Negotiating the sale of your Chicago condominium or house is all about the asking price. If the property is priced right, it will likely sell for the asking price or even higher. While this may seem a bit confusing, you need to understand that a condo appearing to be the best deal in a market with enough liquidity and a great marketing plan, then you will have no shortage of potential buyers for your listing. 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.
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.
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.
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.
@Properties, Tricia Fox Group
Jean Ward, Broker
212 E Ohio St, 2nd Floor
Chicago, IL 60611