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When are the Negotiations Over?

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The primary negotiation in a home purchase takes place when the contract is agreed upon that includes the price, closing and possession.    With inventory down over 19% in the past year and multiple offers being more of the norm than the exception, the first round of negotiations can be challenging. Buyers and sellers alike feel relieved once it has resulted in an agreement, but experienced agents know there is more to come if there are contingencies for financing, inspections, or other things.   The competition for the home may be so tough that the buyer waived their rights for what would be normal contingencies. Financing is one of the most common contingencies in normal situations but when multiple offers are involved, the cash offers tend to have the advantage.   If you don't have the resources to make a cash offer, the next best position is to be pre-approved with a commitment letter from the lender.   Arrange for the lender to confirm the pre-...
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Top Home Improvements with the Best ROI

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Owning a home is a significant investment, and making strategic home improvements can not only enhance your living experience but also provide an excellent return on investment (ROI). While some renovations may seem appealing purely for aesthetic reasons, it's essential to prioritize those that will yield the best returns in the long run. In this blog post, we'll explore the top home improvements that offer the best ROI, allowing you to make informed decisions to increase the value of your property. 1. Kitchen Remodeling : They say the kitchen is the heart of the home, and it's also one of the most valuable areas to renovate. A well-designed kitchen with modern appliances and functional layouts can significantly boost the value of your home. Focus on updating cabinets, countertops, flooring, and energy-efficient appliances to appeal to potential buyers and improve your ROI. 2. Bathroom Upgrades : Next to the kitchen, bathrooms play a crucial role in influencing a home...
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Paying Points to Lower the Rate

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Two commonly known ways to lower your mortgage payments are to make a larger down payment especially if it eliminates private mortgage insurance and improve your credit score before applying for a mortgage. Another way to lower your payment would be to buy down the interest rate for the life of the mortgage with discount points.   A discount point is one percent of the mortgage borrowed.   Lenders collect this fee up-front to increase the yield on the note in exchange for a lower interest rate. A permanent buy down on a fixed-rate mortgage is available to borrowers who are willing to pay discount points at the time of closing. Let's look at two options on a $315,000 mortgage for 30 years at 4% interest with no points compared to a 3.75% interest rate with one-point.   The principal and interest payment on the 4% loan would be $1,503.86 compared to $1,458.81 on the 3.75% loan.   The $45.04 savings is available because the buyer is willing to pay $3,150 in poin...
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