Whether a first-timer or seasoned home buyer, your home buying and selling process can be as challenging as learning a new language. Before you make your move, it's important to first understand the steps involved and the buzzwords of the "deal" to ensure the smoothest transaction possible.

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The silver linings that are emerging for buyers as a result of the changing housing market are greater selection, fewer competitive offers, and less pressure to make a snap decision. However, you should still be thinking of putting your best offer forward, since there may not be a lot of room for negotiating the price and terms. Having a knowledgeable agent who can pinpoint what amount will be met with serious interest on the seller's part is half the battle.

During the negotiation process, you have the right to include a home inspection to uncover any serious flaws in the structure. At the same time, you should appeal to the seller's desire for a quick and uncomplicated sale by coming close to all the reasonable terms of the closing requirements. Moreover, avoid sticking too many conditions in your offer. One big advantage for you as a buyer is to have preapproved financing so that the seller knows that you have the necessary funding to complete the transaction. Again, your agent can be your "wingman" as you make the "offer-to-purchase" run.

For a homebuyer, closing on a property means finally having the flexibility to build and create your own living space and, as homes typically appreciate over time, some measure of financial security.

Unfortunately though, closing also means having to comb over pages of legal documents, budgeting for closing costs, and finalizing your home financing. By being prepared before moving day, you'll make sure there are no surprises.

Paperwork
Some of the legal documents you'll need to look at on closing day include estimates, contracts, title searches, appraisals, home inspection summaries, and financial documents. Your real estate lawyer and/or sales associate should make these services available to you.

A week before you take ownership, consider coordinating a meeting where all respective agents, vendors, buyers, and your attorneys finalize closing details and documents. This step will help you avoid any surprises the day of, and ensure all paperwork is complete prior to taking possession.

When you close, also make sure to obtain the deed to your property.

Payments
Your mortgage is far from the only cost you should expect to pay when purchasing property. Other expenses may include legal fees, insurance, appraisal fees, moving fees, utility hook-ups, and depending on what state you live in, land transfer taxes.

Once you've been pre-approved for a loan, begin discussing closing costs with your Better Homes and Garden Real Estate sales associate. If you need more cash on hand for anticipated closing costs, this may force you to adjust the terms of your home financing. Putting down a smaller down payment is one way to free up some additional cash; however, it may make it more difficult to obtain financing from your lending agent. Also, consider that a smaller down payment may mean higher monthly mortgage payments. Carefully weigh these options with your sales associate and consider the length of time you intend to stay in your new home.

Additional Closing Costs
Land transfer taxes are costs many first-time buyers may overlook when purchasing a property. Whatever the amount, the trick is to be prepared.

Ask your sales associate to look at comparable sales in the neighborhood. With that information, he or she should be able to provide a fairly accurate cost estimate that will help you budget more effectively before taxes.

Adjusting to life in a new neighborhood can be stressful enough; the physical act of moving shouldn't make it worse. Ironing out the details weeks in advance will help make sure you and your prized possessions arrive at your new home in one piece.

Organizing the move
According to the US Census Bureau, an estimated 39 million Americans relocate annually, while half of all moves occur between May and Labor Day. If you're planning to move in during that time, make sure to book movers well in advance to avoid having to make arrangements around the schedules of others.

Before signing a contract, however, insist on getting in-home estimates from at least three reputable companies. While estimating your home's contents over the phone may seem like a simple way to obtain a quote, it often winds up costing more in additional fees, a scenario that can be easily avoided by scheduling face-to-face appointments.

Packing
Weeks before you move, start collecting boxes and gathering any necessary supplies (packing tape, sharpies, etc). Ideally, the boxes will be uniform so that they are easily stacked and stored prior to the day you close on your new home. When you start packing, work your way through your home, room by room, to make the task seem less onerous. If possible, spread out heavy items like books in several boxes as you may be the one lifting them.

Before buying loosefill peanuts or other packing materials, first consider what you have around the house for this purpose. Linens are excellent for wrapping and insulating delicate items, while old newspaper will help cushion plates, mugs, and cups and will more than likely ensure they arrive intact at your new home.

Insurance
Before movers start angling your widescreen TV down narrow hallways, make sure most, if not all, contents in your home are properly insured. If you're unsure, contact your insurance provider and get a list of what is covered under your home insurance. Does it cover items in transit? If not, most moving companies offer additional insurance, something you may want to consider purchasing for added peace of mind.

Also, few, if any, reputable moving companies will be held liable for the safe transport of important documents, jewelry, or currency. Pack those items yourself, and, along with any other precious keepsakes, keep them in your car to ensure they arrive safely.

Last minute
When moving, you'll likely discover items around the house that have been dormant for years. Heirlooms, collections, and other possessions with sentimental value aside, this is an ideal opportunity to clean up and donate any unwanted or unused items to a local charity. You'll not only be giving these items a second life, you'll also be limiting the time you spend creating space for them in your new home.

Housing sales heat up and they cool down. When home sales volumes increase, house prices hold firmly or go up, and inventories decrease. Buyers and their banks tend to negotiate less.

When sales volumes decrease, home prices level off or decline. As inventories rise, buyers feel more confident about making lower offers.

However, it’s no longer that simple. Due to new banking regulations, your home must meet strict new appraisal standards that include examining home prices going back as far as one year.

If the housing market in your area is in a decline or coming out of one, appraisers are supposed to apply a formula to make sure that the current price isn’t overoptimistic.

Home sales may be increasing in your area, but for the wrong reasons. If your region has a high number of foreclosures due to factory closings or housing speculation, you may be in for a nasty surprise.

Just when you think you’ve sold your home, the buyer’s bank comes back with a property appraisal that’s less than the contract price. Your choice? Amend the contract to the appraised price, or lose the buyer.

But wait, you may have other options.

Other ways to keep the contract together

Naturally, the buyer is pleased at the option of getting your home for less, but you still have some advantages – your comparables (other homes that have recently sold and are currently on the market that are similar to yours) and the fact that the buyer wants your home and was willing to pay the contract price.

Challenge the appraisal

In some cases, banks use appraisal management companies that hire out-of-area appraisers, or they use low-cost appraisal products besides a full professional exterior and interior appraisal. These products include automated valuation models (computer-generated appraisals), drive-by appraisals in which the appraiser does not go inside the home, and broker price opinions (opinions of property value by professional REALTORS®.)

This is where your real estate professional really earns her stripes. As a knowledgeable person in your area, she can determine what kind of appraisal was used to arrive at the home’s valuation. If the buyer paid for a full appraisal and only received a drive-by, for example, that’s cause for the buyer to insist on a second appraisal, if they still want your home.

Your broker can also examine the homes that were used in the appraisal and determine if the comparables are truly similar or not. If not, you have a fighting chance.

1. Have your real estate broker provide an updated CMA (comparable market analysis.) It could be that new market information is available, such as recent solds that will help your case.

2. Hire your own appraiser. It will cost between $350 and $500. Banks do not have to use this appraisal, because it comes from the seller, but it can provide compelling evidence that the contract price is fair.

3. Prevention is the best medicine. If your contract falls through, make sure that your next contract protects both you and your buyer by insisting that the contract price must meet appraisal – a full-service interior and exterior appraisal by a licensed professional who knows your area.