If you provide the address we can do a little research with our lender partners to see if you can market your condo with pre-approved financing. If not, and a buyer may only pay cash, then you can expect that this scenario will affect all units in your building and a resulting negative affect in values will occur. That may or may not be as high as 20-25% below loan backed offers.
The availability of financing and the ease at which it may be obtained is always a factor that drives values of real property. Other factors within an association may be how many homeowners are delinquent in their assessments and also how strong the reserve remains in the associations budget.
If my team and I can help answer more questions feel free to contact me directly at 224-805-2616.
Mortgage 1st Realty, Inc.
A market analysis of your particular condo development will help you answer that question. Have your Seller's Agent do a market analysis for you to see what has sold recently. Most of the recent sales will be cash and many by invetors trying to get the lowest price possible. At first blush and with the market as strong as it is, a 20-25% discount seems a little steep. There is legislation being instituted to change super strict condo rules for FHA Certification. If they do the right things it will cause more buyers to be able to get financing. It could open up the stagnant condo market and allow for more appreciation for condos. We could see stabilization of the condo market like we are seeing with the home market. We are all waiting with bated breath to see what they come up with. Best of success with your Chicago sale.
Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct â€“ 303-669-1246
Cash offers are often above the listed price for those properties that are priced to sell!
July 17 a Tampa 2/2 condo listed at $60,900 sold for $80,000 and of course a cash deal.
Of course there will be predatory buyers and market buyers. Your situation will dictate what you need to do.
It is best to look at recent sales in your building to compare value. Due to the high rental rate, your building is not lendable. This really limits the pool of buyers that would be interested in your unit. Have you considered renting out your unit until the banks change the lending requirements? The current owner occupancy rate is really hurting your value.
Best of luck,
It all depends on the demand for the property. Cash offers can come in at asking price if the home is priced accordingly with the current market where you are selling it.
Sohail A. Salahuddin | Broker Associate | Visionary
Innovative Property Consultants Team | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
"Locally Known, Globally Recognized"
You also need to figure out what the market price range is for your condo. Agents can do this. Once you have the range you 'might' want to accept a discount for a cash offer, but if the property is in Lakeview I think you will be able to find buyers who can get loans.