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Cash-rich investors are one of the biggest obstacles prospective Beacon Hill condo buyers have to overcome in the real estate market. An all-cash offer can simplify and expedite the sales process considerably, making it far more appealing than one that has yet to be backed by guaranteed financing. If you’re relying on the bank to purchase a condo in Boston Beacon Hill, however, there are number of things you can do to increase your chances of beating an all-cash offer on your dream home.

Get an Underwriter’s Review

A pre-approval for a loan definitely carries far more weight than loan pre-qualification, but it may not be sufficient for convincing a seller to choose you over an all-cash buyer. You can add even more weight to your pre-approval letter by obtaining and presenting an underwriter’s review of your loan application. This review acts as an actual commitment on the part of the lender to back the purchase and shows all credit documents, assets, and income have already been taken into consideration.

Go on the Offense

It doesn’t hurt to have a trusted Beacon Hill real estate broker on your team who can highlight the drawbacks of working with all-cash buyers. Cash-rich investors sometimes have a sense of entitlement and a desire to bargain. Moreover, the source of their investment monies may be questionable, and although eliminating the middleman from the financing process can expedite the sale, financed real estate transactions come with a bit more safety and security for all parties.

Make a Stunning Financial Presentation

Having your agent highlight the drawbacks of accepting a cash offer is certainly one way to give sellers pause for thought, but when it comes to beating an all-cash offer, defense trumps and offense each and every time. This means that you have to have your financials in order and a lender-backed offer that is difficult to refuse. Your debt-to-income ratio should be low, you should have steady employment, significant cash reserves, and the ability to put at least twenty percent down. If your financial profile is beyond reproach, you’ll have a fighting chance.

Pre-Order the Appraisal

Before writing your offer, try to pre-order the appraisal. This is something smaller lending institutions are likely to help you with as opposed to larger banks with stricter protocols. This lets the seller know you are willing to do all you can to speed things up. You can also schedule a home inspection in advance of submitting your offer in order to beat cash buyers to the punch. Many cash buyers wait to have their inspections performed before making offers, which often leads to lengthy inspection windows.

Formally Introduce Yourself to the Seller

It’s also a good idea to have your agent draft a letter on your behalf introducing you to the seller. You can use this as an opportunity to detail your purchasing goals, your intentions for the home, and why it is has caught your interest. Personal appeals like this can help you connect with people who have sentimental attachments to their abodes.

Offer More Money

At the end of the day, cold, hard cash will likely have the largest appeal to the seller. This, however, doesn’t mean you are without options. If you really want the home, think about increasing your offer or making a larger down payment. Because many cash buyers bargain for a discount on the purchase price because they’re paying in cash, you may be surprised at how easy some cash offers are to beat by simply offering a little dough.

Thinking about buying a Beacon Hill condo?  Or Boston Midtown/Downtown condo?  We specialize in Downtown & Beacon Hill condos for sale and encourage you to take a look at our inventory, including penthouses, lofts, and condos in Downtown Boston and Beacon Hill. If you see something you like, give us a call  and schedule a viewing.

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39 Results
0
Beds
1
Baths
290
SqFt
 
 
#73003404 | Condo
 
1
Beds
1
Baths
423
SqFt
 
 
#72998006 | Condo
 
2
Beds
1
Baths
441
SqFt
 
 
#73002109 | Condo
 
1
Beds
1
Baths
600
SqFt
 
 
#72957874 | Condo
 
2
Beds
1
Baths
590
SqFt
(20)
 
 
#73026332 | Condo
 
1
Beds
1
Baths
542
SqFt
 
 
#72971298 | Condo
 
2
Beds
1
Baths
545
SqFt
 
 
#72986881 | Condo
 
1
Beds
1
Baths
535
SqFt
 
 
#72993431 | Condo
 
1
Beds
1
Baths
599
SqFt
 
 
#72980956 | Condo
 
1
Beds
1
Baths
650
SqFt
(25)
Open House: Aug 21, 2022 10:30 AM - 12:00 PM
 
#72972215 | Condo
 
2
Beds
1
Baths
560
SqFt
 
 
#72798416 | Condo
 
2
Beds
2
Baths
836
SqFt
 
 
#73014063 | Condo
 
2
Beds
2
Baths
914
SqFt
(20)
 
 
#72994572 | Condo
 
2
Beds
2
Baths
1,440
SqFt
(35)
 
 
#73026533 | Condo
 
2
Beds
2
Baths
1,195
SqFt
 
 
#72947323 | Condo
 
2
Beds
2
Baths
1,211
SqFt
 
 
#72989007 | Condo
 
1
Beds
2
Baths
1,428
SqFt
 
 
#72984097 | Condo
 
2
Beds
2 | 1
Baths
1,452
SqFt
Open House: Aug 18, 2022 12:30 PM - 1:30 PM
 
#72963402 | Condo
 
2
Beds
2
Baths
1,706
SqFt
(19)
 
 
#72984902 | Condo
 
2
Beds
2 | 1
Baths
2,077
SqFt
 
 
#72933248 | Condo
 
2
Beds
3
Baths
2,823
SqFt
 
 
#73019912 | Condo
 
2
Beds
2
Baths
1,837
SqFt
(17)
 
 
#72992860 | Condo
 
3
Beds
3 | 1
Baths
2,340
SqFt
 
 
#73025499 | Condo
 
2
Beds
2 | 1
Baths
2,152
SqFt
 
 
#72978531 | Condo
 
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The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
MLS PIN data last updated at August 18, 2022 8:58 AM ET

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