How to Negotiate with Sellers

The main objective of a Las Vegas home buyer is to find a house they love and to get it at a good price. There have been times when the Las Vegas real estate market was so HOT that price didn’t matter. If a buyer was not offering considerably more than the asking price and putting a lot of money down, the offer would not even be looked at. Basically a buyer was lucky if they were able to see a house and still have time to put an offer together before it was already sold.

Next to having a good understanding of the market conditions, here are a few tips that will assist in negotiating the best purchase price. Remember, negotiation is about leverage.

Use Your Brain, Not Your Heart.

You may absolutely love your prospective house, but making that known could cost you greatly. It would be the equivalent of handing over the reins of negotiations and saying to the seller, “What else can I give you for this house?” This defeats the goal of buying at a good price. Let your brain do that talking.

How Long has This Piece of Las Vegas Real Estate Been on the Market? 

Has the seller adjusted the asking price since it’s been on the market? Are there some features about the property that make it undesirable? Are there some facts just below the surface that you should know?

Why is the Homeowner Selling?

Have they already placed an offer on another property? Is there something about this area they do not like? What is it?

When Does the Seller Want to Move?

Do their plans seem to fit well with yours?

What is the Area Like? 

Are there any new construction projects close by that will result in a nice quiet neighborhood turning into a major thoroughfare, or perhaps affect the value of your potential property?

Are There any Problems or Defects With the Home?

Items such as this will effect the actual and perceived value of a home.

Any of these items can be used to negotiate with a seller in some capacity. Remember, the seller wants to sell and you want to buy. Somewhere along the line, there has to be a meeting of the minds in order for both parties to be successful. As the buyer, you need to be successful in leveraging the stronger bargaining position.