Seller Tips Archives

Giving Agents Access to Your Condo

September 26, 2014 by Thom Abbott

Blog posts are most often the result of personal experience. As a real estate broker, we see it all.

And sometimes we don’t.

When I list Midtown Atlanta Condos for sale, there is a place in the listing where you can list the owner’s name. This might be done if they personally want to schedule showings, vs. the agent taking those calls. On ALL of my listings, this field says….“CALL THE LISTING AGENT.” So what’s the big deal?

When selling your condo, a Buyer is looking at the whole package…meaning ALL that the building has to offer. What are the amenities I will enjoy if I live here? Pool? Fitness Center? Concierge? Garage Parking? The list can go on. So when that Buyer’s agent calls ME to schedule a showing of your home, I’m able to point out features that the Buyer’s agent might miss if they are not familiar with the building. (GASP….that happens?) More than you would ever want to know.

Two examples:

I currently have a listing in a condo community that has FOUR different buildings. But the address of the community is really one building. So if the Buyer’s agent has now shown in the community, they may end up wandering around (with that potential Buyer in tow) trying to find the condo they are looking for. Not to mention the amenities (fitness center and movie theater) are in a different building. So, I make sure they know where to go, and how to access all these areas. See, I want to sell your condo and do all I can to make that happen.

Yesterday, I showed a condo to a Buyer. It was the type of community where you had to call the agent from the callbox to get access to the community. Here I am at the call box, and no answer. (Agent later tells me they were showing property to OTHER Buyers and could not answer the phone! Nice!) Luckily, I was able to go to the management office and by leaving identification, was able to get an access card. This was good on two counts. One, the listing instructions were not at all clear as to which building the condo was in (Sound familiar?) Secondly, by having the access card that I would not have had otherwise, I was able to show my Buyer amenities that we would not have seen. An amazing Zen Garden…we were both ready to sit down and enjoy a glass of wine….the beach pool, club room, fitness center. None of these items were listed on the listing, nor were there any showing instructions to get to any of these. Here’s a couple photos of what we would have missed!

Are you giving agents access to your condo?

If it’s a unique building, let’s hope your listing agent IS familiar with it and can SELL it to me, so I in turn can SELL it to my Buyer by showing them everything your community (building) has to offer.

Some food for thought as you search out your listing agent for your Midtown Atlanta Condo.

Are you considering making a move? I’d be happy to meet with you and talk about how to get your home marketing (and showings) headed in the right direction.

Do You Know If Your HOA is Healthy?

June 25, 2014 by Thom Abbott

Healthy? What?

Do I have to get a doctor for my Homeowners Association? Well the answer to that is….maybe.

So what exactly do I mean by “Do You Know If Your HOA is Healthy?”

Let’s approach this from the perspective that you own a condo and are going to place it on the market For Sale. You probably never even give it a second thought as to what is currently happening with your homeowner’s association (HOA). Well, there are several things that can be going on, be they immediate, or long term that could dramatically affect the ability of a BUYER for your condo to get a mortgage. Let’s look at a few examples which seem to happen often.

Rentals Exceed Condo Docs or Lender Allowance — Now this one will vary from lender to lender as to how they address this situation. But, most likely, your condo (or townhome) community has a limit as to the number of rental homes they can have at any given time. This is usually outlined in your Declaration of Condominium under Leasing Guidelines. While most HOA’s manage this very well, it can be a problem. If there are to many rentals in your building, a Buyer may not be able to obtain a mortgage as the lender will consider the community “unstable” with not enough owner occupied homes. Might be a question to ask your HOA Manager before you list your home!

Delinquent HOA Fees — You may your monthly HOA fees on time…every month. So does everyone else, right? WRONG! And this is another issue that can affect a Buyer getting a mortgage in your building. If the HOA is not tight on collecting HOA fees, and there are to many homes that are delinquent in their payment, the lender may not approve the HOA. Many Midtown Atlanta condo buildings are able to control this by limiting, or even denying access to the limited common elements of the building, for which your HOA fee is used. But if not managed, it can be another obstacle for a Buyer and they may not get a loan to purchase your home. Might be a question to ask your HOA Manager before you list your home!

Percentage of Retail to Residential Space or Square Footage — If you live in a larger building with many homes, this most likely will not be an issue. In fact, it only came up once for me in a smaller building in Downtown Atlanta. The lender looked at the percentage of the building that was commercial vs. residential, and it took some brow-beating and phone calls to get the HOA and building approved so my Buyer could close on the condo!

