to discuss the possibility of a short sale with you even though you are not the home owner. This letter includes basic information such as the property address, the account number for the loan and your contact information.
• Contact the lender and ask to speak to the Loss Mitigation department. Ask about the possibility of a short sale on the existing property. Not all lenders will be interested in the short sale and not all properties qualify for the short sale so it will be important to make sure that this is even a possibility before moving forward.
• Put together an offer regarding the short sale. This should include the price that you are offering, the reason that the property is no longer valued at the full price and a net sheet showing the total amount that the bank will receive from the deal. Many people also include supplemental information such as a letter from the homeowner stating that bankruptcy would be the alternative to the short sale. It should also include traditional loan application information such as proof of income.

There are certainly things to watch out for with the short sale. You don’t want to get a bad property that you can’t turn around and sell later so the inspection and an assessment of necessary repairs are very important in this type of sale. You will also want to encourage the homeowner to discuss the short sale with a financial advisor because of the impact it can have on their credit rating and the issues that could come up later if you didn’t encourage them to do so. Despite these concerns, there are financial benefits to learning the ins and outs of the short sale, particularly given the current state of the mortgage market.

photo credit: respres

The housing economy has been on the decline for a couple of years now and it shows no sign of letting up in the near future. This has caused people to start embarking on some trends that are likely to continue in the months to come. As a professional in the real estate industry, it is important to stay aware of these trends in order to adjust your approach to your properties accordingly.

Some of the most common trends resulting from the decline in the housing economy include:

• There are more renters in the market than before. Former home owners have lost their homes to foreclosures and have to rent. Younger people can’t qualify for mortgage loans. This means it may be better to focus on finding renters for your properties than on fixing the properties up for sale.
• Seniors are staying in their homes. Home values have gone down and reverse mortgage loans have gone up which means that more and more seniors are staying in their homes. This reduces the number of homes on the market in areas with high senior populations.
• Investment properties are long-term. Because the housing market is poor, it can be a good time to buy a home at a low cost. However, investment property buyers have to switch gears from the old way of thinking towards a plan that includes keeping the house for several years until values may rise.

Anyone who is considering buying, selling or renting a home should be aware of the trends taking place in the real estate economy today. Taking these trends into account can help you to make wiser decisions that ultimately lead to profits in your pockets.

photo credit: matrianklw

Whenever you negotiate a lease for anything, you are engaging in a battle between people who have two opposing desires. Ultimately, you aim to reach a compromise between those desires which satisfies both parties. Of course, you would prefer to get everything that you want from the deal but that’s not what a negotiation is all about. Nevertheless, there are certain things that you can do to weigh the odds more heavily in your favor so that the outcome is closer to your original desires than to those of the person with whom you are negotiating.

As a property buyer, here are some of the tips that you’ll want to follow to negotiate a lease that ends up in your favor:

• Do your homework regarding property values. The main goal for the buyer of a property is to reduce the cost of the purchase by as much money as possible. The reality of the market is such that you aren’t likely to be able to get a better deal than the best deal that is available for comparable properties in the area. Because of this, you want to make sure that you’ve done extensive research into the cost of those comparable properties. Find out what the high and low costs are as well as what the median cost is. You want to aim for a lease that allows you to purchase the property at a cost somewhere between the low end and the median. Your goal is to not pay anything above the median range for the purchase. That’s because you can probably get something comparable on the market for the median price so you can always walk away from this one and look elsewhere.
• Make sure you understand the lease option. If you’re entering into a lease option to purchase a property then you are effectively committing to making the purchase in the future at the price agreed upon today. However you’ll be living in the home for a period of time (generally about one year) before you actually go ahead and purchase the property. Assess the housing market to determine whether this is a move that makes sense. If home values are likely to decrease in the area within that year, it doesn’t make sense to move forward with the lease option. If you still want to do the lease option, keep the changing market in mind as you determine the price that you’re willing to pay for a home.
• Get an expert to help you. It’s always best to negotiate a lease with the assistance of a real estate expert. This will help you to better understand the legal issues that are involved in negotiating the lease. It will also give you a resource for getting additional information that can assist you in decision-making. In some cases, the expert may even do some of the negotiating on your behalf so that you don’t have to do it yourself.
• Practice your negotiation skills. The home seller has probably done this before and is going to have the upper hand in that regard. You’ll want to practice your general negotiation skills so that you don’t lose out during the interaction. Role playing scenarios with your real estate agent can help immensely in this area.
• Set your terms in advance. The key to a good negotiation is knowing what you want before you go in. Consider not only costs but other issues that are going to come up as part of the purchase. Home repairs and inspections, responsibility for landscaping and issues related to closing costs are all negotiable as a part of the sale. Make sure that you have thought each step through and outlined in your mind how much you’re willing to negotiate before you step away from the deal.
• Be willing to step away from the deal. An important thing to realize when negotiating is that you have to set a bottom line for what you want and to be fully committed to walking away from the deal if you don’t get a lease that meets those terms. As a buyer, you want to make a purchase that you can live with for a long time to come. If you’re not committed to walking away, your bluff may be called and you may end up with a property that you regret. Nobody wants that.

These tips are designed to get you closer to your goals when negotiating a lease. You won’t get everything that you were hoping for but you should be able to secure a lease with favorable terms.

photo credit: Sweet One

When negotiating a property lease, the seller typically has the upper hand. This is true for a number of different reasons that hold true despite changes in the market that sometimes favor the buyer. However, only a seller with good negotiating skills is going to be able to make the most of this upper hand in order to come out of the negotiation with a lease agreement that is favorable to the seller. This is particularly true during a buyer’s market but is even true in a seller’s market. The art of negotiation is something that can’t be learned too well or too soon if you’re in the market to be selling anything at all.

