IT TAKES TWO TO HARMONIZE!

 Whether you are buying a home or selling one, it is likely that once an Offer To Purchase is on the table, you'll enter a phase of the transaction called Negotiation.  Fear not - this is how both sides "win."  By following a few reasonable recommendations, both parties can turn Negotiation into Agreement.

 It's best to begin with a fair asking price and a fair offer.  Sellers, don't shoot for the moon. Buyers, don't lowball on a home you really want.  Overpricing is a turnoff to potential buyers, while low offers may meet with outright rejection.

 Next, understand and respect each other's priorities. Seller won't budge on price?  Perhaps they would pay more of the transaction fees. Buyer urgently needs quick possession?  Perhaps they would forgo some repairs.

 This illustrates the value of compromise.  A win-win situation doesn't necessarily mean that both parties get everything they demand.  Avoid emotional decisions and be open to concessions.  If you can't agree on a particular term, try meeting in the middle.  Who will pay closing costs?  Who will pay for cosmetic repairs?  You needn't hold up the entire agreement when you can simply split the difference on certain terms and move forward.

 Experienced real estate professionals are successful negotiators.  Bringing buyers and sellers together is Job Number One.  Protect your best interests by seeking the advice of a professional.

 Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976.  Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.

61st Annual Costa Mesa/Newport Harbor Lions Club Fish Fry!!! Fish dinners!!!! Stage Shows!!!!!!! Baby Contest!!!!!!!!! Prize Drawing!!!!!!! And so much more! me out for tons of food, fun, games, rides & entertainment on Saturday, May 31 and Sunday June 1. This event will be held at 18th Street & Lions Park - the same location as always!!!!!! Saturday hours are from 11am - 10pm and Sunday from 11am - 9pm. Mark these dates on your calendars now so you don't forget, this event is definitely a local community favorite!

Be sure to come down for the great fish and hamburgers!  See you at the event!

 Larry Weichman, 714-241-4532. TeamWeichman.com

KNOW THE DIFFERENCE!

How much home can you afford?  How do you even begin to find the answer to that question?  You've probably heard terms like "pre-approval" and "pre-qualification" tossed around, but do you understand the critical difference between those two?  If your answer is "no," then please read on to avoid major disappointment when you make your offer.

"Pre-qualification" is a fine place to start, but if you're really serious about the time and money you're going to invest in purchasing a home, you'll really want to focus on "pre-approval."  Approval, and not just qualification, is secured when you ...

Four Forms of Protection

REALTOR'S CORNER

LARRY WEICHMAN

When you purchase an automobile, what's the first thing you take care of before driving around town? You've got to get insurance, of course. It's no different when you're ready to buy a home, but you have some more options.

First, understand that there are four basic types of insurance, some required, some not. Title insurance protects you in the event that title to the property is found to be in question. You definitely want to purchase title insurance as part of the closing transaction.

Homeowner's insurance provides coverage in cases of theft, damage and liability. Your lender will require this policy, so this is another absolute necessity.

Flood insurance may be required, depending on the location of your new home. The federal government provides this policy to cover replacement value of the home and its contents. Consult with a local real estate agent to determine necessity and restrictions.

Finally, a newer and very popular form of "insurance" is the home warranty, often provided by the seller as peace of mind for the buyer.

These are often one-year policies that cover repairs to systems and appliances, and more details on this are coming up in my next column. In the meantime, consult with a real estate agent if you have any questions or concerns about any of the insurance policies addressed here.

Larry Weichman is president/broker for Costa Mesa-based Weichman Realtors. Contact him at Larry@WeichmanRealtors.com, 714-241-4532 or www.TeamWeichman.com.