Selling a Condo In Chicago
What’s your condo worth?
Find out what your condo is worth in the current Chicago real estate market. See what comparable condos have sold for in your area and learn the best price for your own place.
- Effective Advertising
- Getting Help from Real Estate Professionals
- Showing Your Condo
- Considering Offers
You’ve decided to sell your condo and want to make sure you get the best price possible in the shortest possible time. Even with the help of a realtor, it’s important that you take care of a few things first – the more organized you are going into the sales process the easier it’ll be to get a fair price.
Once you’ve made the decision to sell, make a list of all the assets and amenities of your condo and condominium complex – fitness center, off street parking, concierge, washer/dryer, etc. In the process, you should also make note of anything that may need repair, cleaning or removal.
You should also consider the primary selling point of you condo. Are you close to downtown or public transportation? Is there a nice park within walking distance? For advertising purposes, you also want to come up with catchy description of the condo that will help to attract a buyer. Examples such as “Walk to work!”, “Minutes from the City,” or “Live on the Beach!” are likely to draw the attention of prospective buyers. Advertising in the newspaper is a great way to find interest, but consider putting ads on index cards or small paper and posting them at office complexes, fitness centers, laundromats, or other public places.
Finally, don’t forget the power of word of mouth – your friends, coworkers and neighbors are often some of the best leads for finding prospective buyers; it’s a free and easy way to advertise.
Now that you’ve done some of the preliminary work, you should begin interviewing real estate agents to represent your property. You will want to find realtors who specialize in your area of town. Ask those same friends and neighbors for recommendations when looking for agents. The agents you select will come to your condo and make a sales presentation for you enabling you to choose the one who you feel best suits your needs.
You should have questions prepared ahead of time for your agents, such as whether and for how long the property will be listed on the Multiple Listing Service (MLS), whether the agent is a member of the National Association of Realtors and, of course, ask about the details of the expected commission. You should also establish routines, such as how often the agent will update you, and the procedure for showing the property.
Once you’ve selected an agent, get all agreements in writing. It is important that you are getting exactly what you were promised.
Once your condo starts getting shown, be sure to keep it clean! Keep curtains pulled back so the rooms are brightly lit, put out fresh tablecloths and linens, flowers and decorations, and try to clear away the clutter. This includes closets; expect prospective buyers to look everywhere, so leave no window unwashed, no rug un-cleaned and no table un-cleared. People will be trying to picture themselves in your home, so your goal is to make them love it. You (and your family and pets) should also try to be away whenever the condo is being shown – this is very important.
Once you’ve received the initial offer ask for verification of the buyer’s ability to purchase the property. Once this is established, fully review the buyer’s offer. It may include repair or upgrade requests that will affect your end profit. Review each aspect carefully and respond with a counter offer on a standard counter-offer form, usually available at office stores and libraries. Make sure all such transactions are done in writing, keeping copies of each counter- and counter-counter-offer. This process may go on for some time. Also be sure to include a response deadline with each offer.
When you are ready to close, consult a real estate lawyer to guarantee you are in complete understanding of the contracts. All repairs and improvements requested in the previous step will have to be complete for the sale to be finalized. Once both parties are satisfied with the property and the contract, the buyer will sign and the buyer’s lender will distribute the payment to you.