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Controlling yourself in Visual Studio .NET
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Here are five techniques you can use to control your emotions during the home-buying negotiations: Put the transaction in perspective Which is worse: a failed home purchase or failed open-heart surgery No matter how badly things go with your real estate transaction, keep reminding yourself that this isn t a life-or-death situation Tomorrow is another day The sun will rise again, roses will bloom again, birds will sing again, and children will laugh again Life goes on If worse comes to worst, the deal may die, but you ll live on to find another place that you can call home Don t let time bully you Most life changes have predictable time frames You have plenty of advance notice on marriages, births, retirements, and the like Don t put yourself under needless pressure by procrastinating or by creating unnecessary, self-imposed deadlines Allow yourself enough time to buy a home Allocate time properly, and it will be your friend rather than your enemy
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Part IV: Making the Deal
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Maintain an emotional arm s length Keep your options open Be ready to walk away from a potential house purchase if you can t reach a satisfactory agreement with the sellers on price and terms Mentally condition yourself to the prospect that the deal may fall through Houses are like buses: If you miss one, another will come along sooner or later Accept uncertainty as a part of your transaction Much as you d like to know everything about a property before making an offer on it, the game is played with incomplete information You always have far more questions than answers at the beginning of a transaction Don t worry; you ll be fine as long as you know what things you need to find out and get the answers in a timely manner during your transaction Stay objective Use a comparable market analysis (CMA) to factually establish the fair market value of the home you want to buy (see 10) A good real estate agent can help you use this information to prepare an equitable offer If you don t plan to use an agent, consider working with a real estate lawyer Having someone to buffer you from your unavoidable emotional involvement is helpful if your composure starts to slip Just make sure that you work with professionals who are patient, not pushy, and who are committed to getting you the best deal (Flip to 9 for tips on assembling a great real estate team)
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The Art of Negotiating
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Is negotiating like water or ice If you said water, go directly to the head of the class Negotiating is fluid, not rigid There s no one-size-fits-all best negotiating strategy that you can use in every home-buying situation Good negotiators adjust their strategy based on a variety of factors, such as: How well-priced a property is How long it s been on the market How motivated the sellers are How motivated you are Whether you re dealing from a position of strength (a buyer s market) or weakness (a seller s market) Good negotiators, however, apply a few basic principles to every situation If you understand these principles, you can greatly increase the odds of getting what you want
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12: Negotiating Your Best Deal
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First things first
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Early in Ray s career, he worked with a buyer who insisted on having every question about a house answered before he d submit an offer to purchase it He wanted to structure a flawless offer Because Ray didn t know any better, he went along with the plan They spent several weeks fine-tuning the offering price by checking comparable home sales and getting quotes from contractors to do the necessary corrective work that had been discovered during the inspections ordered by a previous prospective buyer Unfortunately, Ray and the buyer got a hard lesson in accepting uncertainty, because they overlooked one tiny detail; Ray s buyer didn t have a signed offer on the house The seller got tired of their dithering around, endlessly gathering information, and sold the property to someone else If you re smart, you ll do what the successful buyer of this home did: Make a deal first Condition your offer on getting all your questions answered while you have the house tied up with a contract That way, if everything goes well, you end up the proud owner of a wonderful home If, however, you can t get a loan, or you don t like the findings of the inspection reports, you can either renegotiate the deal or bail out of the transaction and move on to a more promising home In the meantime, however, you remove the property from the competition by getting your offer accepted Don t waste time getting answers to secondary questions until you answer the primary question: Can you and the seller agree on price and terms of sale Failure to go for the commitment wastes time and money, and may cause you to lose the property
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