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Barry Cohen's Blog

By Barry Cohen | Agent in Newton, MA

How to be ready to buy!

The housing market in the Newton MA and many surrounding towns is absolutely on fire - great if you're a seller - but very difficult if you're a buyer!  The low-low-low inventory means when you do find something you like, you better be well prepared to pounce on it or someone else will!

Here's What You'll Need To Do If You Want To Land Your Dream Home:
  • 1. Obtain a Pre-Approval Letter (this is better than a Pre-Qualification Letter) from a MAJOR Financial Institution and make certain your letter is up-to-date (make several copies).
  • 2. Educate yourself about actual selling-prices over the previous 6-months in your market. A good
  • statistic to know is the asking vs. sales price ratio.
  • 3. Obtain the Public Record for the house you are interested in - much can be found by examining these records - including sales & mortgage history of the property.
  • 4. Hire a GREAT Buyers Agent to represent you!  Most often their fee is paid by the Seller, and not you as the buyer!  This amounts to FREE expertise.
  • 5. Hire a Real Estate Attorney once you have an accepted offer.
  • 6. Do not count on back-and-forth negotiations with the seller in this market! Make your initial offer count or you may not get a second chance.
  • 7. Consider waiving certain contingencies in your offer (mortgage, home-inspection) to make it a 'stronger' offer, but do so with extreme caution.
  • 8. Lastly, act fast when something hits the market that you like! Have your Buyers Agent show you the house immediately, well BEFORE it gets to the Sunday Open House, if possible. If you're not 100% prepared to make a quick and decisive offer, you'll likely be looking for a very long time...!

Good Luck!!!!

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