With interest rates  near record lows, many Boston Midtown real estate clients are making the decision to buy a Boston condos for sale. Here, in Boston Beacon Hill specifically, were experiencing a bit of an inventory shortage. What we’ve seen with those two factors combining is more buyer demand than seller supply, leading to a lot of “multiple offer” situations. Currently, I’m representing a buyer client who has now offered on 3 properties, missing out because of bidding wars that caused the selling price to be 10% above the list price. Keeping that in mind, here are some tips to help you snag your dream home when up against a multiple offer scenario.

All-Cash

– Well, cash is king right? If you have the ability to write an all-cash offer, this is the way to go. Loan approval is the #1 reason for deals falling out of escrow, so removing that risk from the transaction will set you apart in the eyes of the seller.

Pre-Approval / Proof Of Funds

– As with any offer scenario, I believe that it is extremely important to get pre-approved before you head out and start offering on properties. Having your pre-approval letter included in your offer shows that seller that you’ve already gotten the ball rolling on the loan piece and that you’re a qualified buyer. Attaching the “proof of funds” with your offer is great too because it shows the seller that you have the fund available to complete the transaction.

Quick Close

– If possible, offer to close quickly. 30 days is the typical turnaround time for an escrow. If it is a vacant unit that you are offering on, the seller is literally
losing money” everyday that passes. If you can shorten your escrow from 30 days to even 17 or 20, you could be saving the seller thousands, which they’ll appreciate.

Remove Contingencies

– This is possibly the riskiest of options, but sometimes you have to pull out the big guns in a multiple offer scenario. The most common three contingencies are the “loan” contingency, the “appraisal” contingency, and the “inspection” contingency. The
loan” contingency is a contingency that is in place to protect you in case you cannot get the loan funded. This should stay in place unless you have the cash to back up your purchase price in a worst case scenario. The appraisal contingency is in place to allow you to back out, or re-negotiate, in the case that the appraisal does not cover the loan amount. This is a good one to remove if you’re offering on an under-valued property where recent neighboring comps assure you a solid appraisal. Or if you’re putting down 20% or more so that the loan amount is far below the purchase price. Lastly, the “inspection” contingency, this should really never be removed. The inspection contingency allows the buyer to poke and prod around the home and determine if there are any problems that might effect the purchase price of the home. Keep this in place.

For more information on writing an offer on a multiple offer scenario, feel free to contact us. We look forward to helping you find you home.

Beacon Hill condos for sale

Boston Midtown condos for sale

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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