Any repair done, no matter how big or small, should be disclosed to your customers. It is better that you divulge to your buyers and agents the repairs the house has undergone.

Termite infestations are a nasty problem for buyers. If the house has been invaded by these wood loving critters, then the buyer has every right to know. Before you try to sell the house, kill them first, and make sure they are gone.

A seller must never forget to disclose the history of the property. Anything that has happened inside the property must be thoroughly disclosed. The seller should tell buyers if the property about any damage that has occurred in the home. Your buyer deserves to know, and you would want someone to treat you the same way, after all.

If this is your first home purchase, these simple tips can help you to choose your ideal home.

• Hiring a real estate agent will save you time. They have access to lists of homes that may match your budget and other requirements. Often, they know about nice properties that have yet to officially hit the market. They will preview the property for you, and help filter out house you wouldn’t be interested in. They will also be able to give feedback about the property.
• Looking for a home that you love can be mentally and physically exhausting. Search and assess at least 7 properties simultaneously, anything beyond that would overwhelm anyone. Do some research on the internet before going to the property. Usually, it takes six to eight weeks before a buyer can make a decision on their chosen home, and two to three house tours before deciding to buy the property.
• Have a pre-approved loan application. This will strengthen your bargaining position when you find the house you want.
• Negotiate the price. If the house is overpriced for its location, negotiate in good faith. However, don’t low-ball a potential seller.
• The final step will be arranging a home inspection to see if the property needs any renovations, or if you want enhancements on certain parts of the house. If there is damage to the house, the inspector should be able to find it. Then, you can have the responsibility of the repair cost written into the contract.

1. Overpricing – Every seller wants a big price for the property they are selling. Selling a property with a high price just because you have a sentimental attachment to the house is not good for business. Emotional attachment is not a reason for putting a high price on your property, because if it is too high, no one will buy it.
2. Appearing at the showing – It is advisable that the seller should not be present during the presentation of the house to potential buyers. Sometimes, sellers think that each complaint on the house is a reflection on them. Sellers may get offended if they get negative comments from buyers, which is unnecessary. It is best to stay away, and let the potential buyer view the home in peace.
3. Rejecting early offers – If an early offer is acceptable, go ahead and take it. A property that has been marketed will receive lots of inquiries in its first few days on the market. If the price is right, buyers who find your property appealing and affordable will certainly make an offer. Don’t wait around for that mythical great deal.
4. Do not take offers personally – Sellers should not be emotionally attached to their homes. The seller must take criticisms of their property, and use this as an instrument in dealing with buyers. Getting feedbacks from buyers – whether positive or negative – is a good sign that the buyer is sincere.

1. Constantly looking for a better deal – The housing market has its highs and lows. Some people have a hard time making a decision, because they believe that something better will come along. Although there is a possibility that mortgage rates and prices can go down, it is still not a good idea to play the odds. Fluctuations are part of the housing market. After careful research about the location, the property, the cost, and the value of the property meets your expectations; there is no need to look for another property.
2. Property’s first impression – Love at first sight is not applicable for the housing market. Your rule must be to visit at least 5 properties before deciding on a house. Not doing so often results in overpaying for the property before analyzing the value and the cost. Don’t be in a rush to close the deal.
3. Overpaying for perfection – Many people choose their home because they think that it is the perfect home for them. Although there is no such thing as perfect – even in home buying – many buyers become emotionally attached to their “perfect home”, and they don’t do the proper research regarding the property.
4. Associating a short sale with being a good deal – Most bargain lovers tend to perceive short sales as really great deals. They think that distressed properties that are in short-sale are good deals without analyzing whether they are in fact overpaying. Weigh all the factors before making any decision.
5. Lowballing as an alternative to negotiating in good faith – Don’t make the mistake of lowballing. You might end up angering the seller, and lose any chance at buying the home you really want.

• Cost sheet: This is not included in the purchase contract, but it is important. The buyer must concentrate on the buyer cost sheet which is also known as cash to close. The cost sheet given to the buyer is usually produced by the lender, but can also be given by a real estate agent. It details everything that you need to pay when buying a home. The details that are found in buyer cost sheet include: inspection fees, transfer fees, appraisal fee, closing costs, down payment, and other prepaid items like homeowner’s insurance, prorated property taxes, and homeowner association dues. Some costs, like closing costs, are sometimes shouldered by the seller after the deal has taken place.
• Commission authorization: The buyer’s agent and the listing agent both have commission that is negotiable and usually comes from the seller’s sale of the property.
• Contingency: Contingencies are most commonly used for home inspections and home financing. It is a clause found in the contract which shows the condition of the sale and whether any monies can be returned if the sale falls through. Contingencies can be negotiated.
• Disclaimer / disclosure: This varies depending on each location. These are the details that homeowners should bring up to potential buyers. Most states demand the buyer to fill out the form with whatever they know about the property. There are states that demand the sellers to disclose anything that may affect the desirability and value of the property such as if the area is fire-prone, included in the list of earthquake fault zone, flooded-prone area, or whether the home is within or near an airport.
• Earnest money deposit: This is usually given as part of the down payment after both the seller and buyer have agreed on the deal. This should be included in the written agreement.
• Escrow: This is a written document that shows all the financial aspects of the contract including the down payments. It records all the transactions within the contract and should be kept until everything has been paid in full.
• Good-faith estimate: This is not part of the contract, but is necessary for the deal. This shows the buyers how much can they expect to be paying for the potential property that they are looking into.

