Negotiating Tips to Get the Right Price on Your Dream Home

Negotiating Tips to Get the Right Price on Your Dream Home

Negotiating Tips to Get the Right Price on Your Dream Home

Whether you’re looking to purchase your first home or your fifth home, you instinctively want to get the most for your money. In order to make sure that the house of your dreams comes with the right price tag, it’s important to go into the negotiation process well-informed.

 

Of course, the price of every home is at least somewhat negotiable, but what really matters is your negotiation style and plan of attack. By incorporating the following strategies into your home search, you’ll have a much better chance of landing the perfect deal.

 

Enter the home search process financially prepared. In other words, know your finances inside and out before you even think about calling a real estate professional. Getting yourself pre-approved for a mortgage loan in the amount you’re ultimately willing to pay. Negotiations will sway in your direction if you have a pre-approval in your hand because the sellers know there is a low chance that the deal will fall through.

 

Do your research. Have a solid idea regarding properties in the surrounding area and how much they have recently sold for. Be sure to compare homes that are similar in size, age and amenities to the home(s) you’re most interested in. Tap your realtor’s brain for more information about nearby “comps” (properties that are comparable).
Remain as unemotional as possible. As soon as the seller and/or their agent picks up on the fact that you’ve become emotionally attached to a property, they’ll know they have the negotiating edge. Rather than getting too attached to any home, think of the process in business terms until you know you’ve nailed down the price you want.
Use your real estate agent (it’s why you hired him)! Sometimes it can be tempting to communicate directly with a home’s sellers – especially if you happen to know them in any capacity. Although it is much more time consuming, ask any questions and make all requests through your agent to the seller’s agent. This will further help you to keep emotion out of the process, and will keep misunderstandings to a minimum.

Be ready to move quickly. You want to get the best deal possible, but if you wait too long to make an offer, you’ll see properties whisked right out from under you. Competitive markets mean that you have to be willing to make your best offer straight away. If the seller doesn’t want to accept your best offer, you haven’t had time to get too attached and you can move on to another listed home that you like.

Make it worth their while. If you are able to pay in cash, you’ll knock weeks off the waiting period for the sellers. Not having to wait for you to be approved for a mortgage is a big plus for some people – especially those who have already purchased another home and need things to speed along. If you can’t pay in cash, have that mortgage pre-approval letter handy. A personal statement from your mortgage broker and the option of a quick close are two extra ways to convince the seller that your offer is worth considering.

Your Mortgage Checklist

Your Mortgage Checklist

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Buying a home is one of the most notable milestones in anyone’s life. It’s especially significant if it’s your first home! Naturally, making the decision to purchase a property is a huge investment of  your money and your emotions. Because of that, it is crucial that you know precisely what you’re getting into before signing on the dotted line.

 

What You’ll Need to Provide When Applying for a Mortgage:

• Personal information, such as your full name, birthdate, social security number and address
• Proof of your current income (pay stubs, bank statements, job contract)
• Job history, federal tax returns and federal W-2 forms for the past two years
• Social Security benefit information (if applicable)
• Retirement/pension benefit details (if applicable)
• Proof of child support or alimony (Final Judgement of Divorce and PSA – if applicable)
• Recent credit report – explaining any late or missed payments
• List of any other properties you currently own
• Any prior bankruptcy details (if applicable)
• Proof of your down payment funds
• Signed purchase agreement between you and seller
• Proof of homeowner’s insurance

 

Once you have everything on the above checklist, you are ready to formally apply for a mortgage loan. Now, we will move on to discuss the details included in the mortgage paperwork itself.

 

Important Details to Look for in Your Mortgage Paperwork:

What type of loan are you applying for? The two main types of mortgage loans – variable and fixed.

 

  1. A variable rate mortgage is also called an adjustable rate mortgage, because your interest rate can change over the length of your loan. Applying for a variable rate loan is a good idea if you are on a tight budget because they offer lower rates initially. Over time, the interest rate will go down or (most typically) up in line with the average interest rates on the market.
  2. Fixed rate mortgages lock in an interest rate at the time you sign your loan paperwork and the rate will not change throughout the entirety of buy cheap cialis online your loan unless you refinance. Although fixed rates are generally higher than variable rates at first, their main advantage is that buyers won’t have payment shock, which can happen when mortgage payments suddenly jump up due to an increase in the variable interest rate.

 

What is the length of your mortgage loan?
Be aware of any and all fees associated with your loan. Know this: when you take out a mortgage loan, you are paying for more than just the property you’re buying. Lenders write a lot of fees into mortgage paperwork – many of which are legitimate. It’s important to look for hidden and/or unnecessary fees and speak up about them when and if you discover any.
Inquire about mortgage insurance. If you’re making a down payment of less than 20% of the full loan amount, you’ll likely be required to pay for mortgage insurance to protect your lender against the potential of you defaulting on the loan.
Find out whether or not there is a balloon payment clause. More frequently seen in commercial real estate, balloon payments are a large payment due at the end of the life of a mortgage that did not fully amortize during its predefined terms.
Will you be penalized if you pay your loan off early?

