Archive for June, 2008
The Art of Negotiation
We’re lucky to have Scott Mulvany of Cherry Creek Mortgage with us again as a blog contributor… Scott’s great with first-time and seasoned buyers alike, and he is always available to answer a question, even if you aren’t his client!
The Art of Home Purchase NegotiationThere is much give and take involved in negotiating a property purchase. That’s why it’s important to have a checklist of what you want to get out of the deal as a buyer. Bear in mind, the home must be appraised and the lender will be looking at the fair market value on a given property. Since property values fluctuate, your Real Estate Agent should do a comparative market analysis so you are aware of what the trends are for the area in which you are shopping. This will give you an idea as to whether the seller’s asking price is realistic. You will also want to know how long the property has been on the market, and if any price reductions have occurred during that time.Make sure your Real Estate Agent is on the same page with you so he/she is able to represent you properly. You also want to know that you are working with an agent that is experienced in representing the buyer. Not all agents have the ability to provide strong representation for both a buyer and a seller. If you have not yet selected a Real Estate Agent to represent you, Stacie Staub will be happy to help!Remember a good deal is mutually beneficial. The seller will also have a wish list of what they want out of the negotiation. Listen attentively to determine what their hot buttons are. You can use this information to leverage what you want out of the deal at some point along the way. Find out if the seller has a deadline. Perhaps they have already purchased their new home, or have to relocate because of a commitment to a new employer. Find out what the seller’s current mortgage balance is and use this to your advantage. You would also want to know if the seller is planning this move because there are problems in the neighborhood. Take a walking tour of the area and ask the residents what the neighborhood is like. You can also ask the local police department about the crime rate, or check the local newspaper for crime listings. Don’t be afraid to ask questions. When the seller is intent on getting their way on a certain point, make sure you are getting something in return. Typically the built-in amenities such as the dishwasher and garbage disposal will stay with the home. You can negotiate other items in exchange for something that ranks high on the seller’s wish list. Be prepared to split the difference so everyone involved is satisfied with the negotiation. A win-win situation for both the buyer and the seller is critical to a smooth close. |
LIVE Urban At Denver PrideFest this weekend!
Stop by and say hi - the LIVE Urban team will be at PrideFest this weekend, and we will be giving away another 3G iPhone!
Our booth will be between the Main Stage and the Community Stage from 11 to 6 on Saturday and 10 to 5 on Sunday.
R.I.P., Tim Russert.
The empty chair on Meet the Press this morning was really heart-breaking. Isn’t it weird how sometimes you don’t realize how much you enjoy something until it’s gone? That’s how I feel about Tim Russert’s absence from this morning’s show. I’m a long-time Today show viewer who automatically turns on NBC at 7 every morning to get the brief, entertaining, and simple version of what’s going on in the world.
Tim Russert was a big part of my morning routine, and I am going to miss his straight-forward and hard-hitting analysis of daily politics. Who is going to bust out the blue and red markers and the huge map of the US when November rolls around? Who is going to moderate the discussion as this all-important election finally arrives? I know that no one will be able to explain the complexities of American policy as well as he did, and I am sure that no one will manage to do it with a little twinkle of excitement in his eye. His enthusiasm was contagious, and his point of view was informative and educational, as well as entertaining.
I’m going to miss you, Tim Russert, rest in peace.
LIVE Urban at the Highlands Street Fair
One reason I love working at LIVE Urban is their innovative marketing plan - they truly think outside the box. A perfect example is our booth at the neighborhood street fair, as well as our storefront office and the vibe inside, which carries through not only to the website but also to all of the printed marketing materials. (Perfect place for a REaltor with a Master’s in Marketing, huh?)
More good news for buyers…
I wrote in this blog a couple of months ago about the Multiple Offers that are prevalent in today’s foreclosure market….and the national news FINALLY caught wind of this situation, which is really unavoidable if you are looking at anything that is lender-owned.
My advice to buyers: submit your best and final offer initially. This will at least get you into the bidding war - otherwise, you probably won’t even get a counteroffer. Believe it or not, there is a ton of competition for these homes, because they are priced SO SO LOW.
Don’t lowball the bank, or you won’t even get in the game.
Read yesterday’s MSNBC article here.
Highlands Street Fair Next Saturday!
LIVE Urban is psyched to participate in The Neighborhood’s biggest event! Always a great time, the Street Fair is free and fabulous, lasts all day, and promises to deliver the best from local businesses and popular vendors. Stop by the LIVE Urban booth and register for great giveaways including an iPhone!
This year’s date: Saturday, June 14, 2008
- Live music on 3 stages
- Tasty food
- Beer and cocktails
- Over 150 vendors with arts, crafts, and more!
- A special fun zone just for the kids, a classic car show, and more!
General Information
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Band Schedule
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Street Map of Fair
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Watch for your Street Fair Gazette in your mailbox or at 32nd St. stores for more about the street fair including a full list of vendors
Quick Facts
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You know it’s bad when…
Even Ed McMahon is getting foreclosed on. Did you think that the mortgage meltdown was only hurting deadbeats and down-on-their lucks? NOPE. Good ol’ Uncle Ed, spokesperson for the American Family Publisher’s Sweepstakes is losing his mansion due to unpaid mortgage payments.
(Read the article in USAToday here.)
Celebrities from The Hamptons to Beverly Hills are facing the same issues as the rest of us - they get a couple of payments behind, their ARM readjusts, their show gets cancelled and BAM, the foreclosure sign is in the front window before you know it.
I think that Denver has really seen its peak as far as foreclosures are concerned, at least that’s what it feels like on the street. Of course, there are still tons of short sales and foreclosures on the market, but it does feel like most neighborhoods are starting to see the light at the end of that dark, dreary tunnel.
Poor Ed, I hope it turns out OK for him, that the bank works out a payment plan so that he can catch up…just like they should be doing for the rest of the families who are losing their homes due to shady lending practices and a struggling economy!
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