Linzee926, Home Owner in Colorado Springs, CO

I can't sell my condo, is there any way that I can sell it to a management company?

Asked by Linzee926, Colorado Springs, CO Tue Jun 7, 2011

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Answers

6
Linzee926
The harsh reality is that a management company or an investor is going to pay less.
They are in the business of buyiing for a profit.
Determine what homes similar in your area and sold for and price yours accordingly.
Find a real estate professional that can tell you what price you can sell your home.
Market price is the price a buyer will buy a home for not what a owner wants or needs to get for a home.
Sorry.
Your best option could be to rent it until the market returns.
Please do not hesitate to ask additional questions.
Alan
1 vote Thank Flag Link Tue Jun 7, 2011
Renting it out might not even be an option depending on what your HOA rules and bylaws are. You might have to apply for a "permit" to rent it out depending on where your HOA stands and if they are close to losing FHA approval.

Condos in Colorado Springs have been hit so hard with foreclosures and REOs that in order to compete you have to sell at a much lower price. Unfortunately no one is going to pay more than any regular buyer is going to in any area.

Contact someone direclty to discuss your specific situation. You might have several options available to you. We do offer a free of charge consultation to help people figure out where the stand and what options they might have.

Thank you,
Jessica & Kevin
719-799-3686
Web Reference: http://www.jessicalaude.com
0 votes Thank Flag Link Wed Jun 8, 2011
No. Of course not.

First, management companies don't buy properties. They manage properties.

Second, they're not particularly stupid. If you can't sell your condo to anyone else, why would the management company be interested? Why would it be willing to pay more than anyone else? Simple answer: They wouldn't be.

Third, you can sell your condo. You just can't sell it for what you'd like to get for it. It's overpriced. Maybe you don't want to cut the price. Maybe you'd have to do a short sale and you don't want to do that. I understand that. That's fine. But if it's not selling (assuming you've taken reasonable steps to attempt to sell it), then it's priced too high. Lower the price and it'll sell.

One alternative, as suggested already, is to rent it out.

Hope that helps.
0 votes Thank Flag Link Wed Jun 8, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Great answers here! Also, don't forget the option of having the property managed for you. Let me know if you have any questions.
Jariah
0 votes Thank Flag Link Tue Jun 7, 2011
Hello,

Quick answer - no. You most likely have other options and just need to sit down with someone and go over all of them. There are too many situations that I can come up with right now to cover each one in this forum. If you sit down with someone and explain to them your situation (why your moving) they will be able to give you more choices to best fit your concerns. I am happy to help.
Web Reference: http://www.ChuckWartman.com
0 votes Thank Flag Link Tue Jun 7, 2011
Everything is salable....at a price.

If you are attempting to sell for more than the current market value, then no one - including a management company - would be willing to purchase as they would incur a loss. And an investor like a management company would probably pay even less than a traditional buyer.
0 votes Thank Flag Link Tue Jun 7, 2011
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