Home Selling Success: Five Common Questions Asked by Homebuyers

“Real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security” –Russel Sage

As a real estate agent, you are probably well aware of the queries a prospective homebuyer might ask you. However, there are a few wildcards here and there—especially when it comes to clueless first-time homebuyers who are unaware of what goes into the home buying process. As a realtor, it is your responsibility to address all of their questions adequately as to a first-timer, the home buying process can be quite complicated and even a little daunting. As the steward as well as the median between buyer and project owner, it is your duty to allay your client’s qualms, ensure that they understand the terms of the deal well and give them the most appropriate property applicable to their needs.

Be sure to answer their queries sufficiently as possible. More importantly, you should ensure that your answers are informative—particularly to their most basic but crucial questions. Keep in mind that more often than not, the success of a transaction is hinged on how well you have communicated the deal to your client. After all, your clients would want to make a well-informed decision and purchase which they cannot do without you. So, whether you are pitching them a condominium for sale in Quezon City or elsewhere, it is imperative to provide satisfactory answers to pertinent questions.

To know what the most common questions homebuyers ask, take a gander below.

Should I buy or rent a home?

One of the initial questions a homebuyer would ask you is whether they should buy or rent a home. They consider you as someone with general expertise as regards their needs especially if you have been in the industry for quite some time. In this regard, they would then ask you what befits them better: renting a home or buying it outright? Generally, renting a home is a lot cheaper and less labor-intensive. However, it is only through a home purchase where one is afforded with more long-term benefits. To ensure that your client’s query is adequately addressed, lay out all the advantages and disadvantages of both buying and renting. Helping them see the difference between the two will allow them to gauge where they are and what they are ready for. In this regard, they would then be able to formulate a well-informed decision.

What kind of home can I afford?

More often than not, a prospective homebuyer would come to you with an estimated budget in mind. From there, the next step would be then to figure out a price range based on their budget estimate. If they do not have an idea of what their budget estimate might be then come up with a figure based on their income and financial stability.

When should I apply for a mortgage pre-approval?

One of the rookie mistakes most first-time homebuyers make is obtaining a mortgage pre-approval only after they have found the perfect home. Unfortunately, your endeavor in searching for the perfect home will be met with consequences if you did it without a mortgage pre-approval. Most home sellers would be unwilling to sell to you which might cost prospective homebuyers to lose out on the home of their dreams. To ensure that they understand what the pre-approval process is like, simplify it and break it down in parts for them to better comprehend. In this regard, it is best to advise your clients to have their mortgage pre-approved before they even begin their quest to finding the perfect home.

How do I look for a home?

A fairly easy but common question among first-time homebuyer involves the initial process of their endeavor in searching for a home. More often than not, these homebuyers have nil idea as to where to start looking for a home. In this regard, it is your duty as an agent to create ways for them to make their search easier and more effective. To start, you could ask your clients what they do look for in a home or what they want in a neighborhood and a property. That, in conjunction to their ideal location should be useful in helping you create a list of potential properties for them.

Can I still back out of a deal?

While it is unfortunate for a client to back out of a dal, they are within their rights to do so. In this regard, clients can legally back out of a deal regardless of having paid the downpayment. However, they would lost all of their money in the initial deposit as this is a precaution set up to avoid having disgruntled home sellers reserving their properties for nothing. To ensure that they are well-versed about what they can legally do and what they cannot, get your clients up to speed on the nitty-gritty aspects of the home buying process by conducting a meeting with them about it. Discuss what their rights as a buyer are and what they can do once they have decided to purchase a property.

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Home Buying 101: Costly Financial Mistakes First Time Home Buyers Make

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Saving money is not about being able to buy bigger and better things. It is about being prepared to take care of your family.” -Dave Ramsay

Purchasing your very first home is known to be one of life’s sweetest accomplishments. In fact, it is a success so sweet on its own that it is considered as a milestone in life by many for the simple reason that not all individuals would be able to afford a home in their adulthood–or even in their lifetime.

Unfortunately, buying your very first home is often met with complex challenges of which you have to overcome in order to be fully happy and satisfied with your purchase. Location and size aside, one of the most pivotal aspects to consider when buying a home is your budget. In other words: how much home can you truly afford?

