I am in the Boston area of MA where property is VERY hot and a lot of it going for over asking.
Buyers waive all sorts of contingencies to try and get the property, they have a lot of cash and can pay over asking.
We recently put an offer in on a 2 family and it got accepted (still in shock) - we offered market value for the property so no steal there.
I'm just curious when we do our home inspection and if there are some issues that come up - what is it like to bargain with the seller in this 'hot market' to fix / give credit for any of these issues.
Anyone experience this in the MA area?
Thanks for your time.
I am a broker and investor who works quite a bit in Middlesex County. I am assuming there were multiple offers for this duplex?
If so, you can be fairly certain that the listing agent will have the other buyers on speed dial in case something comes up.
I can tell you that it's not a very pleasant experience as a broker because you have very little leverage in the situation you describe especially if the other buyers have waived their inspection contingencies etc. You can imagine how buyers feel when you tell them it's basically a take it or leave it situation.
If issues come up you can remind the Seller and listing agent that, depending on what is uncovered during the inspection, they will have to disclose it to other buyers once they are made aware of it.
That sometimes works but sometimes not.
Frankly, it's not a great market to be buying retail.
Thank you Robbie, appreciate your response.
I had a feeling that was the case - well fingers crossed that the inspection goes well.
There were multiple offers and it got put under contract but the buyers got 'buyers remorse' and it came back on market.
Perhaps you can also add your feedback on the rental situation. So one unit is rented at market value rent - they are on a tenancy at will as they knew HO were selling. They tenants sold their house and apparently are financially stable, Sellers said they have been wonderful to live, pay their rent on time etc and they would like to say - all sounds good until you see the apartment - they have a lot of stuff, they took the contents of their house to the apartment and it's like entering a very old antique shop, wall to wall covered in stuff - barely room to walk - we can keep them or we can have it vacant - the only thing is it probably wouldn't be available to rent until Dec 1 which isn't a great time to rent.
We could give them the option to stay until March 31st but as they are older @ 60 + we are a little uneasy if they couldn't wouldn't leave with all their stuff.
Thanks for any feedback.