Submitting an Offer on high rise condo
Buying a Boston high rise condo in downtown can be stressful, especially in this hot Boston condo market. My job as a high rise condo specialist is to keep you updated on market statistics and current trends.
As we enter the 2018 Spring market. One trend that is emerging is multi-offers for high rise condos that are priced right. They were properly prepared for sale, staged, professionally photographed and priced correctly. All systems were set to say SOLD quickly.
Pre-Qualification letter for high rise condo Offer
In the above situation its critical that potential high rise condo buyers have their financing properly in place. Most of the buyers agents had submitted a ‘prequalification’ addendum (but some did not). Imagine a seller reviewing offers and some have ZERO DOCUMENTATION that the buyers are qualified. Why bother writing an offer if you can’t prove to the sellers you can actually close on a Boston luxury condo? Now who does that make sense too?
In Boston we have a specific form that is required per contract to be attached to an offer. This form clearly spells out where the buyer is at in the mortgage application process. We can see if the buyer has submitted their qualifying documentation to the lender? And we can also see if it was just a verbal discussion – which isn’t given a lot of weight in a hot market (or any market for that matter). Remember – you will be competing with other Boston high rise condo buyers that are 100% pre-qualified.
One more tip for writing a successful bid: Don’t ask for items that weren’t listed in the MLS or listing sheet, such as window treatments or the grill on the balcony or whatever other items you think you can negotiate. Just don’t do it! The buyers that have the best chance of winning a bid write what I call – a CLEAN OFFER.
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