Without a doubt, one of the most crucial considerations in buying a home is the pecuniary aspect–particularly if it is your first time. Unfortunately, when it comes to buying a home and determining the kind of budget you have, there is really no room for error–lest you actually have the finances to cover and afford it. While there are some lessons that are better learned through trial and error, buying your first home is not one of them. Home buying might be a different experience for everyone and while you might not be able to get everything right in your first buying endeavor, that does not mean that your errors should be costly. To address that, it is best if you read and explored what the most common mistakes homebuyers make when buying their first home. So, whether you are looking for an Ametta Place for sale or another place elsewhere, here are some of the buying mistakes you should be sure to avoid in order to avoid a potentially costly result:

1.)  Overshooting your original budget

Like most potential homebuyers, your first order of business in your home buying endeavor is to determine how much home you can afford. This is what experts would often refer to as an initial budget. However, while this might be the first budget you have drafted up, it should be the only budget you should to refer to in your search for a home. Unfortunately, some homeowners tend to make concessions when they come across pricey properties that they do like but fall outside their budget range. As a result, they would inflate their budgets in an effort to make the necessary concessions for a home they would not have otherwise been able to afford. In your home buying endeavor, it is critical that you remove any and all emotions from any discussions of money. This is to bar you from falling in love with homes that are beyond your budget and help you stay firm about your original one. Sure, you might think that you will be able to afford a few extra hundred grand more, but remember that life is uncertain. What happens if you lose your job? Your salary dips? Or worse, an unexpected illness grips one of your family members? How would you be able to get by then?

2.) Failing to take additional costs into account

First time homebuyers tend to be very myopic about their home buying endeavor insomuch that they do not really consider other expenses that might come into play after they have successfully bought a house. Apart from taking out a loan and paying mortgage, you need to consider the closing costs, property taxes, appraisal fees, homeowners insurance payments, escrow fees and moving costs. Beyond that, you have to account for your homeowners association fees which you would either pay monthly or yearly and of course, your home furnishings. After all, if you have just moved in, you would likely need to fill up your home with pieces of furniture as well. However, do not make the mistake of overdoing it. Remember, you do not necessarily need new everything. If you can still manage with your functional, albeit old, furniture then make do with them.

3.) Losing sight of your plans for the future

Take stock of where you are in life at the moment. Where are you in career and where do you want to be in a few years down the road? Where do you realistically see yourself ? These are just some of the imperative questions to ask yourself before you commit to a home purchase. Apart from that, you should also consider whether or not you would be moving in the near future. If you are, then a home purchase is probably not the best investment at the moment. Sure, paying rent may not exactly be fun but you should not constrain yourself into the responsibilities of home ownership as well. Similarly, you should consider how your family would look like in a few years. Do you see it growing? If you are planning to have kids, then that should be a pivotal factor in your choice of a home. Be realistic about the kind of home you are looking to buy. Apart from your budget and the size, you should take into account whether or not it would be realistic to designate bedroom spaces to adult kids who might be moving out of the family home soon.   

New Beginnings: Four Incredibly Silly Reasons You Cannot Buy a Home

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“That house you looked at today and wanted to think about until tomorrow may be the same house someone looked at yesterday and will buy today.” –Author Unknown

Buying a home might seem like a fairly straightforward process.

After all, just how hard can it be? All you would need is to have a set of wants and needs for a home and then look for the ideal one that comes as close to your list as possible. While it all sounds easy on paper, the task of finding an ideal home that ticks most of your qualifications and best befits your lifestyle is more difficult than you originally thought. Those considerations in conjunction with real estate being a significant investment would mean that this is an endeavor you should approach with much contemplation and scrutiny insomuch that at times, buying a home can take up to months. In this regard, you would be a hundred percent certain that you will be happy in your choice.

