When a Las Vegas buyer is interested in a seller’s property, the seller is aware that the buyer wants to buy the property at a rock-bottom price, and the buyer knows that the seller wants to get the highest price possible.
Since both parties know this, they are equally aware that no sale will take place without some compromise on both sides, and the only way to get to a win-win situation is through negotiation.
Unless the circumstances are highly unusual, neither buyer nor seller can dictate who will be getting the best of the deal, because it is prevailing marketplace conditions that ultimately determine price factors.
Plainly speaking, when homes are in short supply the seller will have the upper hand, and the buyer is in a better negotiation position when home availability is plentiful.
It is up to the listing and buyer’s agents to prevent negotiations from becoming too adversarial. Counseling by both agents would help buyer and seller to better understand each other’s positions, and suggest possible compromises that could lead to a sale.
In the event of multiple offers, the seller will have an edge, so the buyer –who presumably has compared the highest price he/she will pay for the home to the seller’s asking price – should make a first concession the largest. For example the buyer could raise the offer to purchase by, possibly $5,000, a second offer by $3,500, and if negotiations continue another offer of $2,000.
There can be so many scenarios to the above situations that it would be impossible to cover all of the circumstances that could occur in a real estate transaction. That is why it is so important that both buyer and seller are represented by experienced real estate agents that have the know-how to help bring a deal to fruition.
Among the possibilities that could occur is that a very desirable home has attracted so many eager buyers that the final selling price could amount to thousands of dollars more than prevailing market value.
In today’s marketplace, a buyer could possibly influence a seller to accept a low-ball offer if the buyer can show absolute proof of his/her qualifications to purchase the property and close quickly, along with the purchase offer.
If the seller is motivated, and anxious to get out from under mortgage payments, and any contingency conditions on either side are resolved, an opportunity for a quick closing might be the key to a done deal.
Buyer and seller agent expertise in facilitating negotiations and dealing with a client’s mindset highly increases the chances of turning an offer into a contract.
At North American Realty of Nevada you will find the Las Vegas Real Estate Agents with the experience and negotiating skills you need to successfully conclude any real estate transaction in Las Vegas and vicinity. Feel free to give us a call at 702-376-0088 with any questions.