Finding the Diamond in the Rough: First-Time Homebuyers Score a Deal in an Overpriced Market

In a red-hot market, where so many properties are going for over asking price, first-time homebuyers on a limited budget find a home that fits their needs and is a good value. 
 

Problem: Our clients were looking to buy a home within commuting distance of Boston. They wanted a yard for their dog and plenty of green space nearby to walk him. Over a period of six months, they were outbid on half a dozen homes and were growing increasingly frustrated.  
 

Solution: We persisted, finally finding them a home that had lots of potential, but needed a good deal of work. We helped them visualize what the house could be and what it would cost to get them there. Then we negotiated hard — convincing the owners to install a new oil tank, high efficiency furnace and hot water holding tank and to give my clients $5,000 toward their closing costs.
 

Result. Our clients were thrilled to have avoided what too many buyers have been forced to do lately: overpay. The couple is beginning renovations — with lots of equity in their home to boot.