Condo Selling 101 Get the basics for selling your condo in today's market

Condo Selling Checklist

There are a lot of important steps to remember when selling a condo. This checklist provides a quick reference for what you need to do from start to finish.

  1. Consider the current real estate market in your area and decide whether it's an opportune time to sell. If the condo market in your location is booming, you could stand to make a profit on your sale. However, if the condo market is saturated, you may want to wait until there is less competition.
  2. Get your finances in order. Consult with your lender about your outstanding mortgage amount (how much you need to payoff with the sale of your condo). Take into account other selling expenses that you are responsible for (sales commission, transfer tax, any repairs, moving costs, etc.).
  3. Meet with several listing agents from different companies. Inquire about their marketing plans, commission percentages, and most recent sales successes. Check out their web sites and discuss what online advertising options they offer your listing.
  4. Select a reputable real estate attorney. Fees and expertise vary, so shop around. A lawyer is needed to review the listing agreement and sales contract. They will also be present at the closing to ensure all legal documents are taken care of.
  5. Set the asking price based on a Comparable Market Analysis (CMA) and your agent's recommendations for an appropriate price in the current real estate conditions.
  6. Decide whether you want to offer an incentive to draw buyer interest. Incentives are common in a sluggish market. They can also be useful if you want to sell your condo quickly.
  7. Submit your listing to the Multiple Listing Service (MLS) and commence marketing initiatives. This will be handled by your agent.
  8. Make necessary repairs and/or upgrades to your condo. In certain states you are required to disclose material defects with a property, so it is best to take care of any issues beforehand.
  9. Prepare the condo to show. Clean, un-clutter and depersonalize every space. Store excess furniture and possessions and give the unit a fresh coat of paint.
  10. After you accept an offer and it is finalized, book the movers and start packing!