Home Buying in Boston>Question Details

buyer982, Home Buyer in Boston, MA

Besides price, amount down, and closing time are there other variables you would recommend adding into an offer to make it more attractive?

Asked by buyer982, Boston, MA Tue Apr 23, 2013

In the boston area specifically, I have heard of buyers waiving inspections and covering differences in appraised value should it be lower. Are there others that I am missing? What's recommended and what's not? Writing a personal note? (I have a talented buyers agent, but looking for second opinions).

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9
I always advise my clients to never waive inspection (regardless of how new the property is). If you have more $$ to put down that always helps as cash buyers are owning the market now.

Best Of Luck
0 votes Thank Flag Link Wed Apr 24, 2013
I agree with the others regarding a home inspection. Tread lightly if considering waiving this contingency. I personally never advise anyone to do this! If you are concerned about keeping this item, shorten the timeframe on your inspections and speed up the time to the P&S. Have an inspector ready to go and get them all done within a couple days time rather than asking the seller to take their home off the market while you have them completed and review results. Also, increase both your initial deposit and your total deposit. If you would normally do $1000 to bind the offer, do $2500. If you are putting down 3.5% for an FHA program, put 5% down instead and take the rest back at closing. Personal notes are sometimes good for personal homes and will set you apart when all else is equal. They do not appeal to foreclosures (banks) or investors that have never lived in the home. Absolutly ask the listing agent what things the seller is looking for such as closing timeframes (do they have kids in school? if so they might want to wait until the summer), and how much are they really considering leaving their new fridge, washer and/or dryer (this could be thousands of dollars to them)? Also be careful about covering the appraisal difference. As someone said below, we are in a hyper competitive market which is driving prices upwards quick... you are paying a premium for this. So, if you are not in a need to buy now situation and its not a long time / dream home... consider taking a step back.
0 votes Thank Flag Link Tue Apr 23, 2013
Increase your amount of earnest money. To some sellers especially banks it makes you look like a very strong buyer. I have attached a video about this subject for you. Hope this helps.
Tom
0 votes Thank Flag Link Tue Apr 23, 2013
Cash is king really. That is the ultimate deal but most people clearly don't have that much liquidity. Ask if the sellers are on a specific timeline. Sometimes if you can tailor to closing schedule to their needs this can give you that ever so slight advantage over the competition.
0 votes Thank Flag Link Tue Apr 23, 2013
You can remove your finance contingency, up your deposit monies, make your offer as clean as possible, learn what time frame the seller is looking for.....

Personally, I have never had a personal note sway a seller.... money and terms will sway a seller.
0 votes Thank Flag Link Tue Apr 23, 2013
The Boston market has become hyper competitive this spring. I work with buyers and sellers so I see it from both sides. Waiving an inspection is not something to consider lightly but some buyers are doing that to gain a competitive advantage. And I've gone back as the listing agent to ask a buyer to offer to cover a potential appraisal shortfall since my seller liked that offer vs. the cash offer that was not far behind. And a personal note can definitely help. I've used it successfully with buyers, especially if it addresses potential seller concerns like sensitivity to inspection issues, or helps the seller to put some emotion behind a particular offer.

Glad to hear you have a good buyer's agent - they are key in this market!
0 votes Thank Flag Link Tue Apr 23, 2013
I'm with Ron, unless you are doing a rehab and you have money set aside for surprises, I would not forgo an inspection. I do always cover my buyers with the appraisal contingency. Something else to think about are asking for appliances and window coverings. A personal note can help, but I have also had sellers who were turned off by the personal note that buyer had because it made them look desperate and a little poor.
The best thing to have is a nice solid pre-approval from a good bank and a good deposit. Those items make you look far better to any seller.
0 votes Thank Flag Link Tue Apr 23, 2013
pay more money and keep the contingencies. They are to protect you from unseen or unexpected issues in the future.
Best of luck,
0 votes Thank Flag Link Tue Apr 23, 2013
Waiving Inspections can cost you thousands!
Covering differences in the apraisal can be a Pandora's Box.
Missing details in the Purchase Agreement can lean to a Money Pit, Lawsuits, and worse.
Working without a Realtor can accomplish all of the above.
And when you consider that the Buyer's Agent is free to you......
0 votes Thank Flag Link Tue Apr 23, 2013
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