Money In Reserves — The HOA must allocate a certain amount of your monthly HOA fee to go to the Reserve Fund. This money is held “in reserve” for future maintenance and repairs to the common areas of the building…everything from the pool table to the pool furniture needs to have an estimate life, and when it will be replaced. Most HOAs conduct a Reserve Study to make sure they have adequate funds, and are planning for the future. Again, most recently a small building (just 18 homes) had money in reserve, but their current year budget did NOT have ANY money going to reserves. Probably more of an accounting mistake…maybe, but it did require an emergency Board Meeting to produce a new budget and allocate money into the reserves for the lender to approve the HOA.

Special Assessments or Pending Special Assessments — Again, this can vary based on what the need for the special assessment is. But of concern can be how the assessment is being paid by residents and the amount of it. Some lenders again consider and HOA may be unstable if they are having to pass a large special assessment.

These are just a few of the HOA “land mines” that can be uncovered AFTER your home is Under Contract and the Buyer’s lender is working on the Underwriting portion of their loan. These could be some good questions to ask your HOA manager BEFORE you list your Midtown Atlanta condo For Sale.

Tips For Selling Midtown Atlanta Condos

March 27, 2014 by Thom Abbott

While the Winter months here in Atlanta were anything but quiet in the real estate market, it’s a known fact that when Spring arrives, so do the BUYERS! Couple that with some cold weather, and not One, but TWO major snow events, and everyone wants to be outside! And some of those people will be Buyers looking for a Midtown Atlanta Condo!

Tips For Selling Midtown Atlanta Condos

Here are some tips you can follow to help you in Selling Your Midtown Atlanta condo….

Freshen Up Your Curb Appeal — WHAT? It’s true, in a condominium building you have little control over the “curb appeal” of the building. Your homeowner’s association is responsible for this part. But, imagine there is a tear in the wall covering on the hallway leading to your condo. Ask to have it repaired as soon as possible. This will show your building in great condition! If outside areas have NOT been planted or freshened up, ask your Property Manager when this will be taking place. Prospective buyers will be looking at everything (pool, gardens, gym, etc) and you want them to look the best possible.
Making Minor Upgrades– Does your Midtown Atlanta condo still have all the original builder fixtures? Lights, faucets, etc? You would be amazed at how making these simple changes will make your condo stand out from the others Buyers may see. Most condos were pretty “stock” in the granite counters they offered. If you have a small snack bar, consider changing out this one piece of granite. Not at ALL expensive, but again, will make YOUR condo different from the rest. And don’t forget the least expensive upgrade of all….a fresh coat of paint! Are those entry hallways scuffed from bags and bikes hitting them? Get that repainted…NOT just a touch up!

Make Necessary Repairs — Is that bathroom faucet got a drip? Fix it. Burner on the stove not working. Fix it. Ice Maker not working. Fix it. All these little things will add up in the eyes of a Buyer and will be reflected in the price they offer. You want your home to stand out above the others!
Price It Right — Believe me, I completely understand that an extra $3,000 or even $10,000 in your pocket from the sale of your Midtown Condo can go a long ways towards your next purchase. But if you overprice by to much, you run the risk of your home just sitting on the market. While the Midtown Atlanta condo market is hot right now, Buyers are NOT overpaying for real estate. Listen to your real estate agent and the market analysis they have prepared for you.
Hire The RIGHT Real Estate Agent! Just because Susie that is the wife of the guy in the office next to you is a real estate agent, does NOT mean they are the right one to market and sell your Midtown Atlanta condominium! If you have landed at MyMidtownMojo.com, just take a look around. You’ll find we are pretty knowledgeable about the condominiums of Midtown Atlanta as well as what is happening in Midtown Atlanta. Selecting the right real estate agent can make ALL the difference in the world!

Selling Your Midtown Atlanta Condo? Don’t Make These Mistakes!

March 3, 2014 by Thom Abbott

I would not want to make a statement that the Midtown Atlanta real estate market is “on fire,” but…..it is pretty hot!

Now that we have no new construction condominiums to sell, it is all re-sales. Meaning these condos are owned by…YOU! So, if you are considering making a move, and selling your Midtown Atlanta condo, there will be some demand for your home!

Well, unless you make one of these mistakes….

Data provided by ActiveRain.com.

ActiveRain is an online community of real estate professionals who exchange best practices, write real estate blogs, and get free education from the industry and their peers.

Overpricing Your Home!

When I represent Sellers, I completely understand you want to get the most you possibly can for your Midtown Atlanta condo. But by overpricing it, you will actually drive potential Buyers AWAY from your home. Listen to me and what the market is saying when we price your condo.

