Understanding Mortgages: Selling Your Condo

In the midst of one of the most uncertain real estate markets in history, it's more important than ever to be informed. In a continuing series, we take a look at some of the most pressing questions about mortgages, refinancing, home equity, and other real estate options available to you.

(8/28/2012) Selling a home presents a series of steps and challenges, no matter if it's a single-family home or a condominium. But selling a condo does add a few intricacies and considerations to the process.

Perhaps most important to remember when selling a condo is the fact that you're selling a unit and a lifestyle, all in one. People buying a condo are looking at the advantages of living in a shared building, which at the least usually includes covered services like yardwork, snow removal, and sewage. Often, potential buyers are looking at additional amenities the building can provide, like utilities covered by assessments, fitness facilities, rooftop decks and/or common areas, pools, and more.

Put all this together, and condo buyers can be considered relatively picky. They have the luxury when choosing from multiple options and amenities, and prices that are more affordable than ever. Because of this, advertising a condo for sale involves playing up all the elements inside the unit, those in the building, and those outside the building. Amenities nearby, like shops, mass transit, parks, and more, all add to the value of the condo.

Beyond these considerations, the same advice applies as when selling a single-family home:

  • Collect as much information about the local market as possible to establish a reasonable yet aggressive price
  • Evaluate your home and its value with an official appraiser
  • Be thorough with a full home inspection, and address any issues that may prevent a sale now
  • Work with key professionals with expertise in their areas, including real estate agents, mortgage brokers, and lawyers
  • Keep aesthetics in mind when showing the house, and know that condo buyers are looking for the "wow" factor
  • Examine offers critically, including the purchase price, buyer financing, and any proposed contingencies

The process of selling a condo will take time, patience, and occasionally a few rounds of offers. But knowing the key elements involved, and the necessary steps, will help navigate the process.

For Additional Reading:

The Case for Selling in a Falling Housing Market: http://www.forbes.com/sites/stanhumphries/2011/04/28/the-case-for-selling-in-a-falling-housing-market/

How Do I Sell My Condo if I Owe More than it's Worth?
http://www.realtor.com/blogs/2011/10/12/how-do-i-sell-my-condo-if-i-owe-more-than-it-is-worth/

 

 

 

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