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Business Loan Proposal
Loan Proposal Applying for a small business loan can be exciting and yet stressful at the same time. For the best results and to heighten your level of confidence, be prepared when you visit the lender you've chosen for your business loan interview. ...
Key Terms to Know When Buying a Home
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Part 2 The Negotiation.
Dependant on how this part of the process is approached it can be a stress free or stressfull experience. All Media I've read on the subject recomend an adversarial role between you the customer and them the sales proffessional. The objective of course ...
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Here's why. First off, the second-time buyer has a home to sell and usually this must be completed before he or she can buy a new home. It's great if a seller can think of this as a completely separate transaction from buying the next home but that's not always easy. For example, suppose you have found the next home you want to buy but you cannot make an attractive offer until you know when you will close on your current home. This could cause you to accept a lower offer on your current home because you just want to get it sold! If you did not have a future home in mind, then you might be more aggressive in getting a higher price for your current home.
And then there is the timing issue. Your home could sell in a matter of days, weeks, or months. So when do you begin looking for your next home? If you start too early you may find a home but be unable to buy it until your home sells, causing more stress and frustration! Start looking too late and you will feel rushed to find something quickly as your home is under contract and the clock is ticking. It would be great if you could just sell your home for as much money as possible, put all your stuff into storage and live in a hotel or apartment for a month or two while you look around and find that perfect next home then try to get the best price possible for the home you want. This would eliminate many of the external forces affecting your price negotiations. Sure there are drawbacks to this plan, like paying for storage and a hotel and living out of a box for a while, but wouldn't it be nice to make the financial decisions of selling and buying a home without regard to the timing issues?
As if buying your second home isn't tricky enough, many people also find it difficult to balance the "wanta factor". The wanta factor is what I call it when someone has lived in a home for a few years and over that time has compiled a lists of everything he or she wants to have in the next home. As you can imagine such a list can be very long and often obtaining everything that is on the list would result in wanting to purchase a home that is many times more than what you can afford. I hear the effects of the "wanta factor" all of the time. A typical conversation goes something like this:
"We are ready to move into the home where we plan to stay for the next 20 years while our children grow up and eventually go to college at which time we will then be ready to move again. Since it will be
our long-term house we want it to have..."
And that's when the wanta factor kicks in. It usually begins with location and school district, then number of bedrooms and bathrooms, then gets down to the details like his & her closets, Jack & Jill bathrooms, full basements, large kitchens, mudrooms, main floor or upstairs laundry rooms, etc. etc. It is fine to want all of these things and of course any buyer will have a list of wants, but to obtain everything on that will be nearly impossible for nearly everyone who can't afford to build a custom home.
Herein lies the need to rank and prioritize items on the list. Husbands and wives should be careful with how this process occurs. What is important to one might not be as important to the other. They say the key to marriage is compromise and this will be a great opportunity to test the theory.
While prioritizing items on the list of desires, keep in mind two VERY IMPORTANT things:
1) Most people move on average every 3-5 years. You may have every intention and desire to live in the same home for 20-30 years, but you do not have to and eventually you may not want to. Think about homes built 25 years ago. They generally were designed to fit the styles and desires of 1980, not those of today. Buyers today want big kitchens, granite countertops, 5-piece master bathrooms, wide and long garages, things that new homes offer. Will your desires in 5 or 10 years be the same as they are today or will you want to move again?
2) Location, location, location. You can remodel, add on, remove and replace things in, on and around a home, but you cannot move it. Finding a home that doesn't have everything you want but is in a great location may be worth buying because you can eventually make the home the way you want it. On the opposite end of the argument, you may find a home that has everything you want but is located on the corner of a busy highway intersection. Even though you may not mind the traffic, when you try to sell it will be much more difficult than if you have a good location.
When you begin the process of buying your second home, I think you will find it much more difficult than when you bought your first home for all of the reasons discussed above. Hiring a professional Realtor to help guide you through the process is (in my opinion) critical and should not be overlooked.
About the author:
Mike Bradley is the Broker/Owner of Metro Brokers Eagleview Properties in Littleton, Colorado. He is an Accredited Buyer Representative (ABR) and specializes in using the Internet to help clients buy and sell homes. Visit http://www.MikesClients.com to learn more about Mike.
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Sudan and South Sudan to resume negotiationsChristian Science MonitorAfter weeks of fighting, in which South Sudan took out one of Sudan's last remaining oil fields, the two countries are returning to the negotiation table, under African Union mediation. By Scott Baldauf, Staff writer / May 25, 2012 After a series of ...and more » |
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Negotiation is not a solution in itselfMontreal Gazette“Negotiation” – almost everybody in Quebec still seems to believe in its magical powers to solve the current protest crisis, even after it's already failed once. Three-quarters of Quebecers in a recent poll by Léger Marketing for Québecor-owned media ...and more » |
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