Bert, Home Seller in Downers Grove, IL

Own 2 condos in suburbans of Chicago. Want to buy a house but can't seem to sell condos. One HOA does not allow rental. What do we do?

Asked by Bert, Downers Grove, IL Thu Aug 18, 2011

We got married and each owned a condo. We live in one and the other sits empty now for 3 years .Condo association does not allow renters. Mortgages on both condos are now at value of condos. Need advice on what to do to get out of condos and into house. We are not underwater and doing ok financially. We are approved to buy home if one condo is sold but no activity on units. Is there a way out of this?

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11
That's an excellent point from Elena. Sometimes it helps us to step back and put ourselves in the buyer's shoes. Would you be attracted to your condo if you were a buyer in your area? Or would you choose another property due to price, location, condition, amenities, etc.? This self-reflection is always a valuable exercise, and we sellers agents must remind ourselves and our clients to do this.
1 vote Thank Flag Link Fri Aug 19, 2011
Hello Bert,

You said," One condo"does not allow rental, so I guess you should consider switching until one sells so that you can at least rent the rentable property. An agent in Naples and have not seen condo docs that absolutely prohibit a rental. Perhaps you could call a board member or attend the next meeting and get some clarification?

Good luck to you.
Web Reference: http://www.agnestabor.com
0 votes Thank Flag Link Fri Dec 30, 2011
There are certainly condos for sale in Downers. Yours needs to stand out as being the cleanest and most updated and they will sell. Think of yourself as a buyer in whatever price range you have yours listed. Make appointments to see your competition. Be honest and ask yourself if you would buy your condo again or are there others that are nicer?

I'd be happy to help you look at the competition as well as meet you to see if we could work together to sell your places.

Good luck!

Elena Taylor
Baird & Warner
630-805-2521
0 votes Thank Flag Link Fri Aug 19, 2011
Bert,

Yes, the Downers Grove condo market is SATURATED. I did an MLS search of attached homes and excluded Townhomes. I came up with 205 listings total, as cheap as 43K for a 2 bedroom 1 bath for a 55+ building.

Excluding adult communities, I see 179 listings total. With there being so much competition, you need to have a low price and/or really stand out.
0 votes Thank Flag Link Fri Aug 19, 2011
Bert,
You need to align yourself with a full time, full service Realtor who can get creative for you. Back in the 80's and 90's we had to do creative selling similar to your situation to get things sold when the interest rates were over 10%. Most of this intricate knowledge of putting this "business deal" together has been lost with older agents retiring. Since it means constructing and orchestrating an entire transaction, it is almost impossible to explain to a novice.
0 votes Thank Flag Link Fri Aug 19, 2011
Thanks for the answers. We have been dropping the price of the one condo about every two weeks. The other we live in so have really been focusing on the empty unable to rent condo. Parents have offered to purchase so we can get a home but that would put them in pretty much the same situation trying to sell. They would probably sit on it for awhile and then put it back on market. Not really an investment if don't have ability to rent. In the end they could be losing money instead of us unless the market really turns around but that hasn't happened in 3 years so far.
We just really need to get it sold. Is Downers Grove condo market really that bad?
0 votes Thank Flag Link Fri Aug 19, 2011
What does the Realtor you have your properties are listed with suggest? If you don't have a Realtor, you should start interviewing them right away. In a tough sellers market like we have now, it's not the time to try and "save" the commission. You need all of the marketing tools and knowledge of a full time agent helping you sell the property. If you are actually using a Realtor, its time to find a new one. Either way, if you've been on the market for 3 years, its time to change your strategy. The definition of insanity is doing the same thing over and over and expecting different results.
0 votes Thank Flag Link Thu Aug 18, 2011
The condos will sell if you drop the prices. Based on the information you provided, this tells me you are actually upside down on your mortgage. You can move into your dream home and short sale both condos. Feel free to give me a call. I would be happy to explain the process to you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Thu Aug 18, 2011
If you're not underwater on the non-rentable condo, just reduce the price until it sells so you can get rid of it.
0 votes Thank Flag Link Thu Aug 18, 2011
Does the other HOA allow rentals? If so, maybe you could check with your lender about your qualifications with the rental income on *that* condo, while keeping the other (non-rentable) unit on the market until the right buyer comes along.

The condo market in Downers Grove is tough right now, and has definitely been harder hit than the single-family portion of the market. You may want to consider an updated comparative market analysis for both units so you can be confident both are priced for the current market. It changes so rapidly these days.

Aimee Derylo
Broker Associate - Baird & Warner Downers Grove
(630) 930-2339
0 votes Thank Flag Link Thu Aug 18, 2011
You should be able to offer a land contract or seller financing. This way you aren't renting your condos but you are acting as the bank. There are many people looking for this option because it may be difficult for them to obtain a mortgage. I would consult an attorney about a land contract to make sure you know all of the details before moving forward but there are many homeowners who are seeking this option. I wish you the best of luck!
0 votes Thank Flag Link Thu Aug 18, 2011
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