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Success Story For Danbury,CT Absentee Home Seller

By
Real Estate Agent with William Pitt Sotheby's International Realty CT RES.0783448

I had the pleasure of representing a client an out of town real estate investor for the sale of their Danbury, CT property. Determining strategy when my client had multiple offers led to my seller at 27 Crows Nest Lane #15-A in Danbury, CT to great success.  Another long term client that was able to capitalize on the market, and grateful first time buyers have a new home
Sold Unit 27 Crows Nest Ln #15-A
When being an absentee landlord and having a vacancy, owners are left with several options. Having an experienced real estate agent engaged from prior to vacancy gives owners time to made this important business decisions

-Can I rent the property again in the current condition? If not, what should be done now as a cost effective repair that would help or what should we start budgeting for in  the future?

-What is the current as-is market value? Selling as-is can be an option, but depending on the condition, the property may not qualify for conventional financing. Any known material facts that are issues need to be disclosed. 

-What renovations should I do? Buyers are generally willing to do some work to make a house into their own, but typically don't want to take on a full blown renovation. Length of time to  complete an updates renovation and cost needs to be considered. A detailed after-repaired value needs to be prepared to see if sellers should invest their capital into the property.  I also recommend not to list the property for sale or rent until renovations have been complete.

-Should I rent the property again after I renovate? It is always the clients choice on how they want to proceed. They should consult with their financial professional before they hire contractor or list their property for sale or rent again? What would the new rental price be, post-renovation? Always remember that the real estate market can change, and one bad tenant could kill one year's profit.  It is also always the clients responsibility to hire a contractor, determine scope of work and to arrange for payments with such vendors.  I can make introductions and recommendations but it is always the owners choice on how they want to present their property & what trades professionals they wish to give their business to. 

This particular client had owned the year for about 7 years. After renting it all this time, the seller had considered selling for 2 years but didn't pull the trigger until their tenants were able to find suitable housing.  We saw the unit, and I was more surprised in the condition that it was left in. We discussed these questions, and went forth with a well thought out clean-up. As a agent, I prepared a market review of area properties that have sold, on the market or in contract.  Once the unit was ready, a strong marketing campaign resulted in a sale well above the listed price. 

If you are an 'out of town' owner or facing the prospect of being relocated with investment property in the Danbury,CT area, you are not alone. Help is here. As a long time real estate agent and life-long resident, I can you with the journey of selling or leasing your home. Please feel free to contact me at your convenience.

Post last updated 3/27/2024
 


Posted by

Jonathan Hall-Realtor Serving Greater Danbury & Candlewood Lake with William Pitt Sotheby's International Realty
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This information is provided by Jonathan Hall,Realtor  with William Pitt Sotheby's International Realty in the Greater Danbury & Candlewood Region of CT. For additional information, please call him at 203-417-0523,203-796-7700X305 or email me at danburyrealestate@gmail.com . Unless indicated, all content is the property of Jonathan Hall. If you would like to use any of this information, please contact me for permission. He is a licensed CT Salesperson License #RES.0783448 with William Pitt Real Estate LLC License # REB.0751698. His office is located at 112 Federal Road,Danbury CT 06811.

Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

Congrats!   Please follow me, I did likewise.

Mar 27, 2024 11:58 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jonathan Hall it is difficult enough to sell a property when you in state, it must be a real challenge for out of state.

Mar 27, 2024 12:04 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jonathan, congrats on this recent sale, and that seller probably relied on you heavily with you being in town.

Mar 27, 2024 04:06 PM