“A self-managed condo will be as sane as its craziest owner” — Anonymous Online Commenter
If you are thinking to sell a condo in Denver and live in a self-managed building, you’ll want to make sure your condo association is ready to face the public. If a buyer sees red flags from your association — usually in the form of questionable finances, record keeping or poor communication — you could lose a deal, which is never fun, and it could even affect your condo’s value.
Once you receive a contract, you have to deliver condo docs to the buyer fairly quickly. Since the Buyer can cancel a contract upon review of these docs, you’ll want to make sure your ducks are in a row before you list Denver condo, so you’re sure to give a good impression to potential buyers and, most importantly, keep that contract in place.
Make sure your condo association “shows well” by checking these points.
• Have Condo Docs Ready – Make sure docs are organized and complete. You’re required to turn over the association docs as well as budgetary information, insurance details, financials, expenditures and condo association meeting minutes. Make sure all these items are included in a nice, friendly format.
• Keep Business License Current
• Designate a Communicator – Someone has to answer inquiries from Realtors and/or potential buyers. This person is your voice to the public, so make sure they are fully available, “with it,” and friendly.
Cautionary Tales – How to Lose a Contract on Condo Docs
Don’t Let This Guy Be in Charge of Docs Delivery
My buyer clients were under contract for a cute condo in a 10-unit building, and the person responsible for delivering documents to the buyers happened to be on vacation. When we managed to talk with him, the guy was unpleasant, resentful and rude in our interactions. To make matters worse, even though dogs were allowed in the building, he hinted that there might be a problem with their dog at some point. And, most unfortunately, the unit these buyers were looking to purchase was right next door to this rude specimen.The whole episode left a bad taste in their mouths, especially the dog issue, and they cancelled the contract.
Don’t Be the Main Point of Contact on Your Own Sale
A buyer was under contract in a four-unit building, and upon reviewing the condo association docs, he had a few questions about the reserve funds and some of the condo expenditures. It was awkward that the president and main point of contact of the association was actually also his seller. She was slow to respond (because she was getting married) and there was no one else to talk to. He was left without answers, and also wondering who would be in charge once she was gone. In the end it was more than he wanted to bite off, so he cancelled the contract.
Before you list your Denver condo, it will save you money, time and stress to give your association a checkup and make sure it’s in good shape.