Private sale or real estate? Sell the condo professionally! There can be different reasons for selling a condominium. You have bought the apartment as a capital investment and are forced by a financial bottleneck to part with the condominium? Or did you live in the apartment yourself and move to another city for professional or personal reasons? No matter what reason motivates you to sell: fast processing and a selling price according to your requirements are essential. Is the condominium in a sought-after location, where there is a shortage of apartments and buyers are already looking for an apartment in advertisements? Then the chances of selling privately are very good. Nevertheless, you should be aware of the complexity of the matter and act professionally from the very first moment. If you have a very emotional attachment to the apartment, for example because you are selling it as a result of a divorce or other drastic experience, you should carefully consider the private sale. With emotional attachment, realistic evaluation is difficult and you will face problems when it comes to negotiating the purchase price. New owners do not pay for the ideal, but for the real value of the condominium. Are you insecure or do you not expect the immense effort? Then a professional brokerage from the expert is always the first choice. An investment in the real estate agency IHV pays off, as your condominium is sold promptly and at the offer price discussed with you.
The optimal planning and preparation of the sale of condominiums
When planning the sale of a condominium, there are a number of special features that need to be taken into account. In addition to the classic documents in which the apartment does not differ from the home, further documents and proofs are necessary. This applies if it is a community of owners or a rented condominium as a capital investment. One of the most important documents to be organized in any case is the extract from the land register, which gives clarity about your ownership. If, on the other hand, you still pay off the apartment and the bank is in the land register, you should reach an agreement before the planned sale and discuss the remaining repayment in detail. A floor plan is absolutely necessary and proof of fire insurance, the building description and the energy certificate must also be obtained. If you hire an estate agent to sell the apartment, you can insist on the commission being paid by the buyer in accordance with the legislation. When renting out, you as the owner bear the costs, which simplifies the decision between selling the condominium and renting it out. When it comes to private sales, you can’t get by without support. As a rule, you will need a lawyer or notary and a tax advisor to advise you on financial losses incurred by foregoing tax savings. Since the market value determination is also necessary, you will also need an expert. The bottom line is that the costs for individually commissioned services for the sale of the condominium are higher than if you cooperate directly with a broker and opt for all services from a single source. Plan the sale of the condo favourably and calculate how best to save, spend the least time and do not have to go to a different contact point for each service.
Special features of apartments in objects with several owners
Years ago, you acquired a condominium in a property managed by several owners. Or is an administrator the contact person with whom you communicated at the time of purchase and who decided on the approval? Then the sale of the condominium may present greater challenges. If you sell an apartment in your own property, this problem is not an issue. However, in the case of properties managed by third parties or owned by more than one owner, the German Apartment Owners Act stipulates that all owner parties must agree to your sale and the new owner. Surely you ask yourself first of all why the owners of other apartments have a say in your sale. The law provides for this, as each condominium complex has various jointly managed premises and areas in addition to the private areas. A private sale can turn out to be a complex, almost unsolvable task. On the other hand, the condominium is sold through a local broker who is familiar with condominiums communities and has many years of experience in selling apartments in managed complexes. A clarification of the ownership situation is also necessary if you sell an apartment in an object of a community of heirs. Wherever you are not the sole owner of the entire complex in the land register, special features must be taken into account when selling apartments. In most cases, a visit to the owners‘ meeting can be helpful and inform you about the extent to which the other owners understand your intention to sell and accept a new owner. You cannot ignore plausible reasons for refusal, but should seek a mutually acceptable solution with a real estate agency such as IHV and the owners‘ association.
What to do if the administrator does not agree to the sale?
As brokers with expertise and know-how in the sale of condominiums, we can reassure you on this point. A general refusal of the sale is not possible, so that you can sell your apartment in any case. Fundamental aspects for a rejection refer only to the new owner, which you propose and present in the context of an owners‘ meeting. If there are justified doubts about the solvency of a potential new owner in excess of the purchase price, the refusal is justified and must be accepted by you. Another reason for refusing consent relates to the use plans of the property. For example, if the potential buyer envisages a commercial use of the condominium and this is contrary to Community law, the administrator, the community of owners or the community of heirs may also refuse. If you want to sell your condo and avoid these pitfalls right from the start, contact a real estate agency directly. IHV is a contact person with expertise who checks prospective buyers before they are recommended at the owners‘ meeting and finds out about their creditworthiness. In a personal discussion with the interested parties, we find out the intended use and can also exclude this reason for refusal in advance. Our recommendations to you are based on the knowledge we have gained about the complex, the community rules and the needs of other owners. With a broker service you exclude long negotiations and rejected buyers, so that you can have a chewing contract drawn up for the condominium in a timely manner and initiate the handover.
The valuation of freehold flats
In the case of new buildings, but also in old buildings, the market value is the basis for the sale of a condominium. The analyses are more comprehensive than for your own home, which is located on your own property. The size of the apartment and its equipment as well as factors affecting the property are taken into account when determining the offer price. Comparative prices are taken from other apartments in the complex and compared to your property. If the purchase price is too high, the selling time will be extended and you will attract far fewer interested parties. An underestimated price leads to disgruntlement in the owners‘ meeting and brings with it high losses for you. You cannot use the purchase price paid by you as a basis. The value of the property has risen, as has the demand for condominiums, so that you can achieve an attractive return with the sale. The professional valuation will tell you how much money you want for the condominium and what room for negotiation you can allow. If you are in a hurry to sell, it is worth giving us a little room to manoeuvre downwards and giving us the opportunity to negotiate. We take the market value as a basis, determine comparative prices with market analyses and ensure that you achieve the desired sales price for your condominium with IHV.
check prospective customers – complex and time-consuming tasks in processing
As indicated in the section on special features and reasons for refusal, the solvency assessment of potential buyers requires the greatest care. A good credit rating and financing security for the purchase of apartments are not sufficient for owner associations and managed condominium complexes. A safe and high income, as well as savings systems have a positive effect on the decision and show the co-owners that the buyer is able to pay for any repairs that may be necessary and to participate in the community costs of the system. The examination of interested parties is complex and time-consuming. Since large sums are involved, the credit assessment for the purchase of a condominium requires, for example, insights into the score, i.e. the risk assessment of the potential contractual partner. The data must be professionally read and evaluated so that the risk is assessed transparently and truthfully. As a real estate agency, we take over this task for your house sale and forward documents from interested parties to you that meet the conditions of the community of owners and are therefore guaranteed not to be rejected. We also accompany you in the further sales process and are the interface between you and the buyer. Due to the complexity of the apartment sale, a private transaction is only recommended if you already have experience and overcome the hurdles with know-how. Otherwise, the sale is protracted, leads to refusals by potential buyers, or is generated by a low purchase price for losses. We examine potential buyers and offer you a comprehensive service when it comes to the sale of your condominium.
IHV – Your expert in home sales!
Are you thinking of selling your owner-occupied or previously rented condominium? Then invest in the expertise of a local real estate agency that takes over your order and finds a buyer promptly. Our service portfolio includes the organisation of all documents, communication with the other owners of the plant or with the administration, as well as inspections and checks of prospective buyers. Selling condominiums costs a lot of time and nerves, since the expenses are far higher than the sale of a single-family house. Protect yourself from pitfalls and financial losses by carrying out a valuation and having us check the requirements for a new owner. With many years of experience and core competence, we at IHV are active in the sale of condominiums and know what is important for a smooth process with rapid contract conclusion. Your order for your house sale leads to a successful sale, even if difficulties arise along the way and new challenges are always on the agenda. You get the best price for the apartment and can sit back and relax during the sales phase.