Realtors across the country agree: 2018 is a seller’s market. If you’ve considered selling your condo, now is the time to do it. Selling real estate is a big deal and jumping in without the right know-how can lead to real trouble!
I already know what you’re thinking: It’ll be fine. I’ll hire an agent with condo experience, and my place will get sold in a snap! While the right realtor can help you find a buyer, there are many things you should know before you close any deal. If you’re planning to sell your condo this year, take the time to be thorough with your agent. By asking the right questions, you might end up with a better deal – and that’s a win for everyone!
How Much is My Condo Worth?
Most agents agree that pricing is the toughest part of selling. You have to find the market sweet spot; a price that’s too high will drive away buyers, while a price that’s too low will take away potential earnings. But you’re in luck: as a condo owner, you have access to a whole building of nearly-identical homes nearby. This will help you determine your condo’s value in the current market. If your agent has experience selling condos, he or she can help you find the proper price for your place as well. However, don’t be afraid to speak up if you disagree with their assessment!
Ideally, you should come to your agent with two numbers: your desired asking price and your absolute bottom line. By communicating these numbers, you both will find the best price for the market.
What Documents Do I Need?
Whether you’re buying or selling, the process is going to involve a lot of paperwork. Talk to your agent early on to find out which documents you should have handy. Many condo buyers request a review of the HOA rules and regulations. Gather any HOA documents you have before you list your condo. Also, talk to your agent about your city’s laws regarding your property’s certificate of occupancy (CO). Some mortgage lenders turn down loans for properties without a CO, which could stop your sale in its tracks.
How Do I Market My Condo?
Selling real estate is all about selling a new way of life. It’s important that you and your agent discuss the features of your condo. This way, you can properly can show them off and attract the right buyer!
When Should My Buyers Move In?
Many folks are anxious to move when they’re selling their condo. After all, they’re moving on – to a new home, a new state, sometimes even a new country! It may be tempting to let your buyer move in before everything’s finalized. We suggest that you ask your agent’s opinion on the subject. But, here’s our take – don’t! If anything goes wrong and the sale falls through, you’ll be faced with the messy process of evicting your buyer (and nobody wants that).
If you do need your buyer to be in the condo ASAP, ask your realtor about the safest time to hand them the keys. Your realtor knows the local market, including how quickly real estate deals close, so they will be able to time it just right.
What are My Obligations to You?
At first glance, this may seem like a silly question. After all, a realtor works for you: they list your condo, find the buyer, facilitate the deal, and get a commission. However, it’s important that you review the details of your realtor’s contract. In some cases, your agent may be entitled to a commission – even if you decide not to sell. Guess who’ll be responsible for paying it? You! This little contractual detail can cause a major headache, not to mention financial woes, if you’re unprepared. Anything can happen when you’re selling a condo. So, before you list your home with any agent, make sure you understand every detail of the agent-seller arrangement. Thoroughly review any documents you receive, and make sure you can handle any consequences should you decide not to sell.
Once you’ve asked the right questions, read all the contracts, and talked everything over with your family, pat yourself on the back. Congratulations – you’re finally ready to sell your condo!