To assist you in better understanding what is involved in selling your condominium, we have created an easy 8 step selling process. This process will help you work with your agent and take an educated approach in selling your condominium.
Take the first step by clicking on the section on the right where you would like to begin and get more information.
Our mission is to make this selling process simple, ensure you receive the best in customer service and have a real estate experience that is truly exceptional. We diligently represent you throughout the transaction process — including closing.
Our processes and underlying technology are designed so you will understand the entire real estate process. We keep you informed with the most in-depth information and knowledge for the condominium market.
PREPARING TO SELL
Selling any property is a complex process. Before you start the process and contact an agent there are a couple of things you need to consider. First you need to make sure you want to sell your condominium. Second you need to prepare your unit for sale. Answering these simple questions can make the sale of your condominium easier, faster and more enjoyable.
FINDING THE RIGHT REAL ESTATE AGENT OR BROKER
Selling a condominium is a complex and sometimes can be a time-consuming process. A knowledgeable and focused real estate broker can be the key to selling your property quickly and at the best price.
When choosing your broker and agent keep in mind our goal is to guide you through the condominium selling process. Our agents possess in-depth knowledge of the condominium market. Our team is trained to understand the unique wants and needs of a condominium buyer and will develop a relevant and targeted campaign that will bring in an offer fast.
MARKETING YOUR CONDO
Nobody can buy your condominium if they don’t know it is for sale. This section will review what the best marketing strategies and tactics for generating interest in your property and how to get a buyer interested.
Our team of agents are specially trained to understand the unique wants and needs of a condominium buyer and will develop a relevant and targeted marketing campaign that will bring in an offer fast. We move beyond traditional methods with proven marketing strategies and tactics including the Internet.
GETTING AN OFFER
Eventually, someone will walk through your condominium and fall in love with it. A few hours later you’ll get a call from your agent, telling you that you’ve received an offer to purchase the property. There are two major considerations at this point
Closing on the sale of your condominium will require negotiating and compromise. You must be prepared for the negotiation process. In the following section we outline the key negotiating strategies of selling a condo and how to work through the counter offer. An experienced agent can make the difference during the process.
Closing is easer to understand if you approach it in two phases, the pre-closing and the close of escrow. The pre-closing is the time period when both parties meet their obligations under the contract, such as the property inspection. The close of escrow is when your deed is transferred, and you receive the funds from the sale.
Planning any move is a complex process. There are several details to mange during your move – coordinating renovations, finding the right moving company etc. Work with our team we will guide you through this process and help put these plans into motion. To make your move easier review our moving to do list, check list and some suggestions on working with a moving company:
Finding Another Condo
Congratulations! You have sold or are in the process of closing the sale on your condominium. Now the big question is: How do you start the process of finding your new condominium?
While you are in the process of closing your sale, there are two steps to go through in your search. First, begin your search. Start this search by going through the our detailed home buying process.
Second, wait until you have closed on your condominium before closing on your new one. The general wisdom is sell before you buy. The other option would be to have an offer on another property subject your current home selling.
Why Sell First?
Most experts agree you should close the sale of your condominium before committing to another piece of property. This eliminates most financial risk: You’ll know how much money you have for your down payment, and you won’t have to arrange for interim financing. In any case be prepared financially. It is wise to have cash reserves enough to cover your down payment and two or three months of mortgage payments. If not, you may have to take out a loan or borrow your down payment. In order to qualify for a second mortgage, you need enough income.
One downside of selling first is that you will have to find an interim place to live. You could negotiate a sale-leaseback and rent your home from the buyer for a month or two. Or you could arrange to rent a place temporarily. It is usually cheaper to pay rent plus moving costs than to pay two mortgages with taxes and insurance.
If you buy before you sell
If circumstances have placed you in the position of buying before you sell, managing the two transactions as one if possible. Here are two suggestions:
Structure your offer: Negotiate with your seller to include a long possession date, or make the purchase contingent on the sale of your current home. Such a contingency is a seller’s nightmare, but in a slow market the seller may be willing to accept the offer. More important, it gives you an escape if your house doesn’t sell. You may want to consult a real estate attorney on the exact wording of your contract.
Secure Financing: Secure interim financing so that you may purchase your next house while your current house is for sale. So-called bridge loans are made against the equity in your current house and cost more than traditional home loans.