How to Sell a One Bedroom Condo
Selling a one-bedroom condo is much like selling any other type of residential real estate. The biggest difference will be apparent when a buyer completes the contract to purchase the home. Unlike the paperwork required in a single-family-residence transaction, the sale of a condo will necessitate obtaining the CC&R's, minutes of the Home Owner's Association (HOA) meetings, the HOA budget, notices of assessments, attestations as to any pending litigation and other local or state-mandated documents. It's a lot of paperwork, but not as daunting as it sounds.
Other People Are Reading
Things You'll Need
- Home Owner's Association documents
- Comparative Market Analysis
- Digital camera
Instructions
-
-
1
Call your HOA and find out what requirements it has with regards to selling the condo. Find out how much it will cost for copies of all the documents you will need to present to a buyer. Order the copies so that you can have them on hand to answer any questions from potential buyers.
-
2
Decide where to price the home. You can do this a number of ways. The easiest is to call a local real estate company and ask for a Comparative Market Analysis (CMA) of the condo. There is no charge for a CMA and the process is quite simple. A real estate agent will tour the condo and come back with a list price for it, generally within a few days. Be aware that there will be pressure for you to list the condo with the agent. If you don't have the time to show the condo to potential buyers, this might be something to consider. Don't feel obligated, however, to list with the agent.
-
-
3
Prepare the condo for the market by cleaning it thoroughly and making any necessary repairs. Make sure that the landscaping is presentable.
-
4
Photograph the condo's interior and any nice amenities in the community. Make sure the photos aren't blurry and that they show the property in the best light possible. Use the photos in your marketing materials, such as flyers and in online advertising.
-
5
Utilize one of the online For-Sale-By-Owner Web sites that offer a flat-fee Multiple Listing Service listing. Sites such as homesbyowner.com and fsbo.com offer a listing in your local MLS plus marketing packages for less than $400. This will expose your condo to the entire real estate community and expand your chances of finding a buyer.
-
6
Obtain the legal forms that you will need when you find a buyer. The necessary forms vary by state but generally include a contract to purchase and certain state-mandated disclosure forms. Some states, such as Utah, offer free forms online. Check with your state department of real estate to see whether it offers any contracts and forms to consumers. If not, try one of the online FSBO Web sites. If you have any doubt about what paperwork is required in your area, or about the validity of any contract you have purchased for use in the sale of the condo, please contact a real estate attorney. The price you pay for a consultation may be well worth it if it helps you to have an air-tight transaction.
-
1
Tips & Warnings
Plan on disclosing everything about the condo, the good and the bad, in writing, to a buyer who is under contract. Don't leave anything out.
