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Can You Negotiate the Purchase Price Based on the Home’s History?

April 4, 2025 by James Scott

When buying a home, negotiating the purchase price is a key part of the process. While factors such as market conditions, comparable sales, and property condition play a role, a home’s history can also impact its value. If the property has a notable past such as prior fire damage, flooding, structural issues, or even stigmatized events it can provide leverage for buyers to negotiate a better deal. Here’s how to approach negotiations when a home’s history is a concern.

Understanding the Impact of a Home’s History
A home’s past can significantly influence its market value and desirability. Buyers may be hesitant to purchase a home with known issues, giving those who are willing to move forward a stronger negotiating position. Some key factors to consider include:

  • Structural or Environmental Damage: Previous fire, flood, or mold damage may have lasting effects, even if repairs have been made. Buyers should request full disclosure and inspect the home thoroughly.
  • Legal or Financial Issues: Foreclosures, liens, or zoning violations can create complications that may make a seller more willing to negotiate.
  • Stigmatized Property: If a home was the site of a crime, death, or other event that may deter buyers, it could affect its resale value and provide an opportunity for negotiation.
  • Past Renovations or Repairs: If the home has undergone major repairs, understanding the quality of the work and whether proper permits were obtained can impact its value.

How to Use the Home’s History to Negotiate
If the home’s past raises concerns, use the following strategies to negotiate a better purchase price:

  1. Do Your Research
    Gather as much information as possible about the home’s history. Review property records, request seller disclosures, and look into local news archives if necessary. A home inspection can also reveal hidden issues that may not be immediately apparent.
  2. Request Repair Documentation
    If the home has been repaired after damage, ask for records of the work performed, including permits and warranties. If there is missing documentation or questionable repairs, this can be a reason to request a price reduction.
  3. Highlight Buyer Hesitation
    If the home’s history is likely to deter other buyers, use that as leverage. Sellers may be more willing to negotiate if they have struggled to find interested buyers.
  4. Obtain Professional Inspections
    A detailed inspection can uncover underlying problems that may not have been fully addressed. Use the inspection report to negotiate repairs, credits, or a lower purchase price.
  5. Leverage Market Conditions
    If the home has been sitting on the market for an extended period, or if it’s a buyer’s market, sellers may be more willing to negotiate to close the deal.
  6. Consider Future Resale Value
    If the home’s history could impact its future resale value, factor that into your negotiations. If there is a risk of difficulty selling the home later, request a lower price upfront to compensate for the potential challenges.

When to Walk Away
While negotiating based on a home’s history can lead to a better deal, not all properties are worth the risk. If inspections reveal major structural problems, environmental hazards, or ongoing legal issues, it may be best to reconsider the purchase. A discounted price does not always justify future complications or costly repairs.

A home’s history can be a powerful negotiation tool when purchasing a property. Whether dealing with past damage, legal complications, or a stigmatized history, buyers should use due diligence to ensure they are making a sound investment.

By leveraging the property’s past, obtaining thorough inspections, and understanding market conditions, buyers can secure a better deal while protecting their long-term financial interests.

Filed Under: Home Buyer Tips Tagged With: Home Buyer Tips, Home Purchase, Real Estate Negotiation

Unveiling the Secrets of Successful Real Estate Investing

July 11, 2023 by James Scott

Unveiling the Secrets of Successful Real Estate Investing

Real estate investing has been recognized as a great opportunity for building wealth and achieving financial freedom. Achieving success in the real estate market does require a strategic approach, careful analysis, and informed decision-making.

Before diving into the world of real estate investing, it is essential to define your investment goals. Are you looking for long-term rental income, quick fix-and-flip profits, or a combination of both? Clarifying your objectives will guide your investment decisions and help you stay focused on your path to success.

Educate Yourself:

The first secret to successful real estate investing is to educate yourself thoroughly about the market, trends, and various investment strategies. Take the time to learn about different types of properties, financing options, rental laws, and local market conditions. Attend seminars, read books, follow industry experts, and join real estate investor associations to gain valuable knowledge and insights.

