2022 Boise Idaho Real Estate Blog

How to Negotiate A Home Purchase in 2022

Main Idaho Real Estate Insights

You found a house that you really like and are considering making an offer. The first thing to do is to evaluate how well this home truly matches your wants and needs, then review the pros and cons of the specific house. 

Assuming you have talked to a home loan professional, there are two initial actions you should take in preparing to make a winning offer.

  1. Be a hyper-local real estate market expert
    Understand local home prices and real estate trends. How does this home compare to other homes in price, quality, and personal preference? How much interest is there in the house and are other offers are anticipated? Knowledge is power! 
     
  2. Investigate the seller and their agent
    Discover the information needed to align your offer with the seller's expectations. What will make the seller happy to accept your offer? Do they have a closing date in mind or just need to close fast? Frequently sellers and their agents will answer probing questions that help you write a compelling offer and even a lower than asking price.  

If you are not sure exactly what price to offer, ask yourself at what price you would be upset if someone else bought it? This should align with your motivations and financial capabilities to buy as well.

This is just the start of negotiations and everything is negotiable. Making a clean offer is best practice but this is also business, so now is the time to ask. The seller may come back with a different price and terms, including earnest money. The most important part of writing a contract is clearly spelling out contingencies with critical dates and deadlines. The home inspection is an important step and opportunity for further negotiations. This is an opportunity to ensure your home will be as you expect. Buyers should protect themselves so that until contingencies are satisfied, they can cancel the contract.

Idaho real estate resources:

 
Posted by tlangford at 1/11/2022 7:39:00 PM

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