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Tips For Selling A Condo

Feb 15, 2008
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.

Posting a for sale sign is just about the first thing anyone does when selling a property and it makes sense. Most condo owners, however, are prohibited by the homeowner's associations from doing this. Strange, but true.

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.

Another key is the simple act of getting to your property. Condo communities can be a mad house of paths and driveways. Make sure you give very clear and definitive directions. Just because the pizza guy can find it doesn't mean the buyer will.

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.

Disclosure often sounds like a dirty word in real estate, but sometimes it is necessary. If your condo complex has been involved in construction defect litigation, you must let potential buyers know up front. Don't try to hide it.

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.

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.

The current market is in a big pull back. This means people are shying away from expensive homes, which makes condos attractive. Can you sell your condo now? Of course! Just follow these tips.
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.
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