Set Clear Investment Goals:

Before jumping into real estate investing, it’s essential to define your investment goals. Establish a clear investment strategy, including your desired return on investment (ROI), time horizon, and risk tolerance. Setting specific goals will help you stay focused and make informed investment decisions.

Build a Reliable Network:

Building a strong network of professionals is crucial for success in real estate investing. Connect with real estate agents, brokers, property managers, contractors, and other investors. They can provide valuable advice, help you find lucrative deals, and collaborate on joint ventures. Networking also allows you to stay updated on market trends and opportunities.

Conduct Thorough Due Diligence:

Performing comprehensive due diligence is a key secret to successful real estate investing. Always research and analyze properties before making a purchase. Evaluate factors such as location, potential for appreciation, rental demand, property condition, and potential repairs or renovations required. Thorough due diligence minimizes risks and increases the chances of a profitable investment.

Diversify Your Portfolio:

Successful real estate investors understand the importance of diversification. Don’t put all your eggs in one basket. Instead, spread your investments across different property types, locations, and investment strategies.

Adapt to Market Conditions:

Real estate markets are dynamic and subject to changes. Keep a close eye on market trends, interest rates, demographic shifts, and regulatory changes. This information will help you identify emerging opportunities and make informed investment decisions.

Successful real estate investing is a combination of knowledge, strategy, and adaptability. By educating yourself, setting clear goals, building a reliable network, conducting thorough due diligence, diversifying your portfolio, leveraging financing wisely, and adapting to market conditions, you can unlock the secrets to success in the real estate investment arena. Remember, patience, perseverance, and continuous learning are essential elements on your journey to becoming a successful real estate investor.

Filed Under: Investment Properties Tagged With: Home Purchase, Investing, Real Estate

Unveiling the Secrets of Successful Real Estate Investing

July 11, 2023 by James Scott

Unveiling the Secrets of Successful Real Estate Investing

Real estate investing has been recognized as a great opportunity for building wealth and achieving financial freedom. Achieving success in the real estate market does require a strategic approach, careful analysis, and informed decision-making.

Before diving into the world of real estate investing, it is essential to define your investment goals. Are you looking for long-term rental income, quick fix-and-flip profits, or a combination of both? Clarifying your objectives will guide your investment decisions and help you stay focused on your path to success.

Educate Yourself:

The first secret to successful real estate investing is to educate yourself thoroughly about the market, trends, and various investment strategies. Take the time to learn about different types of properties, financing options, rental laws, and local market conditions. Attend seminars, read books, follow industry experts, and join real estate investor associations to gain valuable knowledge and insights.

Set Clear Investment Goals:

Before jumping into real estate investing, it’s essential to define your investment goals. Establish a clear investment strategy, including your desired return on investment (ROI), time horizon, and risk tolerance. Setting specific goals will help you stay focused and make informed investment decisions.

Build a Reliable Network:

Building a strong network of professionals is crucial for success in real estate investing. Connect with real estate agents, brokers, property managers, contractors, and other investors. They can provide valuable advice, help you find lucrative deals, and collaborate on joint ventures. Networking also allows you to stay updated on market trends and opportunities.

Conduct Thorough Due Diligence:

Performing comprehensive due diligence is a key secret to successful real estate investing. Always research and analyze properties before making a purchase. Evaluate factors such as location, potential for appreciation, rental demand, property condition, and potential repairs or renovations required. Thorough due diligence minimizes risks and increases the chances of a profitable investment.

Diversify Your Portfolio:

Successful real estate investors understand the importance of diversification. Don’t put all your eggs in one basket. Instead, spread your investments across different property types, locations, and investment strategies.

Adapt to Market Conditions:

Real estate markets are dynamic and subject to changes. Keep a close eye on market trends, interest rates, demographic shifts, and regulatory changes. This information will help you identify emerging opportunities and make informed investment decisions.

