Your downtown Boston real estate agent has shown you a Boston Beacon Hill condo for sale before the first official open house. You love the property and are ready to make an offer, but the sellers and listing agent have already set an offer date. Should you seize the day and submit an offer?
Boston Seaport condo for sale buyers makes preemptive offers when they want to avoid competing with other buyers. And especially in the peak season, sellers may be open to accepting a quick offer if they are motivated to wrap up their sale to buy another home. Indeed, sellers on one of my Charles River Park condos sales listings this year agreed to accept extremely strong preemptive offers( with no contingencies).
Though preemptive have their benefits, there are definitely a few buyer-side drawbacks. Before you rush out to write that offer, here are some points to consider:
Your preemptive offer has to convince Beacon Hill real estate sellers that they won’t get a better deal from someone else. In most cases—particularly in hot neighborhoods (like Beacon Hill) where there’s not a ton of inventory—you’ll really have to hit it out of the ballpark on price, or even go above the highest comp. However, there are some instances when Boston Seaport condos come on the market with list prices that are closer to the expected selling price. In that case, your price will need to be convincing, but your inspection and financing terms will also need to be tight. Most sellers will be hesitant to accept a preemptive offer that’s riddled with lengthy contingency times and an okay price. If you’re planning to pay in cash, that’s a big advantage. But even at that, you’ll need to be strong on price and limit (or omit) contingencies.
Once your agent presents an offer to the listing agent, he or she is supposed to discuss the details of that offer with only his or her clients. However, there is a chance that the agent could talk about your offer with other buyer agents or buyers who have already also expressed interest. (This is not ethical, but I’ve seen it happen.) Suddenly, the playing field is a bit more level, and you’re not in a great position. You may find that a cash buyer is submitting a purchase contract for roughly the same price you offered.
The seller can reject your offer.
If the Boston condo sellers feel that they might be able to get an even higher offer by waiting for an offer date, they may reject your bid. Which means the contents of your offer are “out there” and subject to being potentially shared. Rejection typically means you can expect to up your price on the offer date.
If your offer is solid and sufficiently high in price, the Beacon Hill condo seller may give it the thumbs up and you can open your escrow. No waiting around overnight for a response, being countered, or put in the backup.
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