Making the highest offer on a Boston Midtown condo, or any other Boston Downtown condo doesn’t guarantee that you’ll win in a bidding war. There are a number of factors that can influence seller decisions, many of which aren’t tied to money at all. Following are some of the most common reasons why a seller might accept a lower offer and force more aggressive bidders to search for other prospects.
Cash Trumps All Other Payment Methods
In many instances, all-cash sales are the most appealing to sellers. They close fast and there are no costly, time-consuming, lender requirements that must be met. If you haven’t got cash, approaching sellers with apre-approval letter in hand can be just as appealing. Most sellers are cognizant of the fact that cash-only deals lack many of the protections that lender-financed sales provide.
Emotional Connections Between Buyers and Seller
You don’t have to have the most money in order to gain favor with sellers. Most people have strong emotional connections to their condo or high rise in Downtown Boston and they are often eager to see their properties go to people who will love and cherish them just as much as they do. This is why it always pays to submit heartfelt letters to sellers telling them why you want their condo, loft, or penthouse. A letter will personalize your offer and could give you a shot at beating out a higher bidder.
Sellers may need to remain in their condo until the purchases of their new place closes. Being flexible with your timeline is another way to gain favor without having to spend beyond your planned budget. Being willing to customize the closing process according to the needs of the seller is a great way to increase your appeal. Simply ask sellers what their plans are and let them know that you are willing to work with them to ensure a desirable timeline for closing.
Adding contingencies to your offer will increase your ability to walk away from the deal without suffering any financial consequences. Inspection, appraisal and financing contingencies are all common. The more contingencies that you add, however, the weaker your offer will become, especially if you’re going up against an all-cash buyer with few or no contingencies.
Work with an Experienced Agent
Navigating the buying process can tricky, especially if you enter into a bidding war for the property you love. Working with an experienced real estate agent in Downtown Boston who is not only familiar with the area, but can help you personalize your offer and find other ways to give you a leg up will improve your chances of securing your first-choice condo.
For more information or to schedule a showing, give us a call. We look forward to hearing from you.
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