6 tips on how Boston condo buyers should write up a successful Offer
Boston Condos for Sale and Apartments for Rent
6 tips on how Boston condo buyers should write up a successful Offer
Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more.
Remember these four tips to make your best offer.
1. Partner with a Real Estate Agent
Rely on a real estate agent who can support your goals. As PODS notes:
“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”
Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for. That advice can be game changing when you’re deciding what offer to bring to the table.
2. Understand Your Budget
Knowing your numbers is even more important right now. The best way to understand your budget is to work with a lender so you can get pre-approved for a home loan. Doing so helps you be more financially confident and shows sellers you’re serious. That gives you a competitive edge. As Investopedia says:
“. . . sellers have an advantage because of intense buyer demand and a limited number of homes for sale; they may be less likely to consider offers without pre-approval letters.”
3. Make a Strong, but Fair Offer
It’s only natural to want the best deal you can get on a home, especially when affordability is tight. However, submitting an offer that’s too low does have some risks. You don’t want to make an offer that’ll be tossed out as soon as it’s received just to see if it sticks. As Realtor.com explains:
“. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”
The expertise your agent brings to this part of the process will help you stay competitive and find a price that’s fair to you and the seller.
4. Trust Your Agent During Negotiations
After you submit your offer, the seller may decide to counter it. When negotiating, it’s smart to understand what matters to the seller. Once you do, being as flexible as you can on things like moving dates or the condition of the house can make your offer more attractive.
Your real estate agent is your partner in navigating these details. Trust them to lead you through negotiations and help you figure out the best plan. As an article from the National Association of Realtors (NAR) explains:
“There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs . . .”
Bottom Line
In today’s competitive market, let’s work together to find you a home you love and craft a strong offer that stands out.
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6 tips on how Boston condo buyers should write up a successful Offer
Here are 6 simple tips on how you and your broker can write up a successful Offer on the Boston Seaport condo that you want to buy,.
1. Clearly Define Your Idea of a Perfect Boston Condo
Boston condo for sale searchers become fixated on location, while others only think about aesthetics. Some look at Boston midtown high rise condominium, while others want to be in a historic area such as Beacon Hill. Before you rush into putting an offer on a listing other buyers are pursuing, try to imagine living in that condominium. The vision should go beyond the big picture. It should be holistic.
2. Share Your Dreams with a Downtown Boston Real Estate Agent
Both you and your broker need to be on the same page. Retain the services of an agent who agrees to notify you, say, when units in the Boston Seaport become available Not all real estate professionals will agree to work in this fashion, which means you may have to shop around a bit.
3. Obtain a Mortgage Preapproval
Agents who represent Boston downtown real estate sellers usually tell their clients to dismiss prospects who show up without mortgage preapproval documents. There’s a difference between being preapproved and prequalified. Boston downtown real estate sellers will always listen to bidders who are preapproved.
4. Make a Cash Offer
It would not be unreasonable to think the seller could be swayed with a cash offer as long as it’s properly backed up with a statement from an accountant. Cash offers made on Boston midtown condos aren’t as common as they were in the past, but they’re more likely to trump bids that have financing contingencies attached.
5. Eliminate Financing Contingencies
If you’re a Boston condo for sale buyer with cash, you can waive the financing contingency on the purchase contract. Even if you have terrible credit, a mortgage lender will likely preapprove a deal with a 50 percent loan-to-value ratio.
6. Go Easy on Inspection Contingencies
Renovation projects can be incorporated into dream Beacon Hill condo. If you fall in love with an older Boston Beacon Hill condominium that you know will require some work, you may want to ease up on the inspection contingencies.
When you’re looking to buy your dream Boston condo for sale, one of the smartest strategies you could employ is working with experienced agents who have in-depth knowledge. Please keep us in mind when you start your Boston condo for sale search.
Boston Condos for sale
Where is Ford Realty Located?
Ford Realty is located in 137 Charles Street in Beacon Hill
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