Dealing With Offers
Regardless of the reasons why you are putting your Las Vegas Home up for sale; whether you are relocating because of a job change, want to move into a larger or smaller home, or need to sell because of financial difficulties, selling a home is an emotional experience.
The Las Vegas Real Estate Agent that you have selected to represent you must be attuned to your state of mind in order to help keep you focused on making the right decisions when potential buyers come calling.
Buyers and sellers both benefit from allowing their respective real estate agents to negotiate on their behalf, because emotions would most certainly surface between the buyer and seller in a face-to-face meeting, emotions that could disrupt clear thinking, and perhaps kill the deal.
Certainly, it is hoped that before your home has been listed for sale, the necessary steps have been taken to show the property at its best, and that all necessary repairs have been taken care of.
Once the property has been listed, your real estate agent steps in to field inquiries about the property and relay offers from prospective pre-approved buyers.
Among the offers you may expect to receive are low-ball offers from bargain hunters, and buyers who really like your home, and are willing to pay a fair price, but need some additional incentive, such as a discount from the listing price.
Of course, one would hope to get an offer from the ideal once-in-a-lifetime buyer who absolutely loves the home and is willing to pay the full asking price, but don’t expect to see a dream buyer like this anytime soon under current market conditions.
Once an offer has been made, your real estate representative will evaluate the many factors and strategies needed to make the deal, which would include both yours and the buyer’s flexibility. The agent will need to establish the following:
- How close to the asking price is the buyer willing to pay?
- How flexible is the seller regarding the asking price?
- Will the buyer put down a sizable deposit?
- Coordinate the length of escrow between buyer and seller. What contingencies exist that could complicate the buyer’s and seller’s timetables to move out or move in.
- Choice of escrow and title companies.
- How flexible is the seller regarding the asking price if the buyer is pre-approved, and/or offers all-cash for the property?
The above is just a sample, within the limitations of this article, of what the listing agent’s goals and responsibilities are in putting together a favorable deal for his/her client.
So if your friend or neighbor thinks you can save on commission costs by marketing your property yourself, analyzing offers and negotiating with buyers, just show them this article, and then see if they think you or they have the skills, experience and training required to sell a Las Vegas Home at the right price.
Tony Sena is a Las Vegas Real Estate Broker/Salesperson and Designated Property Manager with North American Realty of Nevada. He currently oversees a team of 10 real estate agents and runs the Property Management Division. He can be reached at 702.376.0088.