Owning a condominium is a popular choice for first-time home buyers and retirement-age individuals looking to downsize. A condominium, or condo, is a unit that is housed with several other similar units, similar to an apartment building. The difference between an apartment and a condo is that apartments are generally rented, while condos are the property of the owner. Selling a condo by owner is similar to selling any other property, and can be accomplished without the assistance of a real estate agent.
Set the price. A professional appraiser will give you the fair-market value of your home based upon several criteria, including comparable home sales in the area, square footage, the number of bedrooms and bathrooms and the general conditions of the home. A condo owner can also estimate the value of his property based upon recent condo sales in the area and the square footage of the condo.
Prepare the home to be walked through by potential buyers. This includes giving the entire condo a thorough cleaning and removing any clutter or excess items that may distract the prospective buyers from seeing the architectural and functional points of the home. A condo owner may wish to go one step further and make any small repairs or touch up some paint in a room.
Advertise the condo in a local newspaper, on the Internet at websites such as Craigslist or ask the condo association if it is possible to place a “for sale” sign in front of the complex.
Hold an open house. Invite friends and neighbors over to the home for this open house as well. They may know of people in the market for a home. Make sure to point out the high points about the home and be prepared to answer questions about any flaws in the property.
Accept the most reasonable offer. It is important to make sure that the potential buyer has secured the money for the purchase or you may end up taking your home off the market for nothing. Hire a lawyer to help with the aspects concerning the sale, including the transfer of the deed.
Decide upon a closing date. This will be the date when the keys are handed over to the new client and is generally anywhere from 30 to 90 days after the accepted offer. This is also the time to purchase a contract for the sale. These can be obtained through a lawyer or purchased at a home office store.
Meet with the new condo owners, any lawyers and mortgage lenders and a notary at a predetermined area, where any necessary paperwork will be signed and the keys will be handed over to the new condo owner. This is also where you will receive a check from the mortgage lender for the property and, depending on the terms of the sale, a check for any closing costs directly from the purchaser.
Avoid being afraid to make a counter-offer or to not accept an offer that is too low. It is not worth selling the condo for less money than it is worth just to make a fast sale.
- Duck Software: For Sale by Owner
- Audrie: Home Selling Tips
- National Council of State Housing Authorities. "FHA Issues New Review Requirements for Condominium Loans." Accessed May 11, 2020.
- First Heritage Mortgage. "What Is a Non-Warrantable Condo?" Accessed May 11, 2020.
- United States Government. "Code of Federal Regulations: Title 24, Housing and Urban Development. Part 234, Condominium Ownership Mortgage Insurance." Accessed May 11, 2020.
Residing in Chippewa Falls, Wis., Jaimie Zinski has been writing since 2009. Specializing in pop culture, film and television, her work appears on Star Reviews and various other websites. Zinski is pursuing a Bachelor of Arts in history at the University of Wisconsin.