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New Year's Resolutions for Those Braving the Market's Cold Waters
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Everyone wants to get their list price. But unless you're in a strong seller's market, it's unlikely you'll get it. That means you'll probably get an opening offer that's somewhat below your list price. To negotiate effectively, it helps to determine the minimum amount you'll be happy accepting for your home.
If you receive an offer with anything above this price, it's like gravy. If it's below the minimum price you've set, you can negotiate accordingly.
The psychological benefit of a minimum acceptable price is great: It puts you in control of an emotional situation by helping you to distance yourself emotionally from the negotiation process.
· Avoid being driven by greed.
One big mistake many sellers make is to get a little greedy, particularly if the first offer is above the minimum acceptable price you've set. Then, the negotiation becomes a game of how much you can get.
Remember, a successful sale means everyone walks away feeling happy. If you get so greedy that the buyer walks away, you've let the deal get the best of you. Resolve to be reasonable, and you'll end up shaking hands with the buyer at the closing.
Q I have a lien on my neighbor's home due to damages awarded to me from the courts. The home is now in foreclosure and I received the notice of sale. Is there any way I can protect the lien amount?
A There are ways to protect your lien, but they will not guarantee that you will get any money in return. When you sued your neighbor and received a judgment from the court, you placed a lien on your neighbor's home. That lien gave you the right to sell the home to satisfy the judgment.
At the same time, your neighbor's lender has a lien on the home, and that lender is trying to sell the home to satisfy the debt.
If you do nothing, the lien on your neighbor's home will be wiped out, but the judgment won't be. You could still go after other assets owned by your neighbor.
To protect your lien, you would have to follow the procedures dictated by your state's laws. In some states, you must join in the litigation. By doing so, you could receive money from the sale of the home once the other lender is paid in full. If your neighbor owes his other lender far more than what his home is worth, it could be unlikely that you would recover any money from the sale of the home.
