Buying a condo in downtown Boston can be an emotional and exciting experience, and it’s easy to get swept up by your excitement when you fall in love with a Boston Midtown condo. Even after you have found the spot of your dreams and made an offer, there are still some situations in which you should consider walking away from the purchase. Here are some red flags that indicate the purchase is not in your best interest.
1. The property is appraised well below your offer.
What happens when the downtown condo or high rise condo you love is appraised for well below your offer and the seller refuses to drop the price? A lender will not finance the property for more than the appraised value, which means you need to either pay the difference or walk away. Think twice before overpaying as you will be underwater right away and it can hurt you when you try to sell.
2. You’re at the very top of your price range.
You should know what you feel comfortable paying before you shop for a Boston condo, or penthouse for sale in downtown. Still, it’s easy to find yourself bidding against other buyers and pushing yourself higher than you feel comfortable paying. Don’t get swept up in a bidding war without considering your comfort level. If you do not feel you will be financially secure with how much you will need to pay, take a step back.
3. The property failed the inspection.
Some issues that may turn up during an inspection are an easy fix. Other issues should give you serious pause, such as termites, foundation issues, and mold. These problems can be very expensive to fix. Not only will these problems make it difficult to obtain financing, they can also deplete your savings and leave you upside down on your Boston Midtown condo.
4. You are making too many compromises.
You will probably find yourself making many compromises as you search for a new place, as few buyers find a condo with everything on their wish list. If you have been searching for some time, it may seem easier to just give in to put an end to the search, but it’s a good idea to think twice before compromising on the biggest items on your list. Otherwise, you may find yourself with problems after you close.
If you’re not already, consider working with an established real estate brokerage in downtown condo that specializes in the neighborhood. Doing so will ensure you work closely with an agent who knows the ins and outs of the area and will advise you on making the best decision that meets your needs and wants.
For more information, give us a call at 617-720-5454 and schedule an appointment today. You can also check out our inventory online.
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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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