Making Your Best Offer

Buyer's in the current Boston market are challenged by intense competition.

Attractive properties in every price segment are very often getting several offers.

It is kind of crazy that a person is about to spend a massive sum of money and then is forced to treat the purchase like they are applying for a coveted job!

Here are a few things for a Buyer to consider:

You might only get one chance at this so go with your best offer.

Appearance counts. Make sure you or your agent puts together a professional and complete offer package. Do not get sent to the back of the line over poor communication.

Cover letters can make great tie breakers. Take the time to write a thoughtful cover letter.

Cash is king. But not every Seller is getting Cash Offers.

Waive the mortgage contingency only if you are absolutely 100% sure you can get the loan. Even better only waive it if you have a cash backup.

Waive the inspection contingency. But only if you are a contractor or you have consulted with a contractor.

Think very carefully before you waive off the financing or home inspection contingency. Your 5% deposit may be at risk. That is a very large bet for most buyers.

Limit the home inspection to only items above a certain amount. This tells the Seller you will not call into question every little item that comes up.

Have you considered a larger deposit at the offer? Or at the P and S? Typically the offer deposit is $1,000 and the p and s deposit is 5%. But it might get the Seller's attention by bumping these amounts higher. It is a signal that you are a more serious buyer with a stronger commitment to making the purchase work. But remember your at risk money is larger so you have to be confident in your purchase and overall due diligence.

Educate yourself so you know what properties are selling for. Asking price vs. sold price.

Be prepared to grant the Seller a use and Occupancy Agreement to facilitate their move.

Offer as much flexibility on the close date as possible.

Use a lender the Seller is likely to recognize for your pre approval.

Every transaction is different. The objective is to really just take your very best shot at landing your next home.

Be honest and go with the terms that you can live up to you. If the Seller has multiple offers they will start to look for one that they feel will be the most reliable, problem free buyer.

Do not get discouraged. The right opportunity will come up. Maybe you get it on the first try but it is pretty common in the current market for a Buyer to have several rejected offers before they connect.

Contact Stephen

126 Newbury Street, 5th Floor
Boston, MA 02116