Why Selling a Condo is Different

Condos vs. Houses

Did you know that selling a condo can differ from selling a house? While most condos and single-family homes may have a lot of similarities, there are fundamental differences that you must account for when selling each type of property.

The following information will give you ideas on what to focus on when selling a condo. Your Renext agent will be able to go into greater detail based on your individual needs, but the better informed you are, the more you can help with the process.

Before getting into the nitty-gritty of selling a condo, here are three important items that you need to know.

• The HOA is part of the deal

• Age restricted communities (55+) are harder to sell

• Financing may be more challenging for condo buyers

HOA’s & Selling Tips

While not all single-family homes are part of a homeowners association (HOA), all condos have one. As part of the HOA, you are bound by the contract between the association and you as the owner. There might be considerations or limitations to selling your condo, so read the contract carefully before going further. The contract can outline how and when you can show the condo and property amenities.

If you live in a community with age or other restrictions, like a 55-and-over community, you’re restricted to selling to that demographic only. Though it’s not common, some HOAS might also have a right of first refusal in the contract. This clause allows the association the right to make an offer and negotiate the contract first, before any other buyers. With this limitation, some mortgage lenders could shy away from offering a loan to a potential buyer.

Before you put your condo up for sale, research the competition, especially if there are other condos in your complex on the market. Take a look at the condo layout and features. How does your condo compare? If yours is dated and needs upgrades or repairs, it might be challenging to sell, or you might have to accept a lower offer. Consider making improvements, like upgrading kitchen appliances, if needed. If your condo is more up-to-date, make sure to highlight these qualities when it’s listed.

In addition, compare the maintenance fees and amenities with other condos on the market that aren’t in your complex. Finally, call out your community’s strengths in your listing to help your condo outshine the competition.

What is an HOA resale package

An HOA Resale package are a set of legal documents that provide information about a condo before you buy. When your application to purchase a condo is approved, you will receive a packet of information disclosing everything about the building’s HOA, including the budgets, reserves, meeting minutes, and more. You’ll also receive the building’s covenants, condition, and restrictions. These documents can run into the hundreds of pages and can be overwhelming, but a good real estate agent can help you navigate them and look for the most important items. Also, be aware that there is typically a cost associated with receiving these documents, and it is nonrefundable if you decide not to purchase the condo.

Do I need a resale package to sell my condo?

Yes, if you don’t have your original documents you will need to apply for a resale package if you are selling your condo. If you are selling on behalf of a loved one, you will also need a power of attorney to proceed with the sale of the property. Questions? Contact a Renext agent for more information.

What does it mean when a condo is FHA approved?

An FHA-approved condo is a condo that is eligible to be purchased with FHA loans. In order for a condo building to be FHA-approved, there must be a certain ratio of owner occupants vs. rental tenants. This ratio fluctuates, so a building that is FHA-approved today may not be six months from now.

Note: Buyers may not be able to obtain financing for some condos, regardless of their credit score or income, based on Fannie Mae guidelines. Contact us for a more in-depth explanation.

Can I sell my condo if it’s rented out?
Learn about Landlord-Tenant Laws.

Unlike some states, the laws governing the relationship between a Landlord and a Tenant in Florida are statutory. Please review the Florida Residential Landlord and Tenant Act which is Title Vl, Chapter 83, Part II, § 83.40-§ 83.682.

Our HOA review services

Renext condo selling process

• First and foremost, determine your wants and needs

• Structure and review a marketing plan that fits your priorities

• Prepare and review your personal Comparative Market Analysis (“CMA”)

• Create a competitive pricing strategy

Showing Your Home

• We will ALWAYS qualify any buyer who wishes to tour your home to ensure they have the ability to make the purchase

• Arrive early for all showings to “open” the home making sure all lights are on and shades opened

• Give private tours to potential buyers showcasing all of the aspects of your home

• Follow up with buyers or their agent, within 48 hours of showing, to get feedback and discuss a potential offer

Marketing

• Photography: We compose a beautiful visual story of your home

• Digital marketing including placing property on the Multiple Listing Service (MLS) with professional photos and specialized descriptions; enhancing extensive exposure on Realtor.com, Zillow.com, Redfin, and other popular online property search websites.

• Social media campaign; to announce virtual and on-site open houses.

• Email marketing campaign to real clients, Renext Homes internal company list and top brokers in the Tampa Bay area, throughout the state and key markets across the country.

About our marketing capabilities

Renext Homes maintains a full service, in-house marketing agency. As part of our commitment to you, all our listings are professionally photographed, and marketed online to prospected buyers. We also utilize engaging content to describe your property in the best possible light. For more information about our in-house marketing services, drop us a note or call us today.

Negotiations & Closings

Review and explain the proposed terms and any conditions or contingencies with you

• Negotiate counteroffer (if applicable)

• Draft final contract and addendums

• Prepare a seller’s net sheet

Executed Contract to Closing

• Prepare and distribute a contingency dates deadline chart

• Schedule and attend all property inspections

• Coordinate the buyer’s appraisal (if applicable)

• Arrange and attend buyer’s final walk-through on the date of closing

• Schedule and Attend closing to accommodate both you and the buyer

After Closing

Renext Homes will not forget about you once the sale is complete. Whether you’re relocating your loved one to an assisted living or nursing home , we will be here to assist you the moving process and the set-up of their new place.

Extras you may need

• Unit Cleaning & Trash-outs

• Appliance Repairs

• Painting & Small Home Repairs

• Condo Staging

• Packing & Moving

• New Home Set-up

We appreciate the opportunity to earn your business.

Questions about your HOA? Schedule a free consultation today.

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