Showing Availability

Yes, we all understand you still need to keep living. But, by making it difficult to show your condo, you could lose important showings. If an agent is working with a Buyer and your condo just came on the market, you want that Buyer there. Saying you need 24 hour notice because of Fido….hmmmm. Why not consider doggie day care for the first few days your home is on the market. That is when you will see the most traffic, and making the showing easy is the way to SELL!

De-Clutter and Store IT!

A condo can often times have limited storage space. And if it’s packed to the gills with YOUR stuff, the Buyer can’t see how THEIR stuff will fit, or they may even think, WOW, my stuff WON’T fit in here. We are sliding into Spring and warmer weather….pack up those sweaters!

What’s THAT smell?

Whether it’s the litter box or that Chinese take out….smells don’t sell! Make sure you’ve disposed of the take-out boxes, or cleaned the litter box!

If It’s Broke…FIX IT!

If you WANT top dollar for your Midtown Atlanta condo, don’t make it a “project” for the Buyer. Be it the ice maker or the toilet is running, having your condo in tip-top shape will get that offer you want! And quicker too!

Negotiate!

Yes, I know you LOVE that washer and dryer. But maybe that should be the “ace up your sleeve” when you are negotiating an offer. Maybe by offering to leave it, you may just close the Buyer. Be ready to negotiate on closing costs, a home warranty or the due diligence time period. Make it a win-win for everyone!

Selling Your Midtown Atlanta Condo? Don’t Make These Mistakes!

Selling Midtown Atlanta Condos |No Sign, No Lockbox, Appointment Only

February 14, 2014 by Thom Abbott

You’ve made the decision to sell your Midtown Atlanta Condo. Awesome!

But, are you making it EASY to sell your Midtown Atlanta Condo?

Did you ask your Listing Agent that you do not want to have a lockbox at the Concierge Desk or on the door?

Did you ask your Listing Agent that all showings be by Appointment Only?

When you make the decision to sell your Midtown Atlanta Condo, you have to consider…you will need the condo to have showings to get an offer, have a contract and SELL! And you want to make that first part of that equation….showings….as easy as possible.

I always counsel my Sellers that you need to keep the place picked up and clean….all-the-time when you are For Sale! I know that’s hard, but put the hair dryer away in the morning, make the bed and wash your breakfast dishes or put them in the dishwasher! While Buyers Agents will try (sometimes) to follow instructions, sometimes the Buyers just found your listing and they want to see it….NOW! And we need to make that as easy as possible.

Understandably, if you have children or pets, special arrangements have to be made. But in those early days of listing your Midtown Atlanta condo for sale, is when the critical and perhaps best showings happen. And you don’t want to miss that opportunity!

No Sign — is really no problem in a condominium since they are not allowed in most places. If you do happen to be selling a single family home, that sign could be one of the keys that helps sell your home. A potential buyer could be driving the neighborhood, and somehow in their Internet search, missed your home. That sign could spur a showing call.

No Lockbox — This modern convenience HELPS sell your home! Licensed real estate agents have keys to open these boxes. It gives your agent a record of who looked at your home, and when. Now, in a condo, it’s possible to leave a key release with the Concierge. But again, the important contact information from the showing agent can be missing. Let’s say you make a price change after being on the market for a few days….your Listing Agent can quickly send a direct email to all the past agents that showed your home by getting that information from the lockbox readings.

Appointment Only — This goes back to having your home picked up and clean every day while you are on the market to sell. You should really only consider Appointment only if you have some special circumstance like pets and children. Agents jsut might pass over showing your home or condo if you make it a challenge.

Selling Your Midtown Atlanta Condo. No Sign, No Lockbox, Appointment Only. All things to seriously think about.

FHA Assumable Mortgage – The Seller’s New Marketing Tool

September 22, 2013 by Thom Abbott

See on Scoop.it – Midtown Atlanta Conversations and Condos

Mortgages from the F.H.A. and Department of Veterans Affairs have a little-known feature: assumability.

Thom Abbott‘s insight:

Homeowners with a mortgage insured by the Federal Housing Administration or the Department of Veterans Affairs should consider using their loan terms as a marketing tool when it comes time to sell. The FHA assumable mortgage may be the best marketing tool for the Seller!

Mortgage loans from both government agencies include a little-known feature known as assumability. In other words, the buyer of a home financed with an existing F.H.A. or V.A. loan may be able to take over, or assume, the seller’s loan, under the same terms, rather than take out a new mortgage.

During periods when interest rates are rising, homes offered for sale with an assumable, lower-rate mortgage may have extra appeal for certain buyers.

See on www.nytimes.com

And sometimes we don’t.

Tips For Selling Midtown Atlanta Condos

Selling Your Midtown Atlanta Condo? Don’t Make These Mistakes!

HomeSmart