Making an Offer on a Las Vegas Home
Purchasing a Las Vegas home is a process,
and making an offer is a critical part of the negotiations.
An experienced Las Vegas buyer's agent should be able to advise
you as to the factors that must be considered before submitting
an offer. During the last months in 2003 and early months in
2004, the Las Vegas Valley has seen some drastic changes in
making an offer. In part, strategies have changed because it's
a fast market that is favoring the seller since the lack of
inventory is creating chaos.
In a "Seller's Market", it may hurt the chances for
the Buyer to ask the Seller for what may be normal in a "Buyer's
Market" such as:
- Closing costs paid by the seller
- Inspections
- Appraisals paid by the seller if the house
is appraised for more than the purchase price
Some things to consider in making an
offer on Las Vegas real estate are as follows:
- Know the area or neighborhood that you
would like to purchase a home in
- Learn about access to freeways and major
roads
- If you have a family, find out where the
schools are located
Asking Price vs. Sales Price
- 1. Ask your agent for some "comps"
in the area to compare square footage, amenities, location,
lot size, age of the Las Vegas home, etc.
- Find out what the asking price was in
comparison to the actual sale price
Negotiating Strategies
- Consider a quick closing or an extended
closing
- Avoid contingencies to sell anther property
first
- Have a pre-approval (not pre-qualified)
letter from a qualified lender
- Evaluate, decide, and make a quick decision
to submit an offer
- Offer to do necessary work in lieu of
having the Seller do the work
- Be willing to leaseback to the Sellers
if necessary
- Agree to working with the Title Company
by the Seller
- Ask how soon a decision by the Seller
will be made
- Cash or financed sales may make a difference
to the seller
Take all the information given and then
calculate what purchase price to offer based on what's reasonable,
and above all, what you are willing to pay for your Las Vegas
home. Buyer beware if there are multiple offers; there will
probably be multiple counter-offers. Full-price offers or above
are more likely to be accepted by the seller, and there are
many Las Vegas homes that are selling thousands of dollars above
the asking price. The bidding war then begins.
Since Las Vegas real estate market is sizzling and prices are
rising, the buyer must realize how badly he wants to purchase
the property. If the offer is more than the asking price, and
the appraisal does not appraise to the offer price, in many
instances, the buyer must come up with the difference of the
sale price and the appraisal--- in addition to the down payment.
There are three factors nowadays that seem determine the
elements of obtaining an accepted offer
- You have to be KNOWLEDGEABLE
- You have to be QUICK
- You have to be LUCKY
In any case, Las Vegas homes are still
the best investment in many people's eyes since prices are still
reasonable comparatively speaking to other major cities and
the cost of living and tax benefits, as well as the weather,
is something that most people feel worth trying for.
Home improvements will play an important element in buying a
home for an investment in the future. Sometimes it only takes
some paint and some yard cleanup to make the property more attractive
and desirable. Making improvements and sacrificing a little
could result in a good nest egg for the future.
If you are planning to purchase a home or relocate in the Las
Vegas area, contact
us for a prompt response. We invite you to visit our website
to view updated daily listings of Las Vegas homes at Free
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