What to do if my condo doesn't sell?

By
Managing Real Estate Broker with Full Circle Property Management

So you have tried to sell your condo and no luck? Maybe you owe too much or maybe the new financing rules about condos have made it almost impossible? So what can I do now? Rent it perhaps?

Renting a condo is not near as easy as it appears! Step one is to see if renting your condo is even allowed by your bylaws and your association. Many fear they will become glorified apartment communities so they restrict renting or only allow so many to rent. Those that do allow renting will normally reqire a fee, a form to fill out and be approved BEFORE you rent, and certian language in the lease and if you do not comply then you may be denied and they may be able to evict your tenant.

My advice to you is in step 1 to check with your condo association before renting your condo becomes an option or you could have bad consequences that make the selling your condo experience a bad experience for you!

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Topic:
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Tags:
property management
real estate sales
condo sales
rent condos

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Rainmaker
3,437,107
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lots of condo buyers and owners have no idea what their association rules are for renting. I always review those carefully with my buyers (even though we know they can change during the term of the ownership). It's also one of the first things I review with my sellers, as it will tell us alot about how easy or hard it might be to sell their unit.

Oct 26, 2013 09:50 PM #1
Rainmaker
2,441,753
Captain Wayne - Rowlett Real Estate School
REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida - Panama City Beach, FL
Rowlett Real Estate School / Owner and Instructor

Good Morning Dennis,  you have some great information here for condo owners.  Thanks for sharing.

Oct 26, 2013 10:37 PM #2
Rainmaker
890,859
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR
Dennis, Most of our condo associations also have rules that state owners must hold the condo for a year or two prior to renting.
Oct 26, 2013 10:42 PM #3
Rainer
28,552
Joan Fitton
Keller Williams Southern Nevada - Mesquite, NV
CRS, ABR, RSPS, kw New Homes Ambassador
Many buyers like the fact that rentals are limited. They believe that it helps to ensure a sense of community and not transiency.
Oct 27, 2013 12:30 PM #4
Ambassador
1,770,405
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Dennis you raise an important issue here. Not many people know these things. Always find out the rules before you sell. It could help in the long run.

Nov 30, 2013 10:09 PM #5
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Rainer
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Dennis Swartz

MBA, GRI...experience counts!
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