The Boston condo market conditions  have been favoring sellers for most of 2018. What this means for prospective Boston condos buyers, particularly those interested in acquiring high rise condominium units, is that negotiating is even more crucial before sitting down at the closing table. Due to high demand of Boston condominium properties in the downtown Boston districts, prospective buyers are looking at a considerable financial investment not just in terms of purchase price but also condo fees. Here are five tips to keep in mind when negotiating with condo sellers.

1. Set Financial Goals

Even buyers with unlimited financial resources should set clear financial goals prior to bidding on a Boston Beacon Hill condo. In a sellers’ market, it is easy to get caught up in bidding wars that may end up with high price commitments that do not make solid financial sense. There needs to be an absolute maximum that buyers will agree to pay monthly. Investors who are looking to profit within a few months will have more complex financial goals since they need to assume the costs of becoming sellers.

2. Retain Professional Assistance

A Boston condo professional who is aware of his or her clients’ financial goals will work toward achieving them. Venturing into a sellers’ market without adequate representation is too risky. When condo sellers list their properties in a “For Sale by Owner” fashion, the need for an agent assisting the buyer is even more pressing. The ideal scenario for negotiation will always be when both parties have their own agents. In this case, the chances of a deal that meets the expectations of all parties will be higher.

3. Put an Offer in Writing

Presenting a letter that outlines the proposed purchase price lets sellers know the prospective buyer is not only interested but also serious. However, the statements conveyed in the letter must be qualified with facts. The offer letter should be prepared by a real estate professional who has researched the market and the property, and it should not be submitted without evidence of comparable listings, sales history, and market conditions. Whenever sellers hold the upper hand due to the dynamics of supply and demand, offer letters should be devoid of pressure tactics.

4. Obtain a Mortgage Preapproval

Prospective buyers who wish to have their bids taken seriously by sellers should be able to prove they have the means to acquire the condo unit. The best evidence to show in this regard would be a document from a mortgage broker or lender that indicates a preapproval status based on affordability factors as well as debt-to-income ratio. Buyers with these documents will have an advantage during a multiple bidding situation.

5. Offer to Compromise

Doing business with a reliable home inspector while shopping for Boston high rise condo is highly recommended. Unless the unit is brand new, the condition of the property is a factor that could put the negotiating ball on the buyer’s court, and it can be used to formulate an offer in compromise whereby the seller either agrees to a lower price or to make home improvements before closing.

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Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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