Buyer Success Story: Erin's First Home
I met Erin when she began searching for a home in South Boston. Erin wanted to live in South Boston for several reasons: the vibrant nightlife; convenience to the city; and the proximity to the beach.
Erin let me know her preferences. I wanted to have a thorough understanding of what kind of a home Erin was looking for in terms of size, number of bedrooms, layout, condition, floor preference and other details. During our meeting, I also explained to Erin the process of buying a home. The points we covered included the following:
-How will we identify potential properties of interest?
-What is an Offer to Purchase?
-What are contingencies and how can we use them to structure a competitive offer?
-What is a pre-approval and why is it important to work with a reputable lender?
-The real estate market in South Boston
After our detailed conversation, Erin knew that finding what she was looking for would be difficult. Her search was complicated by two factors: low inventory creating a competitive market and the prevalence of all-cash offers forcing buyers to compete on an uneven playing field.
Erin and I saw many homes. Due to her demanding work schedule, there were occasions when she was not free. For those properties, I would visit and we would FaceTime so Erin could still see the properties.
We put in several offers that were not accepted due to the winning bid being all-cash or having a much higher down payment. Erin did not fell defeated. Rather, she saw each declined offer as an opportunity find a home that she liked even more.
One day Erin called me from an open house. “Ana, I saw THE ONE!” Indeed, Erin saw a home that checked all her boxes:
-Walking distance to Broadway. Check
-Top floor. Check
-New construction. Check
-Private roof deck. Check
Erin knew she had to make a strong offer. We had a quick strategy session and I gave Erin suggestions on how her offer could stand out from others. After submitting the offer, I called the listing agent to introduce myself and my buyer client to him.
Several hours later, I was able to make a fantastic phone call and say to Erin “Offer accepted!”
Because this was a new construction property, we encountered a few hurdles such as a refrigerator that didn’t fit. However, with some artful negotiation, all was straightened out in the end. Today Erin is a happy South Boston resident who lives in her dream home with a newly adopted mini Golden Doodle.