In today’s marketplace, if you plan to sell a Boston Midtown Condo, it is important to be well informed on how to handle a “Multiple offer situation”. More and more foreign buyers are looking at Boston Midtown condos, “multiple offer” scenarios are slowing down, but are still common. A multiple offer situation is a sellers dream. It means that, as a seller, you have a pick on which great offer to accept. On top of that…usually the price is higher, as qualified buyers bid on your Downtown Boston Condo. The Association of Realtors published some information regarding multiple offers and how sellers responded. In 2013, the CAR reports that 98% of home sellers received more than one offer on their property.
- 77% of Sellers took the Highest Offer:
- Of course this would be the case! This is the goal of every seller, and the most valuable result of multiple offers.
- 47% of Sellers took the Best Qualified Offer:
- A high priced offer means nothing when the buyer cannot close the deal. Sellers are smart to focus on qualification to ensure that a closing will be the result. With all the complexes in litigation currently, a seller of a Boston Midtown condo needs to be extra cautious of this category. You need to not only know that the buyer is well qualified, but that the lender will be able to perform as well.
- 39% Took an offer without contingencies:
- In multiple offer scenarios, sometimes a buyer can make their case stronger by removing the contingencies in advance. This means that the Earnest Money Deposit is “non-refundable”. Since no buyer wants to loose deposit money…it makes the offer very secure when all contingencies are removed.
- 23% Took an All Cash Offer:
- All cash offers are a great choice for a seller. There is no appraisal or loan contingency that can complicate or slow down the deal. As a result…”All Cash” offers have a high closing success rate.
- 14% Of sellers took an offer because of a Quick Close:
- When timing is of the highest priority (sellers who are moving or trying to purchase a replacement property), sellers will always favor the quickest close. It is rare for a seller to not be on some sort of timeline.
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