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Why a higher offer won’t get you that Boston Apartment

 

Boston Apartment

 

When you are on the lookout for a new Boston Apartment or home it does not matter If you offer the highest price, as there are factors in play which might not get you the deal.  Here are five things to keep in mind to help you try and beat that higher offer.

 

1. Cash only deal

Buyers who tend to pay with all cash are more likely to triumph than those who have made a higher offer. This is a win-win situation for everyone as there is no mortgage or lender to deal with and the escrow closes quite fast. There is also no need for appraisal of the property.  Around less than half of all deals in the first half of 2014 were all cash deals.

2. Pre-Approval Letter

Pre Approval letters are the magic ticket which helps in obtaining a property. They are given out by mortgage brokers or banks to suitable candidates. The letter simply states the price range available to the buyer and that is has been preapproved. So even if there are higher offer and they are not pre approved, then you can have an advantage.

3. Flexibility

Sellers prefer buyers who can close a sale within 30 days. Generally the closing dates are around 30,45, 60 or 90 days. A lower closing date may help you get the Boston Apartment or house you are looking for. In some instances it helps to ask how much time the seller needs to move. If you can give them that time they need, you might be able to win the bid.

4. Letter to the seller helps

Sometimes sellers are stuck with similar offers and do not know whom to choose. It helps if you can write a heartfelt letter, letting the seller know why you want it. It may not work all the time, but when it does then it has a huge impact. So try and write a letter, as you never know it might help you get the property.

5. Don’t go overboard with contingencies

Contingencies are important negotiating tools that give you an opportunity to walk away without consequence. The most common are the inspection, the financing and the appraisal. It can be an issue if you pile all of them on as they can make it harder to close the deal. Look at your needs and see if you really need them when you make the offer. The offside is that it makes your offer look weaker, so use them as needed. It’s important never to forgo the inspection contingency as you will be potentially living there. You can also ask for a price adjustment or get some credit back. The good thing is that if the seller does not want to make changes, then you can walk. The Contingent upon financing is another one which you should never get rid of unless you pay in cash. If you have a pre-approval letter, it will make this a minor issue for the seller.

 

We hope you liked our guide ” Why a higher offer won’t get you that Boston Apartment”.

 

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