Investors buy properties that are foreclosed, trustee sales, short sales and even badly beaten-up standard sales that no one wants to purchase; then, they do some rebuilding for re-selling. Investors look for potential buyers through listings and they sometimes base their renovations and purchases based on the requirements of the buyers. Investors see the potential of these distressed properties that home buyers sometimes don’t.

The prospective buyers of these investment properties tend to be young homebuyers who are seeking their first home. Many of the properties are not located in a first-class suburban neighborhood, but they are near schools, restaurants, entertainment, offices and other popular establishments. These homes are often located in older neighborhoods that are transitioning upward. An example in Middle Tennessee would be East Nashville.

The target buyers of these investors are those who want a house that is good-looking with a price that is lower than those that are located in prime subdivisions. They are the buyers who are just starting a new chapter in their life, and can adapt to the changing environment in the neighborhood. They tend to be willing to grow with the neighborhood.

To be able to get a sure sale from home buyers, investors and sellers need to consider these factors:

• Decluttering. This means removing things that are not attractive to a potential buyer.
• Painting. Light colors are recommended, such as beige, cream, gray or tan.
• Remove old carpet. A polished floor or fresh carpet is very noticeable for potential buyers.
• Scale furniture correctly. Make sure that big furniture does not make the space look small. Properly place the furniture where they should best fit. In this case, a home stager can be a huge help.

Is the buyer experiencing financing issues? Most potential buyers planned on buying a home with the expectation that they can be approved for a mortgage loan. After discovering that the lender has just turned them down, the buyers often lose hope. Problems such as credit scores, job loss, and documentation problems and delays are the major reasons why a borrower can lose interest in buying a home. Though the process may take a long time, and the buyer may seem to have abandoned the deal, the seller or homeowner should still keep a line of communication open with the prospective buyers. In the end, the bank (or another bank perhaps) may still approve the loan.

Did your property receive a low appraisal? Most of the time, home sales suffer from low appraisals when an appraiser valued the property in an amount that is smaller than the contract price between the buyer and the seller. This can be a problem to the seller, especially if they decline to reduce the price. This will usually cause buyers to back out of the deal. One solution for this is to ask the appraiser to re-appraise the property, and try to reconsider some factors. This rarely happens, and it can be more difficult to achieve. If this doesn’t work, there is no other solution but to cut the asking price of your property.

Are there necessary repairs needed? In some cases, the buyer and the seller don’t agree on one thing – repairing the home before the buyer purchases it. The seller usually doesn’t want to spend any more money on something that they are getting rid of. On the other hand, the buyer usually doesn’t want to buy a property that needs a lot or repairs, because it is an additional expense for them. This can be a problem, but can be fixed if both the seller and the buyer agree on reasonable fixes.

• Changing the shower curtain – It is important to regularly check your shower curtain because they can accumulate mold and mildew. Take them out once in a while and expose them to air or sunlight to prevent buildup of mold.
• Fix problems – Use a pencil and paper to jot down minor areas that need immediate attention. Check for cracks and crevices. Also, inspect your doors and windows, chimney and fireplace, furniture and appliances for any potential issues.
• Compute and calculate – Calculate how much electricity you can use by checking all the appliances that you use. Go to the Energy Star website where you can check or estimate how much electricity consumption your household uses based on your appliances usage. It is important to save energy.
• Clean your storage area – Remove all clutter that you see, and store it in an organized way or get rid of it. Organize your things so that you know where to get them. Take away trash, and anything else that you won’t need anymore. Properly dispose of chemicals and batteries.

Location and neighborhood. These are very important to consider in choosing a house. In choosing a location, we might want to consider whether to live in a suburb or an urban area. Living in a suburb is generally cheaper, but is usually further from the city, work and other major establishments. Living in an urban area is generally near to places like jobs, hospitals, shopping districts, and much more. Some disadvantages includes being pricier, noisier and usually higher crime rates.

Type of home. Another thing to consider is whether you want a single-detached house, or an apartment or condominium. Single family homes are generally more quiet, and can give more privacy. You also have an option to garden and perform other renovations that you want (if you own the house). This option is usually more expensive. Living in a condo or an apartment means less maintenance, and is usually less expensive. They do have less privacy, however. You also have no room for exterior renovations, and you share walls and ceilings with neighbors.

Interior specifications. These includes number of bedrooms, bathrooms, size of each room, facilities and much more. A home with three or more rooms is good for a bigger family. You may also want to consider garden area if you are a plant lover. Sunrooms are perfect for this type of arrangement.

If you are a first-time home buyer, following these simple steps can help you when choosing your ideal home.

• Hiring an agent will save you time. They will provide you with listings of available houses that match your needs, requirements and budget. Most often, they know new listings that are about to hit the market. They can preview the house beforehand, and give you information about it, such as if it is overpriced or too big or small.
• Look for a home that you love. This is not an easy process, as it can be physically and mentally draining. Look at and compare at least 7 houses at the same time, anything more than that may cause a headache. Do some research online before actually going to the property. Normally, a buyer takes 6 to 8 weeks before deciding on their chosen house, and it takes 2 to 3 house tours before finally buying it.
• Whether or not you need a loan from a mortgage lender or bank, it is a good idea to have a pre-approved loan application to show the seller you are a serious buyer.
• Negotiate the price. Comparing the price of different homes in the neighborhood is a good idea. This will give you an idea whether the asking price is reasonable.
• Arranging a home inspection is the final step in deciding to buy a particular home. It is crucial to see if there are some renovations needed or if you want some enhancements done on some parts of the house.