Successful real estate investing is a combination of knowledge, strategy, and adaptability. By educating yourself, setting clear goals, building a reliable network, conducting thorough due diligence, diversifying your portfolio, leveraging financing wisely, and adapting to market conditions, you can unlock the secrets to success in the real estate investment arena. Remember, patience, perseverance, and continuous learning are essential elements on your journey to becoming a successful real estate investor.

Filed Under: Investment Properties Tagged With: Home Purchase, Investing, Real Estate

Eliminate These 5 Barriers To Saving For Your Down Payment This Month!

February 25, 2022 by James Scott

Saving Up: 5 Barriers to Saving Money That You Can Eliminate in Just One MonthWith all the expenses that go into monthly living and the temptations that come along with life, saving money for the down payment on your new home can be quite a struggle for many people. If you’re having a hard time saving and are wondering what you can do to ensure a higher bank balance next month, here are a few things that may pose a risk to getting the home of your dreams.

Forgetting To Take Lunch

One of the things most likely to defeat your bank balance is the daily office trip to the deli or diner. Instead of opting for an easy but expensive $10.00 lunch, take a few minutes at the end of each day to put together a sandwich or salad so you don’t have to spend extra funds on your lunch break.

Relying On Cable Television

With all the available options for streaming services, many people are switching out their packages for something a lot more economical. Cable can easily add up to $100.00 a month to your expenses, but a streaming service may only be a fraction of the cost and will provide savings you’ll soon notice.

Splurging On Morning Coffee

Grabbing the familiar cup of joe on the way to the office is certainly a way to ease yourself into the day, but one coffee can add up to a huge expense by the end of the month. If this is a vice you crave, try taking your own coffee to work and opt for a treat once a week if you really can’t resist.

Impulse Buys At The Grocery Store

Food certainly counts as a necessity, but there are many things that end up in the grocery cart at the end of a shopping trip that aren’t really staple items. If your cart is filling up with chips and chocolate, you might want to stick to your list or review your cart before the final purchase.

Avoiding Your Budget

Unless you’re taking to a spreadsheet to balance out your expenses and earnings, you may not see any significant savings at the end of each month. Budgeting will give you a better idea of what you can and can’t afford consistently, so make sure you’re writing everything down.

The idea of cutting back on spending is rarely a popular one, but there are things you can do every day that will make for a better bank balance at the end of the month. If you’re looking for more tips on buying your own home, contact your trusted mortgage professional today!

Filed Under: Real Estate Tagged With: Down Payment, Financial Planning, Home Purchase

What To Watch Out For When Buying A Home

November 17, 2020 by James Scott

What To Watch Out For When Buying A HomeBuying a new home is an exciting experience.  At the same time, it is also important for everyone to think about a few important topics that have to be discussed before they place an offer on a home. That way, everyone can rest easy, knowing they have done their due diligence when it comes to purchasing a new home.

Do Not Neglect The Noise Level Of The Neighborhood

One of the most commonly overlooked topics when it comes to buying a house is the noise level of the neighborhood. Some noise from the outside world is to be expected, particularly for those who move into a busy neighborhood. During a tour of the potential home, it is a good idea to ask realtors to lower the level of background noise. That way, people can get a good feel for what the potential neighborhood noise level might be like. 

Always Ask About The Age Of The Roof

One of the easiest facets of a house to overlook is the roof. At the same time, the roof is also one of the biggest parts of the home. Therefore, it is a good idea for everyone to make sure they do a thorough inspection of the roof. They should look for damages both from the outside as well as inside. Ask about the age of the roof as well. Be sure to check for damaged shingles.

Ask About The Age Of The HVAC System

Another topic that has to be discussed is the HVAC system. In general, people should expect to get between 15 and 20 years of life out of their HVAC system. If the HVAC system in the home is getting close to the point of replacement, then it might be a good idea to ask for a price reduction because the new homeowner is going to have to replace the HVAC system in the near future.

Perform Due Diligence Before Buying A Home

These are a few of the most important points that people have to follow when they are buying a new home. Asking about these issues ahead of time can prevent homeowners from being surprised down the road.

