Whether you're a buyer or a seller you want to succeed in the realty marketplace. That's natural and reasonable, but what are the steps you need to triumph? Negotiation is a complex matter and all transactions are unique. Both sides-buyer and seller-want to feel that the outcome favors them, or at least represents a fair balance of interests. In the usual case there is a bit of bluff, some give-and-take, and neither party gets everything they want.
So how do you develop a strong bargaining position, one which will help you get the most from a transaction? Experience shows there are five basic keys which will determine who wins at the negotiating table.
1. What does the market say?
At various times we're in a "buyers" market, a "sellers" market, or a market where housing supply and demand are roughly equal. If possible, you want to be in the market at a time when it favors your position as a buyer or seller. Because all properties are unique-it is possible to buck general trends and have more leverage than the marketplace would seem to allow. For instance, if you have a property in a desirable neighborhood with few sales, you may be able to get a better deal than elsewhere. Or, if you're a buyer who can quickly close, that might be an important negotiating chip when dealing with an owner who just got a new job 500 miles away.
2. Who has leverage?
If you're on the front page of the local paper because your business went bust-and the buyer knows it-you have little clout in the bargaining process. Alternatively, if you're among six buyers clamoring for that one special property, forget about dictating an agreement-the owner can sit back and pick the offer which represents the highest price and best terms.
3. What are the details?
A lot of attention in real estate is paid to transaction prices. This surely makes sense, but the key to a good deal may be more complex.
Consider two identical properties that each sell on the same day for $275,000. The houses are the same, the sale prices are the same, but are the deals the same? Maybe not. For instance, one owner may have agreed to paint the property, replace the roof, purchase a new kitchen refrigerator, and pay the first $3,000 of the buyer's closing costs. The second owner made no concessions. In this example, the first house was actually sold at discount-the $275,000 purchase price less the value of the roof repairs, closing credit, and other items. If you're a buyer, this is the deal you want. If you're a seller, you would prefer to be the second owner and give up nothing.
4. What about financing?
Real estate transactions involve a trade-houses for money. We know the house is there, but what about financing? There are several factors that impact the money issue:
5. Who has expertise?
Imagine you're in a fight. The other guy has black belts in 12 martial arts-and you don't. Who's going to win? Brokers have long represented sellers, and now buyer brokerage is entirely common. In a transaction where one side has representation and the other does not, who has the advantage at the bargaining table?
Source: KW.com
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Increasing your home's appeal
Remember the 60-second rule: That's all the time you have to create a winning first impression. Here are some simple to significant ways to maximize your home's appeal.
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Why Refinance? With interest rates at historic lows, refinancing your home can be advantageous for many reasons. Depending on your current interest rate, you can lower your monthly payment. You can also choose a home refinance loan for the value of your property, which is often above the value of the current mortgage, and take out the surplus cash for personal use such as debt consolidation, home improvements, education, or other expenses. Another benefit is that you can potentially pay off your home earlier by having a lower interest rate with a lower monthly payment. With this option, you simply pay above the minimum monthly payment, which will lead to paying off the principal balance early. You can also select a home refinance loan with a shorter loan term, such as a 20 year mortgage instead of a 30 year mortgage. With a lower interest rate on the refinance loan, your payments may not increase as much as you think. Find a Refinance Loan for YouTo refinance, you first want to make sure there is no prepayment penalty with your existing mortgage. If there is a penalty, determine if the fee is greater or less than your overall savings with your new interest rate. With the market as active as it is today, there are thousands of lenders offering competitive interest rates for refinancing, home equity loans, lines of credit and personal loans. At MortgageQuotes.com, you can compare lenders that will meet your needs based on your financial situation as well as find out which loan option is best for you. From our site, you can find lenders that will work with individual situations such as borrowers with excellent credit, bad credit, or no credit. Our network of lenders includes various companies for each state. Identify lenders with the lending processes you are most comfortable such as complete on-line and correspondence transactions or personal individual support. Obtaining refinance home loan quotes from MortgageQuotes.com gives you a snapshot view of lenders, low interest rates, loan terms, and links to get more information including how to contact individual lenders. Let us help you. Use our one stop resource to find companies to provide you with a refinance home loan or home equity loan, line of credit or personal loan. With the information provided on our site, you can begin your loan application process today. |
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| Source: KW.com |
Click Below To Search For Lake Norman Area Homes:
To learn more about the Real Estate Market around Lake Norman
Contact us at www.KlineLakeAndCity.com
Click Here For Free Home Search
Search Bank Owned Foreclosures
Search Area HUD Homes
Kline Lake And City Real Estate Team
Andrew Kline - Realtor/Broker/MBA
828-719-8151 cell 704-439-5271 Office
Keller Williams Realty
CLICK HERE TO VIEW OVER 20,000 OTHER LISTINGS IN OUR AREA
Home For Sale in Sterling Pointe
Homes For Sale in The Peninsula
Homes For Sale in The Point
Homes For Sale in River Run
Home For Sale in Connor Quay
Homes For Sale in Birkdale
Homes For Sale on Governors Island
Homes For Sale in Westmoreland
Homes For Sale in The Hamptons
Homes For Sale in Westport
Before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive - and organized - its members are. You'll also be alerted to potential problems with the property.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? Plus, find out how that money is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn't the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS®, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer's report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren't in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you're buying, may require separate assessments.
