With extremely low inventory levels in early 2022 (just take a look in changes in inventory for both condos and single family homes in Massachusetts) and slight increases in interest rates doing little to dampen record levels of buyer demand, getting an offer accepted in the Greater Boston market is no easy feat.
Over the last year our agents have seen multiple offer situations where the winning bid has included terms like free lease-back periods for the seller, all expense paid vacations, uncapped escalation clauses and of course waiving all contingencies. The good news is that there are ways to get an offer accepted that don't involve selling your firstborn child. Here are 7 of our favorite strategies, but it's always important to discuss the details of any terms you're considering with your agent:
Just how long will it take to be moved into that new home? Plenty of first time buyers and those who haven't been in the market for a long time aren't exactly sure what to expect.
Closing timelines vary based on the needs of the buyer and seller in a specific transaction; we've seen everything from a week for a cash purchase with extremely fast title work to 8 months. Generally though in Massachusetts we see closings between 30-90 days.
For financed properties, most lenders will need at least a month to get through the necessary steps to underwrite a loan.
Between the time an offer is made and closing day there are several key stages, some of which are simplified in the event of a cash or otherwise non-contingent purchase.
The following is an example of what we commonly (but certainly not always) see in the Greater Boston market based on a 45 day closing timeline of a typical financed purchase with inspection contingency:
Day 1: Offer acceptance and earnest money deposit
Day 7: Inspection deadline
Day 10: Purchase and sale agreement and deposit (not to be confused with down payment)
Day 12: Complete loan application deadline
Day 30: Mortgage commitment
Day 44: Final walk-through
Day 45: Closing day (sometimes the property isn't "on record" until the following day so best to plan moving trucks for Day 46)
Your Realtor's job is to make sure that everything - and everyone including inspectors, lenders, appraisers, attorneys, and cooperating agents - stays on track so expect that they'll be working behind the scenes throughout the process and to be in close contact as each deadline approaches.