In the Boston condo market supply hasn’t been keeping up with demand for the last few months. The result, more and more Boston condo buyers are becoming very aggressive on their offers, for example, eliminating contingencies.
This can be a very dangerous tactical move especially if the buyers aren’t aware of the risks.
When a Boston condo buyer puts in an offer and then signs a Purchase & Sales Contract he/she is normally putting down anywhere from 5% – 20% down. That money is placed in an escrow account (usually with the listing broker). In the event the buyer backs out of the deal based on one of the contingencies, he/she is entitled to their money back. But if there are no contingencies that money is at risk.
The bottom line, be very careful when giving up any contingencies and make sure you consult with your Boston real estate buyers agent, your lawyer and your lender.
For more information on how we can assist you in purchasing your Boston condo please contact us at 617-720-5454.