Given the change in the Las Vegas estate market we have begun to see multiple offer situations over the last year or so. When properties come on the market and are priced well they can garner quite a bit of interest. This often leads to a multiple offer scenario.

One may naturally assume that the highest offer always wins the bid. While this does ring true it most certainly is not always the case. There are many things that are appealing to a home seller in Las Vegas or Henderson, other than the price.

What do the sellers want?

The first step, if possible, is to try and get an idea of the seller’s profile. Most buyers think that a quick close is alluring, but this isn't always the case. The sellers may require additional time before close. It’s important to ask the listing agent the right questions so you can put together an offer that reflects their needs. What can you do to accommodate the other party?

Inspection contingency 

Personally I like a short inspection contingency period. I think this works well for both the buyers and sellers. If a standard contract says the buyer has 10 days from an executed contract to inspect the property, trim it down. Typically, in a competitive atmosphere, I will write a contract that has a three day inspection contingency. In other words, as soon as that contract is signed, let’s get the inspector to the home. The sooner the contingencies are met, the better.

Mortgage contingency

Shorten the mortgage contingency date. Again the quicker we meet those contingencies the happier the seller is. Also from the seller’s point of view, if the financing cannot be obtained, it’s still minimal time off the market and protects their position.

Cash is King

No mortgage contingency and no fussing with banks. Enough said.

Mo' Money! 

Increase the escrow deposit. A general rule of the thumb is that a good faith deposit should equal one percent of purchase price. Serious buyers bump that percentage up to 1.5-2% when making an aggressive offer.

Finally

Try not to take it personal and remain calm. Buying a home in Las Vegas, Henderson, or Boulder City can be an emotional process to begin with. Trying to purchase a property in a multiple bid scenario can be downright exhausting. Write up a strong offer, cut down the contingency deadlines, bump the escrow and be flexible with the closing date. Good luck!