Asking price and selling price are not related to one another by any magical formula or percentage calculation. A fairly priced property, newly on the market, may well sell for the full asking price. Other properties may undergo one or two price reductions before a sale is affected. You should trust your Reno Realty salesperson’s advice on whether a property is fairly priced. But don’t be put off by an overpriced property…if you love it, offer what it’s worth to you.

Offers To Purchase A Property

Offers to purchase property must be immediately submitted to the owner even though there may already be another buyer negotiating for the purchase of that property. Do not assume that if you are the first bidder that you have first right to buy the property… a more aggressive bidder might offer the full asking price while you’re “thinking it over”.

Binders and "earnest money" are not common usage in this area. Once your offer to purchase is accepted by the seller, it is in your best interest to sign contracts as soon as possible. Until contracts are signed, there may be nothing to ensure that you have bought a house except the integrity of the seller.