The negotiation process between buyer and seller that begins with the buyer’s initial price offering, is an emotional and very stressful time for both parties. Las Vegas Real Estate Agents naturally go through this process with their clients time and again, but first time buyers and sellers may need a lot of hand-holding to keep calm and think rationally.

Since each and every transaction is unique in its own way, the listing and buyer’s agents must help their clients to plan properly, fully understand the process, and how to react to each others negotiating tactics.

Agents for both sides could close deals faster and more often if they would educate their clients about fair market values, and explain how the results of a Comprehensive Market Analysis (CMA) can help establish a realistic price that would assure both buyer and seller that they are in a win-win situation.

Once an agreeable price is established, the buyer has already been lender approved, and the house passes its appraisal and home inspections, the deal is just about done.

Establishing a selling price for a property could be fairly easy to determine if all factors were ideal, which is generally not the case.

Ideally, the home would be in good physical shape, and well cared-for, both inside and out. There would be no encumbrances other than a first mortgage, or none at all if the home was paid off. No liens of any kind, unpaid taxes, etc.

A CMA taking into consideration any upgrades to the home and similar neighborhood properties that might be considered competition, should be a reliable guide to establishing fair market value for the seller.

The buyer should also be made to understand the relevance of a CMA, which would serve as a guideline for the seller’s offering bid. If negotiations are to get off to a promising start, the buyer –in consultation with his/her agent – should offer a first bid that would seem fair to the seller. A bid so low as to be insulting will not receive a counteroffer.

When the seller and buyer realize that the seller will make an acceptable, but not unreasonable profit, and the buyer is paying no more and most likely less than fair market value, then you have the win-win situation that will result in a done deal.

Of course, that is a perfect scenario, and does not take into consideration all of the complexities involved in the sale and purchase of distressed properties.

However, in any case, particularly with first time buyers and sellers involved in property sale negotiations, the listing and buyer’s real estate agent’s should provide the education and communication that will prove beneficial to all involved.

If you are interested in purchasing a home in Las Vegas and have any questions about the Las Vegas Market or would like to set up a time to view properties, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.




A Checklist For You and Your Las Vegas Real Estate Agent

by Tony Sena on August 14, 2010[edit]

BUYING A LAS VEGAS HOME

Before you even begin to search for your new Las Vegas Home, you and your family should prepare a checklist of wants and needs, a list that will analyze exactly what those absolute needs are, as opposed to your wants, such as a spare bedroom or home office, which would be nice but not absolutely necessary.

A list that is realistic, in accord with market conditions, and leaves room for compromise will help you to focus on the specifics of what your needs really are in a home, neighborhood, etc., and is helpful to your agent, who will know what to focus on as well.

A helpful list of needs and wants, emphasizing the importance of needs first, would consider the following, arranging individual needs and choices in order of most importance to you. For example:

  • Where in town do you prefer to live?
  • Older home (over five years) newer, or new construction?
  • How much house can you afford? What price range?
  • Have you been pre-approved by a lender?
  • Convenience of location: short commute, or close to public transportation, nearby to shopping, schools, etc. Which of those choices are the most important?
  • Neighborhood demographics: nicely kept homes on a quiet street, property located on a cul de sac, or corner lot, crime stats, quality of school district. Good schools add quality to a neighborhood and should be an important consideration.
  • Number of bedrooms, baths required
  • Single or two story construction. If anyone has a problem with climbing stairs, a one story is obviously the best choice.
  • Consider a short sale or foreclosure property if it is only one of very few in the neighborhood?
  • Have a professional home inspector check for problems and evaluate cost of repair.
  • Would you prefer to pay a little more for a house in perfect condition, or would you rather buy a house that is in need of some repair in order to pay less for the home?
  • How much renovation are you willing to do? Are you handy with tools and will be doing much of the repairs yourself, or would you need a contactor? Contactor fees would add to the costs which would impact your home buying budgetary expenses.
  • Before making a commitment on a particular piece of property, Investigate the noise factor and other aspects of the neighborhood for conditions that may or may not be a source of discomfort or annoyance by driving through the area at different times of the day and evening, during the week and on a weekend.
  • Large yard for the weekend gardener, romping room for the family dog, etc., or smaller yard for less maintenance.
  • Pool
  • Patio Deck
  • Two or three car garage
  • View
  • If the community is governed by a Home Owners Association (HOA) find out if the rules and regulations are compatible with your lifestyle and freedom of choice
  • Gated community with entry password security system, or gated with 24/7 on duty security guards

Let your Las Vegas Real Estate Agent know of any other special features or needs that your family may require.

If you are interested in purchasing a home in Las Vegas and have any questions about theLas Vegas Market or would like to set up a time to view properties, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.

{ 1 comment… read it below or add one }

Jacksonville Homes August 15, 2010 at 11:52 pm [edit]

Great article, you have stated the check list perfectly. I think serious home seekers should make a check list with wants and don’t wants so that they can purchase a perfect home. The another thing if the buyer is looking for financing the property they should find good financier by doing a clear market research.

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