 

Filed Under: Real Estate Tips Tagged With: Home Purchase, HVAC, Roof

What Should I Consider Most When Buying A Home In 2020?

February 27, 2020 by James Scott

What Should I Consider Most When Buying A Home In 2020There are two times when it is best to buy a home. When you have to buy one and when you can afford to buy one. In general, owning a home is better than renting one because you are building up equity for yourself, instead of throwing your money away by helping the landlord buy the property with your rent money.

Best- And Worst-Case Scenario Planning

Be prepared for owning a home, especially if this will be your first time as a homebuyer. There is a natural tendency to stretch finances to the breaking point when wanting to own a home. Try to be patient and have a contingency plan for what would happen if you lose your job or if your significant other loses his or her job if you are buying a home with the help of another income.

A surprising piece of counter-intuitive advice is NOT to use all of your savings as a down payment, even if you have to pay more for the mortgage. Instead, hold back three to six months of mortgage payments in your savings to use in case there is an unexpected job loss or problem. That will give you enough time to recover from a temporary problem without having to worry about having enough money to make the mortgage payments.

Keep Emotions Under Control

Try not to let your emotions override practical considerations. Most people trade-up from the first home that they buy. A house need not be “perfect”; however, you want it to be in a decent condition to avoid having large expenses right after buying it, unless you are a fixer-upper type and know what you are doing.

Seller’s Or Buyer’s Market

It is useful to know whether the area you want to buy a home is a seller’s or a buyer’s market. In a seller’s market, there may be many buyers for fewer sellers. In that case, you will need to be more competitive in your approach when buying a house.

One easy way to tell if the area is a seller’s market is to ask your REALTOR® to find out the median number of days that homes are on the market for sale and the percentage of the asking price that the average home sells for.

Don’t be surprised to learn in a seller’s market that homes stay listed only for a short time, and they sell for nearly the asking price. Having a pre-approved lending commitment before you go looking for a home in a seller’s market is one way to make your offer(s) stronger.

Summary

Take time when buying a home to do some market research first. Get your loan commitment approved, before shopping for a home. Make looking for a home to buy an adventure. Avoid stretching yourself to a financial breaking point and plan to stay in your home for a few years, at least, before you trade-up.

If you are in the market for a new home or interested in listing your current property, be sure to set an appointment with your trusted real estate professional.

Filed Under: Real Estate Tagged With: Home Purchase, Market Trends, Real Estate

Coping With Relationships During The Moving Process

February 26, 2020 by James Scott

Coping With Relationships During The Moving ProcessHeading to a new place can be an exciting time; however, this is going to have an impact on someone’s relationships with family members and friends. The idea of relocation can be stressful for these emotional attachments. This can cause some hesitation as individuals and families adjust to living in a new place.

These are a few tips that everyone should keep in mind.

Keep In Touch

Of course, one of the most important tips for coping with the move is to keep in touch. This doesn’t mean that these relationships need to die. Simply arrange ways to talk with each other.

This starts with phone calls, video chats, and emails. This is a great way to stay involved in the lives of close friends and family members. Once the move has settled, invite them out to take a look at the new place. It is exciting to move to a new city and this is an opportunity to share some hospitality with loved ones.

Memories Of Loved Ones Are Important

Be sure to take souvenirs, mementos, and reminders of the old home. Pictures are the easiest way to do this. Be sure to display these photos in conspicuous places in the new home. This will ensure that these relationships aren’t forgotten.

In addition to pictures, paperweights, trinkets, postcards, and other items make great mementos and can serve as decorations in the new home. Display these on a shelf or ledge where they can be seen. This will help someone adjust to living in a new place.

Explore The New City

It is important to move forward. In order for someone to truly be happy in a new place, they need to give this location a chance. Get out of the house and explore everything the new city has to offer. Check out the bars, shops, restaurants, community spaces, and people. This is extremely important. Try to make new friends and create a solid support structure in a new place.

While it is important to maintain old relationships with family members and friends, they will want you to be happy in your new home as well. Therefore, branch out and explore. This will make coping with the move easier. 