 

 

Valentine’s Day: 5 Romantic Restaurants to Sweep You Off Your Feet in Nashville

Valentine’s Day: Top 5 Romantic Restaurants to Sweep You Off Your Feet in Nashville

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As Valentine’s Day is just around the corner, many couples are looking for the perfect romantic restaurant in the Nashville area. Spending a special evening with your Valentine can be a perfect way to celebrate each other and the love you share.

 

Since there are a virtual plethora of restaurants and food establishments in and around Nashville, TN, we decided to narrow down your prospects to make the process easier on you. We’ve taken into consideration patron reviews, critic reviews, and the overall ambiance and atmosphere in making our top five Valentine-worthy restaurant list:

 

Park Café 

This trendy restaurant is quite small, but the ambiance and food make up for its lack of size. You can choose from the palatable Braised Lamb Shank, Campanelle Pasta (roasted mushrooms, baby kale, garlic parmesan, toasty bread crumbs), Fig Pizza and many other original and very tasty offerings. Only high quality seasonal ingredients go into every dish, resulting in rich, hearty flavors.

Watermark 

A sophisticated yet fun atmosphere abounds at Watermark, which opened in 2005 with the goal of harnessing the spirit of Nashville. Located in the Gulch district, Watermark is housed in an old print shop that has been redesigned with a modern, contemporary feel. Along with an unparalleled fine dining menu, you’ll get to experience eating your Valentine’s Day meal while enjoying a stunning view of the Nashville skyline.

Caffe Nonna

With all of the dishes inspired by Chef Maggipinto’s Nonna, everything at Caffe Nonna is made from scratch and is incredibly delicious. You and your date will feel like you’re on a private getaway because of the intimate feel of the restaurant, and your every whim will be met. You can even take home a jar of Nonna’s famous sauce to enjoy later!

Eastland Café 

Quite a different feel from Caffe Nonna’s, Eastland Café gives off a very urban vibe. If you (or your love) is from the East Coast and missing the hustle and bustle of New York City, Eastland will give you just the right amount of city-vibe mixed right in with Nashville. Everything on the menu is raved about, with an affordable price point, too.

1808 Grille 

This is one of the newer Nashville restaurants, located in the midtown area. The chef goes to great lengths to create fresh and healthy meals that are geared toward cancer prevention. Some item’s on this year’s Valentine’s menu include: goat cheese agnolotti, warm brussels salad, pear and parsnip soup, snapper cioppino, sous vide duck breast, eggplant rollatini, dry aged bone-in NY strip and a luxurious chocolate hazelnut crunch for dessert. Additionally, 1808 Grille is a fantastic choice for those with gluten allergies, as most items on their menu are gluten free.

 

No matter where you end up this Valentine’s Day, remember to kick back and enjoy the moments spent with your loved one(s). Whether you choose the fanciest restaurant in Nashville or your own dining room table, remember that the most important thing about any holiday is who you spend it with. 

How to Prepare for a Home Renovation

How to Prepare for a Home Renovation

How To Prepare for a Home Renovation

Getting ready for a home renovation can be very exciting. You have probably been looking forward to fixing problems and/or giving your abode a new style or look. Many people wait years to be able to afford the home improvements needed to make their house truly feel like home.

 

Along with the thrill of the end result comes the drudgery of making it through the day to day processes involved in home repair. Your daily routine will undoubtedly be interrupted, household items may be hard to find, and there is likely to be a fair amount of saw dust and paint fumes in the air.

 

In order to survive the duration of your home renovation, there are some things you can do to make the entire process tolerable for everyone involved.

 

Plan Ahead

To ensure that important household items will be accessible during the renovation, give yourself plenty of time before the project starts to be able to clear out the room(s) that will be worked on first. Move frequently needed items into another room. You may even want to set up a makeshift supply area so that you’ll never have to sort through boxes to find something.

 

Be Clear with the Builders

Talk with your home renovation team’s leader before demolition starts. Make sure that both of you are on the same page regarding the project’s timeline and precisely which areas of the house will be unusable during construction.

 

Protect Your Furnishings

Because any home renovation comes with a significant amount of dust due to sawing and sanding, it’s crucial to cover your nearby furniture with plastic. Also, if your builder doesn’t provide a plastic covering at the entryway to the construction area, put one up yourself. It will keep dust from travelling throughout the entire house.

 

Plan for the Unexpected

Anyone who has experienced a home renovation before will tell you that they are never without problems. Even the smoothest renovation will inevitably have some things that just don’t go as planned. Be prepared for late or damaged deliveries, hidden problems that you didn’t know about (mold, termites, asbestos), misunderstandings with your builder and more. As long as you can accept that no project is 100% without mishaps, you will be better able to handle problems as they arise without getting stressed out.

 

Over Budget

It goes without saying that the above “worst case scenarios” will end up costing more money that you originally budgeted. You’ll get the end result of your dreams if you have enough money to fix things that you weren’t expecting. Don’t start a home renovation project unless you have a solid 15-20% buffer in your budget set aside for the unexpected.

 

All in all, you will undoubtedly be thrilled with your home’s new look and feel once all of the workers have left and all of the dust has settled. Living in a house while it’s being remodeled definitely comes with a host of challenges; however, good planning will mean that the challenges won’t be insurmountable.