Tips for Selling a condo in Wisconsin are different than selling a single family home.
- Are you selling by owner? If so get an attorney that specializes in condos, not just real estate. You wouldn’t go to an attorney for a work-place accident if that attorney specializes in family law.
- Are you hiring a Realtor? Don’t hire a Realtor that doesn’t regularly sell condos. There is far different paperwork that needs to be explained and understood.
- Have your documents ready, else a Buyer may have recourse to nullify an offer even after it was accepted with possible claim for all earnest money being returned.
- Some of the documents that a Buyer may expect to see can include last years’ budget, the budget for the current year, meeting notes from more than just the annual meeting, and more!
- Know your signage rules. Some associations do not allow a sign, or maybe such can be used at an entry point to the association, or within a unit owner’s window.
- Be ready to answer specifics about rules for pets, if allowed by any/all. NOTE: Get advice from an attorney about NOT accidentally discriminating against a buyer or unit owner that has a pet due to a disability.
- Be prepared by asking the Treasurer or Association President if there are any foreclosed units within the Association or pending litigation against a unit owner or anyone. A lender for a Buyer might nullify if thru the title insurance process or otherwise learn of the same and knowing sooner can prevent lost time and money (don’t pack your belongings if you can prevent a deal falling apart).
- As neighborly and friendly as one might be, realize that telling another unit owner the details of why one is selling can be costly. If a Buyer learns of such the Buyer might PERCEIVE that information is an advantage during the negotiation process and might hold tight on their offered terms. Word travels around the pool and at the mailbox – make sure it helps your process, not hinder.
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