Bidding wars are typically associated with Boston luxury condos featuring high buyer demand. When you combine economic growth with quality of life and attractive real estate, available listings can easily turn into everyone’s dream home. Under these conditions, scoring your condo in downtown Boston can be a little more difficult because others have similar goals. The following recommendations can make your Boston midtown real estate dreams be easier to attain.
1. Share Your Dreams with a Real Estate Agent
Some Boston luxury condo buyers are fixated on location, while others only think about aesthetics. Some look for trendy condominium like the Boston Seaport. While others, a more historic district like Beacon Hill. Before you rush into putting an offer on a listing try to imagine living in that condominium.The vision should go beyond the big picture. It should be holistic.
You may not want to do business with an agent who tells you, “These are the listings I have.” Instead, retain the services of an agent who agrees to notify you, say, when a Boston Seaport condo become available for under $3 million.
2. Get a Mortgage Preapproval
Agents who represent Boston midtown condo sellers usually tell their clients to dismiss prospects who show up without mortgage preapproval. There’s a difference between being preapproved and prequalified. Sellers will always listen to bidders who are preapproved.
3. Make a Cash Offer
Assuming multiple bids were entered for downtown Boston condo, it would not be unreasonable to think the seller could be swayed with a cash offer. Cash offers made on Boston Seaport condos are still common, and they’re more likely to trump bids that have financing contingencies.
4. Eliminate Financing Contingencies
If you’re in a position to show cash but aren’t necessarily willing to use all of it at closing, you can waive the financing contingency on the purchase contract. Even if you have terrible credit, a mortgage lender will likely preapprove a deal with a 50 percent loan-to-value ratio.
5. Go Easy on Inspection Contingencies
Renovation projects can be incorporated into dream homes. If you fall in love with an older Beacon Hill condo for sale that you know will require some work, you may want to ease up on the inspection contingencies up to a certain amount.
When you’re looking to buy your dream Boston midtown condo, one of the smartest strategies you could employ is working with experienced agents who have in-depth knowledge about navigating real estate in downtown Boston. Trust the friendly agents at Ford Realty are ready to find your perfect Boston luxury hcondo for sale. Give us a call at 617-595-3712 to schedule an appointment