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704-472-8662
Andrew Kline - Broker,Realtor,MBA
Heather Kline - Broker, Realtor
Source: Realtor.org
Home owners beware: Several dangers may lurk in a home. If you're not careful, they could make you sick. Pillar to Post, a home inspection company, reviews how to spot these dangers in the home and encourages you to contact a home inspector if your home may be at risk for any of these potential dangers.
1. Radon: a colorless, odorless gas that can seep into the home from the ground. Radon has been called the second most common cause of lung cancer.
What to look for: Basements or anything with protrusion into the ground offer entry points for radon. The Environmental Protection Agency publishes a map of high prevalence areas for radon. A radon test can determine if high levels of radon are present.
2. Asbestos: a fibrous material once popular in building materials because it provides heat insulation and fire resistance. But asbestos was banned in 1985. It may still be found in older home's insulation materials, floor tiles, roof coverings, and siding. If disturbed or damaged, it can enter the air and cause severe illness.
What to look for: Homes built prior to 1985 are at risk of having asbestos within construction materials. Home owners should especially be careful when remodeling because disturbing insulation may cause the asbestos to become airborne.
3. Lead: a toxic metal used in home products for many years that can contribute to several health problems, especially among children. Exposure can occur from deteriorating lead-based paint, pipes, or lead-contaminated dust or soil.
What to look for: Homes built prior to 1978 may have lead present. Look for peeling paint and check old pipes. To get a HUD-insured loan, buyers must show a certificate that homes built prior to 1978 are lead-safe.
4. Hazardous products: stockpiles of hazardous household items - such as paint solvents, pesticides, fertilizers, or motor oils - that can create a dangerous situation if not properly stored or disposed. They can cause illness or even death if small amounts are ingested.
What to look for: Make sure these items aren't tucked away in corners, crawl spaces, garages, or garden sheds. Home owners often don't realize these products can pose a danger and may forget they're storing them. But buyers don't want it to become their problem - and expense - to dispose of. If these products are found, make sure the buyer requires their removal and gets a disposal certificate prior to closing, which proves the products were disposed of properly and not just dumped in the backyard.
5. Groundwater contamination: the result of hazardous chemicals that are illegally disposed of and then seep through the soil and enter water supplies. A leaking underground oil tank or faulty septic system can contribute to this.
What to look for: Look for any conditions that may be conducive to leakage. Homes near light industrial areas or facilities may be at risk. Also a concern: areas once used for industry that are now residential. Pillar to Post offers a Neighborhood Environmental Report that details any dangers or remedies of environmental incidences and sources of contamination that have occurred at a specified address and within its vicinity.
Source: Pillar to Post
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Serving your Lake Norman and Charlotte Metro real estate needs. Our team of professionals strive to make your real estate dreams a reality.
I am a part of Kline Lake & City Real Estate Team at Keller Williams in Cornelius, NC. Currently we serve Mecklenburg, Iredell & Lincoln Counties.
Buying or selling a home should be a memorable time in your life, not a stressful event that keeps
you awake at night. We work closely on constant communication and new marketing trends to to best serve your needs based on our current market and to help make your real estate dreams come true.
Serving Your Lake Norman & Charlotte Metro Real Estate Needs - One Dream At A Time!
Lake Norman just 18 minutes from downtown Charlotte has great waterfront and golf course communities; for instance Verdict Ridge, The Penninsula, The Point, River Run, NorthStone, Birkdale, Highland Creek, Lake Norman is a beautiful lake with more than 520 miles of shoreline.
The 30-mile radius that composes Lake Norman is filled with everything you'll need for work and play. Lake Norman borders four counties which provide you with four school systems and private school options, recreational activities such as boating, skiing, fishing and golfing and a great variety of dining and shopping.
Lake Norman's beautiful shoreline has easy access to major interstates and the resource of talented business professionals make the region one of the fastest-growing and sought after places for companies and their employees to reside.
Surrounding Lake Norman are numerous unique towns - Cornelius, Davidson, Huntersville, Mooresville and Denver. These unique towns offer the small town living, along with the tranquil lifestyle of lake living, while having the amenities of Charlotte.
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