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| Q: | What are some tips on negotiation? |
| A: |
The more you know about a
seller's motivation, the stronger a negotiating position you are in.
For example, seller who must move quickly due to a job transfer may
be amenable to a lower price with a speedy escrow. Other so-called
"motivated sellers" include people going through a divorce or who
have already purchased another home.
Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller's asking price stacks up. Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all. |
| Q: | How long do bankruptcies and foreclosures stay on a credit report? |
| A: |
Bankruptcies and
foreclosures can remain on a credit report for seven to 10 years.
Some lenders will consider an borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible. |
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