Unfortunately, some homebuyers—most especially first-time homebuyers who are pretty much novices in this entire ordeal—tend to make incredibly foolish decisions in the process. More often than not, a homeowner’s error in buying a home can be attributed to their lack of sense and foresight—all of which easily avoidable are had they done enough research and educated themselves. The good news, however, is that this article has compiled a list of some of the dumbest reasons why people cannot buy a home so that by the time it is your time, you would not be committing the same mistakes. So before jumping the gun and going for that Ametta place for sale, try to review on what you should avoid doing when it comes to home buying in order to be happier to your decision:

1.) Waiting to line up financing

When it comes to buying a home, your first question should be how you should pay for it. After all, real estate property is a significant investment insomuch that reviewing your financing options would be paramount to buying the home that you want. In this regard, your first step in the home-buying process should be the take a look at your financing options and discuss it with a mortgage lender. You would not know how much you can truly afford until you have met a professional who has the necessary expertise to tell you about your options. With this in mind, just because you think you can buy an exorbitantly priced home does not mean your loan for that same home would be approved.

2.) Using a fly-by-night mortgage lender

Much like any industry in the world, the mortgage industry is rife with scams. This means you need to be meticulous in selecting your lenders and ensure that you can trust them. Review their credentials and look for reviews and recommendations as placing your trust in a bad lender can cause a potential deal to fall through. Sometimes, it is not necessarily your fault why your offer was rejected, but rather it is because you decided to partner up with an unreliable or fake lender.

3.) Getting pre-qualified rather than pre-approved

Although they sound about the same, there are distinct differences between getting pre-qualified and pre-approved. Almost anyone can get pre-qualified for alone because all that it involves is a conversation with a lender about the state of your finances sans the exchange of documents. On the other hand, getting pre-approved would entail the gathering of all the essential documents which run the gamut from your tax returns to bank statements, pay stubs and more. All of these would then be submitted for review and only when everything checks out would you have a pre-approval for a certain loan amount that is good anywhere from three to four months (or in some cases, even more). Shrewd sellers would not entertain prospective buyers if they cannot present a letter of pre-approval from a reliable lender which means securing a pre-approval would be pivotal in your home buying venture.

4.) Shopping outside your price range

Having a budget prior to your home search is not only a recommended step to take, but a paramount one as it ensures that you do not fall in love with homes beyond your price range. Unfortunately, having a budget does not guarantee that prospective home buyers would be proof against beautiful homes that are outside their price range. To mitigate this possibility, try to limit your property viewings online or at least refine your searches to only include properties that would fall within your budget. After all, there is nothing quite like the feeling of frustration in seeing a property you can already picture yourself out living in only to find out it is exorbitantly priced.

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Home Buying: Four Reasons Why the Seller Might Have Rejected Your Offer

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“Home is a place you grow up wanting to leave, and grow old wanting to get back to.” –John Ed Pearce

Finding your dream home is no easy feat which is why if you have finally found the house of your dreams, you would jump at the opportunity to finally make it yours.

After all, it only took you quite a lot of viewings and a myriad of offers to get to this point. Unfortunately, just as you already had set your heart out on that one property, you would find that the home seller has rejected your offer. After an intense search for the perfect home that is often fraught with stress and emotion, having your offer rejected can feel like a crushing letdown—especially if you had been banking on securing a purchase. Luckily, most home sellers would extend you the courtesy of explaining and substantiating why your offer was flat out declined. However, there will be times wherein prospective homebuyers would not be so lucky leaving you wondering as to what went wrong and what your offer was lacking.

In any case, there is a myriad of reasons why your offer to purchase a property would be rejected. Knowing what these could potentially be would enable and encourage you to refine your offers and ensure that you can secure the sale next time. Furthermore, it helps you make your future and prospective offers more attractive in such a way that the home sellers would not only be more inclined to sell to you but would be enticed by your offer insomuch that they would start closing the deal. So, had your offer to buy an Avida Towers Centera unit or a property elsewhere been declined without being substantiated by the property owner, one of the reasons listed below could possibly be why:

Your offer was way too low

You might be interested to buy however, your interest in a particular property should be reflected in your offer for it. In this regard, your interest buy should be directly proportional to how much you are willing to offer for the property. If you offer too little, a seller can potentially feel insulted and may even think that you are not taking him or her seriously. Unfortunately, when a property seller takes offense, they would often reject your offer outright without even substantiating their refusal to sell to you or explaining to you why your offer was rejected. Furthermore, if the property listing is fairly new, home sellers would overlook poor offers thinking that it would be too early to consider them.

