Selling Your Condo In A Slow Market
Hal James
It is a tough market out there if you are a seller. Distressed properties. Empty developments. Foreclosures. There is a lot of inventory on the market for buyers to pick over, but you can still move your condo if you follow these steps.
Letting people know you are selling is obviously improtant. This means signs. In a condo development, this can actually be a problem. Most associations don't allow you to post signs in the common areas or your outer walls.
Technically, the inside of the window on a condo is yours, but the outside is not. If you want to post a sign, and you do, guess where you should put it? Yep. The inside of the window. Use a window people can see when passing buy.
Mention the word condo and everyone thinks of restrictions. You need to have the bylaws and CC&Rs available for the potential buyer. Make copies so they can take them when leaving. This is critical as the restrictions on property use can kill a deal at the last moment.
More and more, we are seeing condominium developments grow to a size rivalling a small town. Just because you know how to get to the unit does not mean buyers do. Provide them with a map with clear printed directions.
Here is a neat little tip that costs you nothing, but can make a sale happen. For some reason, codominiums are famous for being poorly lit. You are probably use to it, but buyers are not. Crank up all the lights. The light will make it look bigger to.
In certain parts of the country, lawsuits related to construction defects are par for the course for condo developments. If yours is one, you have to disclose the lawsuit. Make sure you explain what the problem was and how it was fixed.
Next, you should always go beyond your unit when meeting with buyers. Condos come with community pools, hot tubs, tennis courts and so on. Drag perspective buyers to each of those areas so they can see the added benefits of buying your condo.
There is currently a big credit crunch going on. Getting a mortgage loan is not easy, even for those with perfect credit. If you really want to sell your property, you should consider helping buyers with financing.
These days, you might be surprised to learn selling a condo might be easier than doing the same with a home. Why? Well, there is less money involved and money is tight in the current market. Now get out there and sell yours!
Hal James writes about issues faced by http://www.fsboamerica.org/ FSBO sellers for FSBOAmerica.org, where you can get a free one month listing to sell your home by owner and get more real estate tips.
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