Help Selling Condo

General Real Estate Investing
1

I have a condo for sale in the very slow Orlando market. I am willing to do any and all kinds of owner financing if needed. Does this really help sell in a down market? I would like to try and go without a realtor. Any good marketing ideas to help sell the unit traditionally or with owner financing? Does a lease option or carrying a 2nd get more buyers?

1/1 - 950 sq feet

Retail Value and recent appraisal for $295,000

Willing to sell for $265,000

Thanks for any advice!

2

What have you done thus far or is this just an advertisement?

Have you tried talking/posting it with the condo association? List it in local papers, real estate mags?

3

Craigslist.com
Try incentives like you pay the first few months of their mortgage.

4

You can use seller incentives in combo with a loan program and offer:

a. Pay closing costs
b. Lower interest rates (by way of a rate buydown)
c. Pay X month’s of mortgage payments

Given it is in Orlando (the vacation capital of the East Coast), as it last resort you could fractionalize the deed, create a TIC agreement and see if you could sell it in a fractional ownership arrangement (assuming that the condo bylaws allow for it)

Regards,

Scott Miller

5

I have tried newspaper ads and a few flyers. I have also tried craigslist with no success.

6

I’m not 100% familiar with your market, so here are some ideas. You can pay a year or 6 months of condo association fees, buyer closing costs, title insurance, and some of the other ideas mentioned here.

All statistics show that the top ways to sell a property is to price it competitively and have it looking equal or better than other properties. You can do all the incentives you want, but price is the #1 incentive besides condition.

Here are some stats:

  1. If you aren’t getting any calls or showings, you are most likely 20% or more off the price buyers are willing to pay.
  2. If you are getting calls and showings, but no offers, you are within 10% of the price.
  3. You should get an offer for every 10-20 showings.

This is from a listing specialist class that I took. I think the stats were from the National Association of REALTORS, who pull a lot of data on listings.

7

Thanks for the advice.