They received a better offer

One thing you should know about sellers is that they are likely to sell their homes to the one who can offer them the highest price with the least amount of inconvenience in their part. Of course, sellers want to make the most money out of their properties. If you think that the property is an ideal home, there is a likely chance that other prospective home buyers think so too. With this in mind, you should consider that the seller might be considering a myriad of offers for their property. In this regard, you need to ensure that your offer stands out and would contain better terms than the rest. Remember, the less effort a home seller would have to expend just to sell their home to you, the more likely they will sell the property to you.

Your offer to purchase contained too many contingencies

You might think that you are offering a home seller a price that they could not resist. Unfortunately, this is not always the case as the best price does not always guarantee that you get to purchase a home. Sure, you might have offered the highest price possible but it also comes with contingencies which the home seller would need to consider. In this regard, a seller might balk at the idea of selling to you considering that your contingencies would spell a number of inconveniences for them. Resultantly, they would be constrained to accept an offer that is slightly lower than yours but is not tied to any demands. In any case, having a seller commit to a myriad of stipulations would often reduce your chances of purchasing the home—regardless of how much you put in.

The seller has unrealistic expectations

More often than not, if a property receives innumerable offers within hours or days of going live, a seller would be under the erroneous belief that they had priced their properties too low. In an effort to get more and higher offers, they would be perfunctorily rejecting offers while waiting for a bloated one as unrealistic as that sounds. Indeed, a seller’s mind can be a fickle thing. If they think that they have offers coming in at an existing price, they would likely think they can get more in the following weeks. It does not matter whether your offer to buy the home is at the full asking price, if the seller believes he or she can get more, they would likely decline your offer.

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Home Buying Endeavors: Five Overt Signs You Have Found the Right House

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“A man travels the world in search of what he needs and returns home to find it.” -George Edward Moore

 

Without a doubt, buying a home is probably one of the biggest and most significant investments an individual can make in his or her lifetime.

In this regard, the selection of a home would often be fraught with a myriad of considerations to ensure that one’s investment would pay off. This is particularly true for first-time home buyers who are scouring the market for an ideal home to settle down. Albeit an exciting prospect, one’s home buying endeavor can be rather daunting and intimidating considering that much of what influences your home buying decision would extend beyond the fetching price of a property. Although your fears are well-placed, know that there is a set of signs you can watch out for that would greatly indicate that you have found the right home for you which can be anywhere from an empire east condo to a house in Pioneer Woodlands.

However, before we dive into that, know that finding the right home would be a smoother and easier process if you have a real estate agent who has your best interests at heart (and would not pressure you into buying a property), instinctively know what you are looking for and would not second guess your gut. In any case, here are some of the ways to know that you have found the right house:

 

1.)  You want to go inside the house

An excellent way to tell whether or not the house is a good fit for you is the way it beckons you to take a closer look. One of the things that make a property hunt so exciting is looking at a myriad of homes and not knowing which one could end up being your next home. Some prospective homeowners are fortunate enough to know which home would be perfect for them upon seeing the curb’s aesthetic appeal while most of us would wish to take a closer look. If the house’s exteriors are already entrancing enough to entice you to take a peek inside, then you might just be looking at your future home.

2.) The house embraces you as soon as you enter

Once you enter the home, it just feels right. It is not only inviting, but comforting and warm to the core as well. You take a look around and can truly envision yourself living here. In fact, you are already mentally arranging the furniture to how you wish it would look once you take up residence. Furthermore, the house encourages you to explore. If the house feels like home to you, then it probably is.

3.) You feel possessive about the house

You take any negative comment said about the house personally–even if the said comment makes a valid point. You see the house’s flaws as quirks and would be rather offended if it is pointed out as something that devalues the home. In fact, to you, these flaws are just a few of the things that would add to the subtle charm of the home and you would defend them. You see beyond the flaws and are starting to fall in love.

