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To play the foreclosure game you must be ready to pounce.

One thing I think Boston real estate buyers need to realize is that not every condo and loft on the market is a foreclosure. It should be pretty obvious, but it is still pretty difficult to find a foreclosure in prime neighborhoods such as the Back Bay, Beacon Hill and the South End. Not every seller is facing financial disaster. In fact, we are seeing sellers decide to lease their homes rather than accept low-ball offers. As a buyer, this means you may let that perfect home slip away. Don’t expect the every seller to be begging you to purchase his/her home. On the other hand, if you are looking at a foreclosure, you must be ready to pounce. Seeing that foreclosures in prime neighborhoods are few and there is a high demand for 1/2 price homes (imagine that!), you need to be ready with as much cash in hand as you can muster. You may also need to be willing to release all contingencies. That means, no mortgage or inspection contingencies…scary! It will most likely¬†mean paying much higher than asking in a bidding-war, so be ready. Feel free to give us a call for insight.

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