- Have all the founding documents and rules from your condo board or association. There may be limits on who you can sell to and you may have to get pre-approval to do so. It is best to find this out in advance so you can plan for it. You will also need to have copies ready for buyers.
- Hire a Realtor who has the expertise in selling condominium properties. Paperwork for selling condominiums can be more detailed, and more complicated in explaining to buyers, and you can gain from someone with more experience than the agent just out of training class.
- Organize all of the condos features and list them. If you have a gym or a pool in the building, mention that as well in any sales ads you write about your condo. Maybe write a note to all prospective buyers why you liked and bought the property. With the help of your agent, compare yours to what other condos are selling and accentuate what you have.
- The local MLS and internet will likely be 70% of the reason why a buyer buys the condo they do. Be there too, and make sure the pictures show well. If that means getting short-term storage to show the size of the property, do it so the home shows well.
- Make sure your condo is priced in line with the market rate for other similar condos. Again, your real estate agent can help with this process.
- Stage your condo. Just like selling a single family home, you want to make sure that your condo looks its best before buyers come. Years ago we helped a bachelor in selling his condo. A professional stager helped replace the newly equipped military vehicles that were pictures on his walls and soften the image throughout. The home sold within 60 days. Love ya John!!!
- Consider holding an open house or more. You want to make sure it is easy for buyers to get to the open houses as well. If, for example, your condo is in a gated building or a doorman building, make sure you arrange to have the building gate open or the doorman let people up. If it has been snowing, ideally the Association contractor has the benefit of condo living on display. You don’t want to place obstacles in the way of a potential buyer seeing your home.
- Prepare for the condo inspection. Most buyers will want to bring in their own home inspector for the condo, just as they would for the home. Fix anything you need to fix, making sure to do so according to the rules of your condo association.
- Be up front about fees and costs to buyers. If a buyer can’t quite afford the condo fees or association dues, it is better to know that up front. It can be devastating to learn just before the closing date that the sale that won’t go through in the end because of non-disclosed costs.
FHA Mortgage FHA loans for condos can be a tricky one. There are pros and cons to having FHA and/or Veteran's loan approval for condos and the words here alone will not cover it. Firstly, as in all lo...