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Selling a condo
How to Sell a Condo by Owner
Sell your condominium yourself if you’re in a fair market position.
- 1 What Forms Are Needed to Sell a Home by Owner?
- 2 Sell a Condo in a Tough Market
- 3 What Forms Do You Need to Sell a House?
- 4 What Paperwork Do I Need to Sell My House?
A good way to save on real estate costs is to sell your condo yourself. If your sale is a “fair market” transaction, meaning you’ll be selling it for more than your mortgage, you can legally do the sale yourself. A short sale must be handled through a real estate agent or an attorney since it’s a financial transaction dealing with a lien against real estate. Be prepared to devote a good deal of time handling the details of the sale, and find the right marketing data to substantiate your price when negotiations begin.
Set a price only after doing your due diligence. Compare sales of similar condos in your building and in the neighborhood. Find this information on the database at your property tax assessor’s office. Don’t use short sales or foreclosures in your comparisons, as their prices don’t reflect fair market value.
Take photographs of your condo. Be sure the photos are low resolution and suitable for the Internet. Clean your condo, get rid of all clutter and items on countertops, put the toilet seats down and focus on the rooms themselves. Photograph the closets, bathrooms, hallways and all living areas. Add pictures of the exterior, the common areas and your exterior hallway. Create a flier or brochure featuring your property.
Advertise your condo for sale in the newspaper, online and in local magazines; there will be a charge for this. Post a flier on your condo bulletin board letting other residents know your property is for sale.
Be available for showings during the day and on weekends. Keep the condo neat and smelling fresh. Don’t tailgate potential buyers as they look through your unit; let them look and comment privately. Stay close to answer questions, but don’t press them.
Review an offer to purchase carefully, noting the contingencies and closing date in addition to the price and deposit amount. Consult with an attorney before signing an agreement. Accept a deposit only after a completed agreement has been signed by both parties. Retain an escrow company and put the deposit in its escrow account or in your attorney’s escrow account.
Counter offer a purchase agreement if any of the items aren’t agreeable. Know that a counteroffer renders the original offer null and void until the counteroffer is signed by both parties. Continue to show the condo during the negotiation stage.
Track all the contingencies and dates, making sure they have been completed on time. Deliver a copy of the condo rules and regulations and financial statements to the buyer. Advise the buyer of the condo’s interview process and any costs that might be incurred.
Attend the closing. Pay all the fees associated with the seller’s side of the transaction, as per the Housing and Urban Development statement that’s issued at least 24 hours before closing. Bring keys, clickers and any items the new owner must have immediately with you to the closing. Leave your unit clean and containing all the appliances and fixtures agreed upon.
About the Author
Jann Seal is published in magazines throughout the country and is noted for her design and decor articles and celebrity *in-home* interviews. An English degree from the University of Maryland and extensive travels and relocations to other countries have added to her decorating insight.
SOURCE: SOURCE: REMMOMT.COM