Here are the pros and cons on accepting a cash offer on your Boston condo for sale:
Pro: It’s Much Quicker
Since the buyer does not have to apply for a mortgage and deal with all the red tape of applying for financing, a cash purchase is typically a quick process. When doing a cash sale, you can close in just 10 to 12 days in most cases, which makes it ideal for sellers who are in a hurry to get rid of their condo and focus on a new home instead.
Con: You’ll Likely Receive Lower Offers
Buyers who are offering to pay in cash for a condo tend to provide slightly lower offers. In fact, suggesting a buyer pay in cash is a classic negotiation technique for lowering the overall price of a home. Buyers make lower offers because they are hoping the convenience and speed of a cash purchase will convince the owner to accept a lower bid. You will have to decide if the speed is worth a little less money.
Pro: Inspections Are Less of a Hassle
Most offers are contingent on an appraisal and property inspections because the financial institution backing the offer wants to ensure the buyer is making a safe investment. With a cash offer, you normally do not have so many variables unless they are mentioned in the contract, which makes it much less likely for the buyer to back out due to a bad inspection result.
Con: Verification Is Essential
It might seem ideal to have a buyer offering to pay cash, but some deals fall through at the last minute when the buyer cannot pay what was offered. Get the buyer to provide proof of the funds when he or she makes the offer. This will ensure the buyer can produce such a large sum at once.
Pro: More Reliability
The process of making an offer, accepting an offer, and closing on a home are filled with uncertainties. For example, a lender could withdraw a loan offer if a buyer loses his or her job suddenly. Even if the buyer is preapproved by a bank, something could go wrong. As long as your cash buyer has verification of the funds, you can be confident the sale will most likely go through, which makes it easier to plan ahead when selling your condo.
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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.
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.
Charles River Park
Surrounding Communities of Boston
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.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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