If you are in the market for a new home or interested in listing your current property, be sure to contact your trusted real estate professional.

Filed Under: Real Estate Tagged With: Home Purchase, Real Estate, Relocation

The Risks And The Rewards Of Buying Homes In An ‘As-Is’ Condition

December 5, 2019 by James Scott

The Risks And The Rewards Of Buying Homes In An 'As-Is' ConditionWhen considering buying a home in an “as-is” condition, the buyer takes all the risk of anything needed to bring the property back up to current building codes and make it ready for occupation or re-sale. There can be bargains in as-is properties if you know how to hunt for one. 

How To Find As-Is Bargain Properties

To find these properties, look for those that sell at auction for tax liens or other reasons for governmental asset-seizure. The might be distressed as-is properties that are foreclosures, short-sales, or estate sales.

A popular home-flipping strategy is to buy an as-is property at a price that is far below market value, make the repairs necessary, and then resell the home for a price that covers the repair costs plus makes a profit.

Tips On Buying As-Is Properties

It is a guessing game when buying an as-is property. There may be very unpleasant surprises for repairs that are very costly and are not obvious. Hidden problems include major plumbing troubles, severe electrical system repairs, shifting or broken foundations, dry rot, and termite infestations.

Here are some tips about how to improve the chances of getting a better deal when buying an as-is property:

Home Inspection: Conduct a professional home inspection. This is insurance to avoid a serious mistake. It is worth the few hundred dollars to pay for one, even if you do not get the property. 

Work With A Contractor: Being a contractor yourself is great. Many contractors buy and flip houses when not working on projects for others. The next best thing is working or partnering with a contractor. Just doing a walk-through with a remodeling contractor helps identify things that need to fix. Then, the estimates for the renovation can be done more accurately.

Major Systems: Assume the major systems will need work or replacement. The biggest unknown expenses in a renovation come from the heating, cooling, and other major systems.

Check Drains: Running water into the sinks for a few minutes is an easy way to see if the drains are blocked.

Roof: Based on the home’s age, assume the roof needs replacement if the roof is more than 20 years old. Inside the home look for evidence of roof leaks that left behind stains on the ceilings and walls that are signs of water damage.

Probe For Termites: Drill tiny deep holes into wood, in an inconspicuous area, to test for termite infestation and/or pay for a pest control inspection.

Foundation Problems: Go into the crawl space under a home to look for foundation problems, such as major cracks and shifting. Another indicator of ground movement and settling, which may be a problem, is that the doors in the home are not level or plumb and do not close properly.

Summary

It is possible to get a bargain when buying an as-is property; however, it is not a certainty. If you are just starting with flipping houses, it is better to partner with professionals to get helpful guidance. Work with a qualified real estate agent who specializes in distressed properties and partner with a reputable building contractor to increase the chance of success.

Filed Under: Real Estate Tagged With: As-Is Condition, Home Purchase, Real Estate

How To Create A Home-Buying Partnership

September 24, 2019 by James Scott

How To Create A Home-Buying PartnershipMany want to have a home, yet find it difficult to afford one by themselves. Some people are forming home-buying partnerships to buy a home and live in it together. Here are some considerations for those interested in forming a home-buying partnership.

A home-buying partnership is a legal and personal relationship that is similar to having a permanent roommate. It has the feeling of being married to the other person in a legal way, not in a romantic way. Like any business partnership, there are advantages and disadvantages.

Advantages Of A Home-Buying Partnership

Buying a home is easier when sharing the responsibility with another person. In an equal partnership, the money needed is half and the expenses are also half of when compared to buying a home alone.

Wasting money on rent stops and the equity value may build up by owning a home over time if real estate prices increase.

Combining credit strength as co-signers may make it easier to buy a home if both parties have a decent credit history. Qualifying for a bigger home loan amount may be possible, which allows buying a larger home.

A strategy to consider is buying a duplex building, which is two homes combined into one building structure.

