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Avenue 3 Real Estate, MA Realtors | 125 Cambridge Park Drive Suite 301 | Cambridge, MA 02140 | 857.209.5037 | info@avenue3re.com
   

 

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5 Tips to Win Multiple Offer Situations

Multiple offer situation when buying a home. These last few weeks have been very busy ones for home buyers and sellers alike! The housing inventory in the Greater Boston Area is low and the number of buyers in the market in high.  As a result, multiple bid situations have become the norm in many communities. It is important not be intimidated by the multiple bid situation.  Each buyer has the right to put forth an offer of their choosing, and each seller is looking for different things in an offer which will appeal to them above the others.  Sellers have been known to take a lower price if the dates and terms of the offer best meet their needs. So, dive on in and you may be the lucky winner.

Here are 5 things to keep in mind when making an offer which may help strengthen your position as the buyer.

1. Always have a lender in place before making an offer. You should have a full understanding of your ability to finance the property you are looking to buy and have the pre-qualification letter in hand to prove it to the seller.

2. Don’t be afraid to offer above the asking price.  Every property is worth a different amount to each buyer – does the two car garage add value for you or does it take away yard space you would rather have?  Does the proximity to the highway mean a shorter commute or just an annoyance of traffic noise?  Make the offer that feels right for you.

3. Consider removing contingencies to make your offer more competitive.  If you are completely secure in your ability to finance the property, maybe you could remove your financing contingency. If the Seller has assigned a few days in-between the time of the initial showings or open house and the time of offers being presented, schedule a home inspection, if you feel you need one, and make an offer without inspection contingencies.

4. The details of the offer do matter.  Be sure you are meeting the date requirements that are best for the seller, consider putting down larger deposits at offer and purchase and sale to indicate your commitment, and have your pre-qualification letter or proof of funds as part of the offer.

5. Put your best offer forward. You may not have an opportunity to come back for a second round.

These suggestions can't guarantee success in getting your offer accepted but we think that they will get you on the road to a better understanding of the multiple offer process. If you would like to speak to an agent versed in multiple offer situations, please contact and Avenue 3 Agent today!

6 Keys to Better Open House Shopping

Avenue 3 Real Estate 

So you are looking at home after home. If you are like the most of us, you are captivated by the updated kitchen, the over-sized shower or the gorgeous perennial garden.  Good, you should be. But, (and you know there is a but), don't forget that there is business to attend to.Here are six things you should pay close attention to in any home that interests you:

1. Roof: Check it out!  Does it look new?  Are the shingles dried out and lifting?  If it is a flat roof, does it have proper drainage? How many layers of asphalt? Ask the age of the roof to help you determine its relative health.  Most well installed roofs with quality shingles last 25-35 years depending on the location of the home.

2. Windows:  Old or new is not the most important question.  The most important question is do they work.  Pull a couple up and down to see if they operate well. Look for storms or screens stuck midway between open and closed, a sign that they may not function.

3. Gutters and downspouts:  Be sure the house has them and take a look to see if they are snugly attached to the house - beware of hanging downspouts and "gutter gardens" - gutters clogged so long they are actually sprouting vegetation!  If the gutters are filling to excess, freezing water and snow may be making its way into the roof of the house.

4. Retaining walls:  Funny as it seems, they hide in plain site.  Pay attention to retaining walls around gardens, along driveways and on the edge of property lines.  Check for major cracking or leaning.  These walls can be very costly to replace.

5. Foundation:  Give it a close look inside and out.  Look for cracks, water marks or mold. Check the basement windows for good repair as well. 

6. Landscape: We don't mean the perennial garden here, but the general topography and the plantings.  Is the house sitting low on a hill and likely to flood?  Are there unhealthy trees on the lot that may need to come down?

Whether you are looking at buying a home in Arlington MA or buying a Cambridge MA condominium, take the time to carefully examine a home you are interested in before you make an offer to buy.  It could pay off in the long run!

To see a list of Open Houses in the Greater Boston Area Communities, go to Avenue 3 Open Houses.