4.) You are comfortable in the bathroom

An excellent way to tell whether a home would be a suitable fit for you is to check the bathroom. Walk inside and try to get its feel. Does it make you feel comfortable insomuch that you could see yourself spending significant time in there? Or are you a bit iffy about how you feel? If the bathroom has an inviting feel to it and would make you want to poke around and even compelled to run the bath or open the shower, this might just be your house.

5.) It fits your basic needs

While the house might not meet every single criteria you have in your list, you can see yourself compromising. Sure, the dynamics might not hit every standard you have set but you at least have your basic requirements met. In this regard, you find yourself agreeing to the home’s minor setbacks. It might not have the garage you wanted, but it comes with the number of rooms you want and the area is spacious. You would make certain concessions for the home and might even realize in that moment that the things the house is missing from your list are not really necessary and that you can do without them, In a flash, you might even realize that you can be flexible as to what would have been deal-breakers to you which just so long as you can have the house.

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Home Living: What Every Couple Should Ask Before Buying a Home

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“I am not a big advocate of living together before marriage. It can be the right thing, but it can also leave two people stuck together who have not figured out what they really want out of the relationship” –Emily Yoffe

 

You are in love and you suppose that you are ready to take your relationship to the next level. Why not move in together, right?

Sure, moving in and living under the same roof might sound like just the start of a blissful journey. But it can easily go south for the both of you. On the plus side, it might mean lesser outlays as you would have to jointly spend on any expenses you might have. Furthermore, it basically means waking up next to your significant other for the rest of your mornings. Based on all that, it could only be a great thing, right? Well, not necessarily so. Living under one roof with your significant other without the benefit of marriage could be a double-edged sword. It might potentially open you up to issues you might never have had before, cause undue stress on your relationship which might cause your eventual breakup. The truth is, living together is still a huge responsibility for the both of you that requires a lot of forethought. It is not something you decide on a whim, but something that demands contemplation.

After all, buying a home (albeit an exciting milestone in a couple’s life) is unquestionably one of the pivotal events that would significantly change the course of a relationship. Take note: It is not always butterflies and breakfast in bed in the morning. It means disclosing credit scores, committing to mortgage payments, splitting up household payments—not exactly the best scenarios for romance, right? In any case, if you are convinced about taking this plunge with your partner, here are some of the vital things you ought to discuss before making that move. So that whether you are moving to a condo in Cebu City or elsewhere, you would both know what your responsibilities are and where you stand so as to avoid potential conflicts in the future:

 

 

What are we willing to sacrifice to make this happen?

Regardless of what your viewpoint is, living together connotes a huge sacrifice on both of your parts. Unless you are absolutely loaded, then there is a likely chance that the both of you would need to make certain concessions to turn your dream home into a reality. Would this mean staying in during Saturday nights? Foregoing new movies in favor of saving up? Whatever your compromises you might make, be sure you are willing to discuss them with your partner. Furthermore, ensure that they are on board with it as well.

What are our non-negotiables?

Take note: Your home is a joint investment. In this regard, it is best to be on the same page about what you want and what you do not with your partner. To avoid potential conflicts, establish what each of you cannot live without and then start compromising on what you want. Decide what you will never compromise on and what would be major red flags.

Are we having kids?

Sure, a single bedroom studio condo unit sounds just about right for the time being. But what if you wish to expand your family? Where are your going to put your little tot to sleep? Sure, for the first twelve months, your child can share the room with you. But what happens when you need your own privacy as well? Have an honest conversation about how you see your family growing and consequently, how much space you would eventually need for the growth.

Are we willing to do renovation work?

Apart from creating the home of your dreams now, you need to have a clear understanding of each other’s vision for your new home. Know where you want to take it in the future and what your plans would be. In this way, you would be able to alleviate future stress and mitigate the expenses—especially if you possess the foresight of where you wish to take your plans for your home in the future. Sure, a fixer-upper home might look great for your wallet right now, but would you be willing to put up with that kind of lengthy work? Moreover, do you have the patience for it? Decide what you are comfortable with and make sure your partner is okay with that as well.

