Sellingcondominium forsalebyowner indianapolis

Indianapolis, IN · Member since 2016 · 4 posts · 0 votes

Hello, my name is Ronald cova and this is my first post, I'm looking to sell my condo in Indianapolis but I want to get the most of it so planning to sell by owner my only question is what legal things do I have to do to close the deal? Do I have to hire a attonery to make a contract?.

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

Ronald Cova while you may save on fees by not having an agent - how do you know you have priced it correctly and how long it will hold on the market. With condos every month you do not sell your paying condo fees (and interest) that could end up costing more than the fees a realtor who markets it and puts it on mls saved you. Just my 2 cents

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
8y
Ronald Cova while you may save on fees by not having an agent - how do you know you have priced it correctly and how long it will hold on the market. With condos every month you do not sell your paying condo fees (and interest) that could end up costing more than the fees a realtor who markets it and puts it on mls saved you. Just my 2 cents
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Michael Ehmann
Rental Property Investor · Atlanta, GA · Member since 2017 · 126 posts · 110 votes
8y
A couple sources I found via Google: https://www.redfin.com/resources/how-to-sell-your-home-without-an-agent-fsbo https://www.biggerpockets.com/forums/311/topics/227800-for-sale-by-owner-fsbo---step-by-step-guidance-needed https://www.biggerpockets.com/blogs/5547/40017-selling-a-house-through-fsbo-hidden-dangers I think you have to do the risk vs. reward here. Let's say your condo is $200k, and you're going to save 3% by not having a selling agent. That's $6,000 potential upside. Now you have to think about the downside. If you don't have an agent, is there a risk you may not get as high of a selling price? How long can you afford for this to sit on the market - even if you can afford for it to sit for a while, what's the opportunity cost of not having that cash now? If you're using the equity from the condo to put towards other investments, then every month you have the condo on the market is another month you don't have tenants paying you rent. If the condo has renters too, then maybe this opportunity cost may not be as big of a deal. But if it's sitting empty, then you start to lose the advantage of selling on your own very quickly. I personally don't like the risk of having to do everything on my own, nor is it worth my time to manage the entire process. But it all comes down to your personal situation.
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Wayne Brooks
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
How will you know how much money you lost (sell price) by missing 90% of the buyers out there?
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Jimmy Dudley
Real Estate Broker · Westminster, MD · Member since 2017 · 159 posts · 101 votes
8y
There are costs to selling it yourself holding costs, aggravation, marketing your time and most of all peace of mind. Agents are there to act with your best interests in mind. Talk to some good agents in your area who have success selling condos quickly and see if the proposition looks different when your done.
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