Here are some tips to follow if you want to negotiate a lease that is going to be in favor of yourself as the seller of a property:

• Write up a good lease from the get-go. This is the area where the seller really has the upper hand. A negotiation pits two parties against one another to make a compromise that balances both of their interests. However, the party that typically writes the lease for a property purchase is the seller which means that this is the party that gets to set the intial terms. The party that sets the “back and forth” to begin with usually gets closer to what he wants than the party negotiating those terms. Make sure that you take a lot of time in the beginning to write up a great lease that emphasizes your position. Be aware that you’re going to be negotiating down from this point so you want to set the terms high to begin with. You may start with a generic lease but go through it with a fine-tooth comb to make amendments that favor your terms.
• Work with a lawyer. As the seller, you want to make sure that all of the legal i’s are dotted and t’s are crossed. You don’t want to leave anything to chance that could come back and bite you later. It’s best to work with a real estate lawyer throughout the process but at the very least you want to make sure that all contracts have been reviewed for legal issues before they are sent to the buyer for consideration.
• Know what you’re working with. In regards to a fair asking price for the home, you need to know what you’re working with. You need to get an assessment of the value of the property. You need to find out what the median sale price of comparable properties is. You need to determine what a fair asking price is. You can certainly try to negotiate a higher price than this but the buyer isn’t going to want to pay more than what’s fair so you need to get a realistic picture in mind for what that is.
• Consider the market when drawing up the lease. If you’re offering the sale of the home contingent on a lease option then you need to consider the market when determining the value of the home. If the value of the home is going to rise, you don’t want to give it away at a bargain price.
• Details are where all of the perks are at. The main thing that the buyer is going to be concerned about during these negotiations is money. He or she won’t look too closely at a lot of the other details of the lease which is where you can get some of your money back. Figure out what types of non-monetary requirements and desires you have that can be worked in to the lease so that you get some perks for the price that you’re negotiating towards.
• Be willing to call the bluff of the buyer. Know in advance what your terms are and what you’re willing to compromise on. If the buyer is pushing for a lease that’s not within those boundaries, don’t be afraid to call his bluff. In most cases, the buyer wants the home and is going to go ahead and meet the terms that you’re asking for. This is truer in a seller’s market than in a buyer’s market but it can be true at anytime. The buyer just wants to buy a property and get the deal done. You want to get the most that you can from the transaction. Remember that you’ve got the upper hand and don’t be afraid to look for another buyer if you don’t like the one that you’re working with.

The seller starts out the negotiation of a property sale with the upper hand. You have something that the other party wants and you get to set the initial terms outlining how they can get it from you. However, you have to follow good practices of negotiation to make sure that the process proceeds smoothly in your favor from that point on. If you do, you should find the deal sealed with a lease agreement that is closer to your original goals than to those of the buyer.

photo credit: unforth

You’re ready to buy a home. You’ve taken all of the steps that you need to take in order to save up money and qualify for a home mortgage loan. But now you’re in the tough position of trying to figure out what type of home you might want. Are you the kind of person that would love to live in a new suburban development? Does the idea of living in a downtown condo make your heart pitter patter? Are you the type of person who could really make a life in a large historic home? Or do you want to look into cutting-edge green real estate with a sustainable design? There are different types of homes out there that will be within your price range and you need to know what type you’re looking for if you want to select the home that’s right for you.

Here are some tips on finding your home type so that you purchase a home that truly suits who you are:

• Consider whether you are interested in new buildings or old buildings. Some people really love historic homes, homes that have been lived in by others for centuries. They feel at peace in these places. They can entertain their guests with the charm and style that thrived in other times. But not everyone feels this way. Some people do best in minimalist spaces from modern architects. They want to move in to a place that has just been built or at least one that’s newly renovated. Think carefully about whether you’re an old-home or new-home type of person. This will be the first choice that you can make to assist you in narrowing down your home buying options.
• Determine whether you’re an urban, suburban or rural type of person. There are a lot of things to consider here including your entertainment preferences, your preferred modes of transportation and the availability of jobs for your profession. As you think about these things, consider how they would be impacted by living in an urban, suburban or rural area. Would you like a quiet life so much that you wouldn’t mind a long commute to work? If so, look at rural homes. Do you love the idea of living right in the heart of a downtown neighborhood? If so, you’re going to want to look at urban areas. Remember to consider the type of home that you want as well. If you want a new home in a rural area, look at up-and-coming developments in regions outside of suburbs. If you want a historic home in an urban area, you may need to look outside of the downtown area to find a home that suits your needs.
• Consider issues of ethics. Some people aren’t comfortable with the idea of living in homes that have been landscaped in a way that’s not natural to the area. Other people are committed to working with green real estate agents who will assist them in finding a home with features like solar panels and natural heating and cooling properties. Still other people won’t look at homes in up-and-coming parts of town because they’re opposed to the process of gentrification. Ask yourself if you have any ethical concerns related to the buying of the home. Look at homes that fit your other specifications but don’t infringe upon these ethical issues.
• Select the basic features last. Do you want a two-bedroom or a four-bedroom? Do you want big windows or an enclosed patio? Do you want to live in the least expensive home of a nice neighborhood or the most expensive home of a cheaper neighborhood? What type of architectural features appeal to you most? These are all details that you can ask yourself to narrow down the list of homes that you look at to a final choice but these should be considered only after you have assessed the other issues on this list and determined your basic home type.

Finding out which home type is right for you takes a little bit of getting to know yourself. You need to really think about what you need from a home and its location. You need to consider size, style, age, cost, neighborhoods, aesthetics and ethics. This is complicated by the fact that most people buy a home with a partner who may feel differently about these things. Assessing each aspect of the home and comparing it with your ideal life will help you to find your home type and eventually to choose the home that you are ready to make a life in.