Contingent offers have been popping up a lot in Boston real estate market, so I want to clear up a few myths and misconceptions about this type of offer if you’re a seller and you receive one.

What’s a contingent offer?

A contingent offer is usually one that is dependent on the sale of another home and can be a disadvantage because it involves something that’s out of your control. That offer, for example, could depend on a home that’s not even on the market yet, or one that’s located in a neighborhood that doesn’t support its price point.

However, they’re not always bad. Sometimes, they can even work to your advantage, although each situation is different.

If your contingent buyer has a Beacon Hill condo for sale that’s in the process of closing soon, you may have a better deal on your hands than you would if you accepted a non-contingent offer.

So if you’re considering a contingent offer, you need to inquire whether the home is on the market and what price point it’s at. You also need to know what type of property it is—is it the type of property that sells routinely or is it an over-priced condo for that downtown Boston neighborhood.

Next,take the time to understand the buyer and where they’re coming from, meaning what their local market looks like. We’re seeing a lot of contingent buyers selling in areas outside of downtown Boston and looking to move here.

Another advantage when selling to a contingent buyer is that once they sell their home, they have to follow through on purchasing yours. Otherwise, they’re homeless. Also, the buyer can’t bully you on inspection or repair items.

The bottom line is, don’t prejudge a deal until you’ve heard all the details, and make sure your agent knows which details to consider. If your contingent buyer has a home that’s in the process of closing, you may have a better deal on your hands than you would if you accepted a non-contingent offer because contingent buyers will oftentimes pay more.

Bottom Line

As always, if you have any more questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you

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Author Profile

John Ford
John Ford
EXPERIENCE

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.



HISTORY

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.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
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.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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