Disadvantages Of A Home-Buying Partnership

Getting along well with your home-buying partner is essential. Not only will you share a business relationship, but you will also see each other constantly. Having compatible lifestyles is critical to avoid personality clashes.

People who have been roommates for years and get along extremely well make great candidates for home-buying partners. This is a far better choice than doing something this serious with a person you just met.

Legal Structure

The best way to own the property is by forming a single-purpose limited liability company (LLC). The company will do nothing but own the home. An LLC is like a general partnership with the exception that it limits the liability exposure of its owners to the investment value they have in the LLC.

Ownership in an LLC is in units of the LLC. Owning half the authorized units is half the LLC. If one partner has one unit more than the other one has, that partner has decision-making control over the property.

For tax purposes, an LLC is a pass-through entity. The tax obligations and benefits pass to the owners of the LLC according to the portion of the LLC that they own.

Sudden Death, Buy-Sell Provision

This provision allows for one of the partners to buy out the other one’s ownership before it sells to a third party. This can happen automatically if one of the partners dies or becomes incapacitated. It may happen if there is a disagreement.

The idea is to use this provision so that one partner is not forced to sell the home and has the option to buy the other half of the home before it sells to another party.

Summary

These are just the basic issues about a home-buying partnership. This arrangement can be an effective way to own a home, just be very careful about how you select a partner. Use a competent real estate attorney to form the LLC properly. 

And as always, consult with your trusted professional real estate agent to help you navigate through the purchase process.

Filed Under: Real Estate Tagged With: Home Purchase, Market Trends, Real Estate

Making Money Buying Homes And More From Estate Sales

July 30, 2019 by James Scott

Making Money Buying Homes And More From Estate SalesAn estate sale is the sale of the property owned by a person after a person dies. This sale may include real property, such as a home, and personal property, such as the home’s contents.

There are two ways to buy property through an estate sale. One way is to buy it from the person who inherited the property. The other way is to buy it from the estate through the executor of the estate. The executor is the person with the legal authority to dispose of the estate’s assets according to the last will and testament of the person who died.

The executor of the estate may be working with the state authorities in a probate court if the estate is in probate. Probate is an action by law that occurs automatically if the person died without leaving a will. Probate legal proceedings may also happen if the beneficiaries of an estate dispute a will that exists.

Opportunities In Estate Sales

Usually, the property purchased from an estate sale is available at a discount from its market value. Sometimes, this discount may be significant. When a person buys a home sold this way, the purchase is usually on an “as-is” basis. That means the buyer takes all the risk when acquiring the property. The buyer may have to make significant repairs to the property if it needs them.

For this reason, the price of these estate homes is often much less than their market value. Moreover, when buying the contents of the home, it is possible to find treasures in the contents. Unfortunately, it is also possible to find only trash and junk that costs more to remove and throw out than it is worth.

Disadvantages Of Property Acquisition Through Estate Sales

The main disadvantage is buying something without really knowing what it is worth or having a complete evaluation of its condition.

Other disadvantages are that if the sale goes through probate, it may take a very long time to close, perhaps up to a year or more. There is a need to check all the familial circumstances, the legal title, and the will carefully. Otherwise, there may be legal complications and claims of ownership even after the property is acquired.

This is why having competent legal counsel to review a deal before making the purchase is critical. Nobody wants to buy a property that brings them into a lawsuit.

Finding Estate Sales

If a disputed will, or the lack thereof, puts a property through a legal probate process, then this is part of the public records. These records are available to anyone who wants to look at the information. Properties may be put up for public auction as part of the probate process.

For properties sold through the executor for the purpose of dividing up the proceeds among the heirs, they can be found by reading the obituaries and making contact with the executor after a person died.

Summary

Buying property through an estate sale may be very profitable. Many specialists make their careers in real estate investing based on these opportunities. To be successful in this effort requires patience and careful attention to details with competent legal support.

Whether you are interested in buying a home through an estate sale or a more traditional sale, be sure to contact your trusted real estate professional.

Filed Under: Real Estate Tagged With: Estate Sale, Home Purchase, Real Estate

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