5 Questions to Ask Before Selling Your Urban Condo

If you want to start the process of selling, here are 5 simple questions to ask and answer.

1.  Where is your  condo located?  For example,  a city like San Diego has numerous downtown districts such as East Village, the Gaslamp, and Marina District.  If you have  numerous districts or neighborhoods in your urban area, list the reasons why you selected the District you live in because the next buyer will be looking for the same benefits you found.

2.  What is the condition of your building and your unit.  The building and your unit are intertwined.  Exterior condition is the first thing a prospective buyer is going to see, so look with a critical eye.  Are there any maintenance items you need to notify your management company about?  Don't over look this step.  It is critically important.  Now move on to your unit.  Try to be as objective as possible, which is hard.  What are the good things about your unit? What are the things you have tolerated and know in your heart need to be fixed before selling?  Remember the adage, "We live differently in our homes than when we are selling them."   Imagine your condo is going on the shelf at the store.  What store do you want to have your home in...Big Lots, Macys, Nordstroms, or Saks.  Different stores appeal to different buyers.  Different condos appeal to different buyers.  Slobs are attracted to junk.  Do you want that type buyer?  Get busy.  Get your unit looking spiffy, clean and neat.  Get excited.  Get rid of tolerations.

3.  What is your existing mortgage balance?  Do you have equity or do you owe more than current values?  Get realistic and use comparable, actual sales, not what you wish the unit is worth.  If you have equity, do you have a method to estimate your closing costs?  There are always closing costs.  Sometimes high and sometimes low.  This is a critical step so you can get a picture of your actual proceeds when you close the sale.  Check with a Realtor and ask for an estimate of closing costs.  It is much better to have an idea than get whacked upside the head during the escrow period and find out you cannot sell .

4.  Think like the buyer who is trying to get a good deal.  That is how all buyers are thinking right now.  If you were the buyer coming to your front door, what would motivate you  as a buyer, to purchase your unit?  Don't think a buyer is going to pay extra because you upgraded your carpet, or have wood floors.  Perhaps the buyer of your unit hates carpet or doesn't like wood floors.  It happens more often than you might think.  Not everyone loves purple walls, or green kitchen counters.  What  is special about your urban condo?  Why do you love it?  It will be much easier to find and sell to a buyer like you.  Like attracts like.

5.  How are you going to sell your condo?  Do you want to do it yourself?  If you think this is your path, then educate yourself.  If you are selling in California there are high performance disclosure requirements.  Check your state requirements Make sure you know what you are doing.  Figure out how you are going to show your unit.  How are you going to make sure you are safe when showing the unit?  There can be some odd people out there.  Preparation is the key.

On the other hand, if you are going to hire a real estate professional, where are you going to find your agent?  Are you looking for someone who agrees when you tell them your unit is worth $100,000 more than a comparable model because you used Brazilian wood?  Do you need the plain unvarnished truth or are you happier with a little sugar-coating?  Are  you going to work with someone who has a history in the business?  Decide if this is the time you want to experiment with hiring a friend or a relative because they are going to give you a good deal.  Good deals are all relative.  Some good deals cost you so much extra money and extra stress, you would be better off without such a great deal.  Hiring a real estate professional is like getting married.  When it is good, it is very good.  When it is bad, it is horrible.

These 5 questions are just the tip of the iceberg in planning the sale of an  condo.  The list of questions continues.  Pre-planning helps create success in a sale.   Take a little time to plan.  Mistakes cost money, and the money will be your money.



Article Source: Ezinearticles
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