Condominium Sale - Make It Happen
by: HalJames |
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As you know, the real estate market is down. What does this really mean? It means that there are more properties available than buyers. Does this mean you can't move your condominium? Of course, not.
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.
Speaking of homeowner associations, condos are heavily regulated by them and the covenants and restrictions for the development. When prospective buyers come, you need to provide them with copies of everything.
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.
Lights! Action! Condos are famous for giving off the impression of being dark. You must overcome this or most buyers will balk at the darkness and move on to the next property. The way to get around this is to turn all lights up high and even add some if necessary.
Unlike individual homes, condo developments often have universal problems such as a leak roof or something. This leads to litigation that forces the developer to come back and fix the problem. If you've experienced this, let buyers know.
The beauty of living in a condo is you get so much more than your unit. You get pools, hot tubs, tennis courts and so on. These can be big extras. Make sure your potential buyer knows. Show them the unit and these extra areas.
In this market, helping your buyer finance the purchase can make all the difference in the world. Buyers with even great credit are having problem getting money. Offer to carry back part of the purchase price as a second loan. It might just do the trick.
Generally speaking, selling a condominium can be more difficult than selling a home. On the other hand, getting into a condo requires a lot less financing on the part of buyers. Follow the above tips and you should do fine selling your property.
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About the Author
Hal James writes about issues faced by 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. Visit the Uber Article Directory to get a totally unique version of this article for reprint.
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