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Specializing in These Chicago Streeterville Condo Buildings:

Negotiating with Condo Buyers

Negotiating the sale of Chicago luxury condos or homes is all about the asking price. If the property is priced right, it will likely sell for the asking price or even higher. Condos for sale downtown Chicago that appear to be the best deal on a market, with enough liquidity and a great marketing plan, will have no shortage of potential buyers. This is a simple supply and demand example; when there is a high demand for your condo, those looking to buy will drive the price upward in a bidding war. Great real estate agents, like those at Chicago Lakefront Properties, are masters at this and will likely get you much more than you expected when you sell your condo.

Avoid Buyers with Cold Feet

When negotiating the sale of your condominium, you don’t want to spend too much time with a buyer who could very well walk away from the table after weeks of negotiations. There are many horror stories of sellers who were at the end of the sales process, with the inspection completed and contracts ready to sign, when the buyer got cold feet and decided they no longer wanted the condo. At this point, you, the seller, are most likely packed and ready to move into your new place.

You will now have two mortgages to pay, instead of just one. Unless you have a lot of savings in the bank, you’re really going to be in hot water. Use the following advice to ensure this doesn’t happen to you.

Ask for a Deposit to Target Serious Buyers

No matter what you are selling, from a condominium to a lawnmower, it’s always a good idea to ask for earnest money deposit to ensure the buyer is serious about the purchase. You should ask the potential buyer to pay a minimum of 5 percent of the purchase price upfront so they think twice about walking away from the deal. Condominiums and houses within a homeowners association (HOA) community often have more buyers pull out toward the end of the process due to different rules in these situations. The buyer has a fixed number of days to review the association’s legal documents and are able to back out of the deal during this period.

If they do decide not to buy, you have a few options.

  1. You can keep their earnest money deposit (you may need to split this with the real estate agent(s), depending on your contract).
  2. You can sue the buyer for breach of contract and damages. In this scenario, assuming the condo eventually sells for $20,000 less than your original contract price stipulated, you could sue for damages in the amount of $20,000, plus any additional costs you incurred before ultimately selling the condo.
  3. You can sue the buyer for specific performance, meaning you file a lawsuit against the buyer to force them to go to closing.

Before you consider any of these actions, be sure to get legal advice from a real estate attorney. It may not be cost-effective to pursue legal action in some cases.

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