What if things do not work out?

While this is a prospect no one would want to discuss, it needs to be addressed. After all, it is best to be prepared should the unthinkable ever happen—no matter how much of a downer this topic can be. In any case, if things do not work out between the two of you, what would your plan be for the home? Should you see it and split the value? Would there be a buyout agreement? While having a prenuptial agreement might not exactly be the most romantic of things to discuss, it is nevertheless a smart move. Talk to a lawyer and consider adding clauses to a prenup or post-nup so that if things get rocky in the future, both of you would hold your end of the bargain.

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House Hunting: Four Red Flags to Watch Out For When Buying a Home

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“There is something permanent, and something extremely profound in owning a home.”-Kenny Guinn

 

Buying real estate property can be a little daunting considering that there are a lot of aspects for you to ruminate over before you arrive at a decision.

Furthermore, it can be rather easy to get distracted and drawn in by a home’s visual aesthetics—so much so that you would overlook the glaring flaws in favor of these visually appealing knick-knacks. However, you should not let any of those allow you to deviate from your true purpose which is to find a home that affords maximum comfort, provides optimal functionality and is a great value for your money. Remember, granite countertops, contemporary furnishings, fresh paints and modern kitchens albeit beautiful and certainly impressive, might function as smoke and mirrors. Unless you dig deeper into your home inspection, you might not realize that you have fallen victim to a bad deal. All these because you favored visually appealing home aspects that were meant to conceal underlying home defects. In any case, you should always be vigilant when you are out house hunting lest you regret purchasing the home or make a bad deal.

Learn to distinguish whether a home that truly wishes to deliver the best deal to its prospective buyers from one that is simply overcompensating to cleverly mask its existing defects. Remember, some of these aesthetic additions might sound too good to be true and if that is the case, they usually are. They are meant to sweeten the deal so as to hasten the negotiation process. As a home buyer, you should be responsible enough to be meticulous about your potential purchases. Whether you are inspecting a townhouse for sale in Quezon City or elsewhere, here are some of the red flags you should definitely not gloss over:

 

 

Plenty of “For Sale” Signs

Apart from checking out the home itself, it would be a wise idea to survey the potential neighborhood you are going to be living in. Take a gander at the other properties; do you notice other people living in there? Or do you see a lot of boarded-up businesses and for sale signs? If the neighborhood is located in an urban area, businesses around it should be thriving or at least, open for business. If the neighborhood is suddenly experiencing a mass exodus of residents, there is a likely chance that you might not want to live in there either.

Over-packed Closet

When you are serious about a property in particular, storage should be a paramount interest of yours. In this regard, you should take note of the number of available storage spaces in the home. Open cupboards and closets and see how many of the seller’s stuff can fit inside of them. If you notice anything falling out when you open the door, then the obvious conclusion would be that the home is severely lacking in storage. However, this does not necessarily disqualify the home immediately. Try to have an accurate picture of how much stuff you actually have and compare that to the existing number of storage spaces. Determine whether it is enough before you decide on whether the home would qualify in your list.

Too many rugs

While there is nothing particularly sinister about rugs, if they are placed in unusual and unnatural places or are put in place for seemingly no reason at all, they might be hiding damaged floors. Sure, the current owners might just want something plush to step their feet onto, but it would still be a good idea to see what is underneath them. Cracked tiles, stains of the carpets and wood damaged by water are all no-nos. Sure, they are not exactly deal breakers, but it would be best if you know the exact condition of the home you are buying. Furthermore, flaws such as these would help you leverage the negotiation and ask for a cheaper asking price.

Neglected Neighborhoods

Neighborhoods should be properly maintained if they want to maintain a semblance of sustainability and livability. While a child’s toy here and there or a bike by the lawn would be understandable, properties with overgrown lawns or garbage bins overflowing with garbage are clear signs of total neglect. This means that your neighbors do not care enough about the neighborhood and that the community itself does not practice proper maintenance. This is a major red flag as the neighborhood might not be the kind of place you had initially expected. After all, it does not seem like the very best place for raising a family nor does it have that welcoming ambiance that you are seeking for.

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