Negotiating

Negotiating Las Vegas Real Estate:
The purpose of negotiating is to get an agreement. An agreement all parties can be satisfied with. Negotiating is an important factor when buying a home in the Las Vegas real estate market today.

It is important a buyer has an experienced Las Vegas Real Estate agent to interpret and negotiate an offer properly. In the past year there have been many changes made in the procedures of buying a Las Vegas Home. It all depends on what kind of property you plan on purchasing. Most of the short sales and foreclosure properties have specific procedures that must be followed or the Banks will not except the offer.

Home Selling Negotiations:
When a buyer makes an offer to purchase a home, there are many items that can be considered and put into writing in the purchase offer. Most people think of “price” when they think “negotiate”, but there are other items to consider, such as;

Amount of earnest money deposit:
A purchase offer must be accompanied by “consideration”, which is generally a personal check made payable to a firm in an amount from $1000 to $5,000 that “seals the deal” when the contract terms are accepted by all parties. Most earnest money deposits are $1000 or $5,000, but it is a negotiable issue. The more money a buyer is willing to put down with the contract is an indication of how “earnest” they are about completing the purchase. This check is not deposited until there is a fully ratified contract, and then it is kept in an “escrow account” separate from the real estate company’s operating funds.

Price vs. Points:
Some buyers prefer to purchase a home with the least amount of cash possible. Depending on the situation ,some buyer agent's will make an effort to get the seller to pay some of the buyers closing costs. This is neither good or bad, it all depends on what each parties situation is. When the seller pays part of a buyers closing costs, the buyer usually has to pay closer to or a higher price that the seller is asking for. If the buyer pays their own costs, then they will make an effort to negotiate on the asking price of the home.

Contingencies:
A “contingency” is a clause in the purchase agreement that only commits the buyer (or seller) to complete the purchase only if and when certain conditions are met. The purchase is “contingent upon...” those conditions. There are two typical contingencies that all contracts include. One is a financing contingency that says that the home must appraise for the agreed upon sale price, or the buyer may be released from the contract, and that the buyer must qualify for the mortgage loan. If the buyer does not qualify through no fault of their own the buyer may be released from the contract and have the earnest money deposit returned. The other standard contingency is the opportunity for the buyer to have a professional home inspection at their expense.

Possession:
Usually possession of the home coincides with closing the purchase. When an offer to purchase is written and the buyer is obtaining a loan, it is important to check with the lender to establish a date that the loan will be finalized.

Closing date:
Unless the buyer is paying cash, it typically takes at least three to four weeks for a mortgage loan to be approved and closed. There are many loans going over the closing date, the reason being low interest rates, and many of the good lenders are overburdened.

Price:
Finally, the price the buyer is willing to pay and the seller is willing to accept is always negotiable. If price is the most important issue to the buyer or the seller, then there is an effect on the other issues listed above.