I have an offer to buy a condo using a Hubbard Clause. It is in the same building as the condo I'm selling.

Asked by Duva, New Haven, CT Sun Mar 8, 2009

It has one less bedroom and is not in as good condition as mine. The seller has accepted my offer with the Hubbard. How can I know what price to accept for my condo to make sure I'm getting an okay deal based on what I'm paying for the other condo (I'm concerned because the market keeps dropping). Is there a formula to figure out what an extra bedroom and renovations (i.e. to the kitchen and bath) are worth? The one I'm buying is on the first floor, mine is on the second. Advantage of the one I'm buying: it has 3 exposures; mine has two. FYI, the seller and I are both being represented by the same realtor. I trust him but am concerned given market conditions. I thought that buying in the same market as I'm selling, I would come out okay - but I can't find any good comps and it's hard to know what I shoudl be paying and what is the lowest offer I should accept. Thanks for any advice!

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Phil’s answer
Phil, , Guilford, CT
Fri Apr 3, 2009
You need to look into recent sales IN YOUR COMPLEX and units with the same number of beds / baths. That will give you an idea of the value (compare condition from there). Also is it impossible for a dual agent to negotiate the best deal for the buyer and get the best price for the seller. It's likely the agent is recommending they accept a hubbard offer b/c your willing to over-pay for the property. If thats the case, if you could potentially owe much more than the unit is worth from day one (a home you will not be able to sell for a looong time). Shoot me an email and ill send you the comps in your complex.
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