Is your Boston condo for sale being marketed correctly?
I have met and experienced many many downtown Boston condo agents. Some agents and are hardworking and efficient. For those good agents I have come across, I have nothing but respect and admiration as a fellow professional in the industry. Some other… well not so much. What makes a good buyer’s agent for a Boston midtown condo buyer? That question is sometimes best answered by the marketing skill of the listing agent. Is your Boston condo for sale easily found on Google Search Engine? Is it promptly displayed on their personal or company website?
Communication with the seller’s agent
A good buyer’s agent submits questions to the seller’s agent. Being an informed buyer is very important for the seller to take your offer seriously. Asking questions also can also help the Boston midtown condo buyer’s agent understand the level of competition and when to submit the offer. Unlike bidding on something on eBay, putting an offer on a Boston condo for sale seems like you’re throwing a rock in the dark. In today’s seller’s market, how do you know if your offer is competitive enough? Talk to the seller’s agent. The agent will be reluctant to give you detailed information that can hurt the seller because he or she has a fiduciary duty to the home seller but will give you some idea as to what is going on with offers and the deadline for the seller to make the decision.
When you receive an offer, and it has missing information such as checkmarks, needed addendum, or a mortgage pre-approval letter, it raises a red flag to the listing agent. The agent will think the buyer agent is so sloppy that he or she will have to end up doing all the work pushing through the transaction. This happens a lot and when there is another offer that is just as competitive or slightly less, the listing agent’s opinion of the sloppy offer can persuade the seller not to accept the offer. Also, some deals have specific instructions as to how to make offers.
A weak mortgage pre-approval letter
Some lenders provide pre-approval letters like free candies in a jar. Some pre-approval letters are more like pre-qualification letters where you can get one as long as you verbally tell them you make this amount of income. Who wants to rely on that sloppy financing commitment letter when selling their home? I wouldn’t. Stronger the pre-approval letter from the lender showing detailed information, the better because the seller then understands that this buyer won’t likely back out because of his or her financing fails after the contract is signed. I work with a mortgage company that provides underwritten pre-approval upfront within six hours of application. My buyer clients who submit an underwritten pre-approval letter from the mortgage company will have an edge over other offers with what appears to be a weak message as to the ability of the buyer financing the deal. Some lenders are just better and faster and can close much quicker. The lender I work with can close within 20-22 days since the contract is signed. Once the financing process takes long enough, it will delay the process and the seller can back out. Many deals have 30-day financing contingency removal and if the buyer’s loan company takes more than 30 days, the seller has the right to back out and find another able buyer rather than signing an extension addendum. Sellers need the money quickly so they can start looking for a place to buy too.
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