The Lengths Boston Luxury Home Buyers Will Go To For an Accepted OfferMay 30, 2015
In a tight Boston luxury real estate market where there are multiple offers on any given property, buyers are in a quandary about how to make their offers more enticing and more noticeable to the Boston luxury home sellers. By now, most seasoned buyers know the cleaner the offer, the better chance they have of closing the property.
By cleaner offers, I mean no contingencies. This often includes no inspection, no review of condo documents or budget (if property is part of a condominium association or Coop), and no financing. Needless to say that this is not a safe buying practice and many buyers, understandably so, feel very uncomfortable about it.
The financing clause is the trickiest, especially if you are not 100% sure that your loan is going to be approved. There’s a risk of losing your down payment deposit for the property if it’s not approved.
The other method some Boston luxury real estate buyers have started to use is writing a personal letter to the sellers telling them how much they love the property and they will live there happily ever after etc. Some sellers may like that, but some get turned off by sappy letters. I have had sellers who even got annoyed by getting “dear Abby” letters together with the offer.
At the end of the day, what is important to a Boston luxury home seller is the bottom line: THE PRICE and the terms of the offer. You should get good advice from your agent who can provide savvy guidance on how to proceed in a tight market if you found a potential property.