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Dominate the Condo Market With One Easy Step
CLICK THE PLAY BUTTON ABOVE TO LISTEN!
Imagine for a moment that you are listing a condominium in South Florida with an estimated value of $300,000. Within the first week of listing the property, you receive the following three offers:
- $280,000 in all cash;
- $290,000 with 25% down and mortgage financing the remainder; or
- $300,000 with 5% down and mortgage financing the remainder?
Which one did you choose? We understand that experience would likely push us in the direction of the cash-buyer, but is it truly what's best for our clients? On the one hand, we ensure the sale of the property without concern for potential fallout with the HOA and the associated headaches with relisting the property, but on the other hand we are potentially leaving a good deal of money on the table. Might there be another way for us to secure the deal without the undo stress AND sell for the higher sales price?
In order to do so we must first understand, what is the usual suspect responsible for so much frustration in getting a condominium sold – the homeowners association. When a buyer wishes to acquire a condo with the help of mortgage financing, the HOA must undergo a review by the lender. Lenders are looking to gauge how much in cash reserves they have, or what percentage of occupants are renters, etc. Here's the thing, the questionnaire itself is not the problem, the problem is that 99/100 the questionnaire is not actually completed until a property is under contract. That means only after we've had to take the property off the market and begun the process do we get to roll the dice and find out if the lender will even approve it– once again, we can sympathize with why a listing agent would prefer to simply accept the cash offer.
However, how many of you are aware as to what it takes to have a condo questionnaire completed? From a financial perspective, only $100-$300. That's right, only $100-$300 to have a full understanding as to what your clients buyer pool must look like. No guess work, facts.
If you're an agent looking to generate more listing business, do you think this approach might be able to distinctly separate you from the crowd and grow your listing business?
As a valued listener to Your Morning Shot, we encourage you to try this with your next listing appointment. Send us your next clients condo questionnaire, and we'll get it completed for you upfront before even listing the property. My team will review the questionnaire for you free of charge, and provide you and your clients piece of mind in knowing exactly who can buy your property at the best price possible with the least amount of stress.
If the condo review fails, no time wasted on marketing to anyone but cash-buyers. However, if we confirm that the condo review passes, your client can capture the additional dollars earned from the higher sales price offered to buyers using mortgage financing – in the case of our first example, a difference that would earn your client an additional $20,000 as a result of a $200 on a review.
Let us help you get your next listing, feel free to reach out to us by email at [email protected] or by phone 561-864-2458 to get your next condo review started for free.
Want to join us?
Thank you all for listening. We're always here to support you, so connect get with us on Facebook or LinkedIn @mattweaverspeaks.
If you have a real estate topic for our next shot or blog, please shoot us a message on Facebook @mattweaverspeaks, we love listener requests!
If you're in the South Florida area and want to meet for lunch, send me a message on LinkedIn and let's get something on the calendar!
The views of this blog, "Your Morning Shot" podcast, and on this site in general are solely those of the authors, Matt Weaver (NMLS-175651) and Zack Lewis, and do not express the views or opinions of Finance of America Mortgage.
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By Matt Weaver, Zack LewisCLICK THE PLAY BUTTON ABOVE TO LISTEN!
Imagine for a moment that you are listing a condominium in South Florida with an estimated value of $300,000. Within the first week of listing the property, you receive the following three offers:
- $280,000 in all cash;
- $290,000 with 25% down and mortgage financing the remainder; or
- $300,000 with 5% down and mortgage financing the remainder?
Which one did you choose? We understand that experience would likely push us in the direction of the cash-buyer, but is it truly what's best for our clients? On the one hand, we ensure the sale of the property without concern for potential fallout with the HOA and the associated headaches with relisting the property, but on the other hand we are potentially leaving a good deal of money on the table. Might there be another way for us to secure the deal without the undo stress AND sell for the higher sales price?
In order to do so we must first understand, what is the usual suspect responsible for so much frustration in getting a condominium sold – the homeowners association. When a buyer wishes to acquire a condo with the help of mortgage financing, the HOA must undergo a review by the lender. Lenders are looking to gauge how much in cash reserves they have, or what percentage of occupants are renters, etc. Here's the thing, the questionnaire itself is not the problem, the problem is that 99/100 the questionnaire is not actually completed until a property is under contract. That means only after we've had to take the property off the market and begun the process do we get to roll the dice and find out if the lender will even approve it– once again, we can sympathize with why a listing agent would prefer to simply accept the cash offer.
However, how many of you are aware as to what it takes to have a condo questionnaire completed? From a financial perspective, only $100-$300. That's right, only $100-$300 to have a full understanding as to what your clients buyer pool must look like. No guess work, facts.
If you're an agent looking to generate more listing business, do you think this approach might be able to distinctly separate you from the crowd and grow your listing business?
As a valued listener to Your Morning Shot, we encourage you to try this with your next listing appointment. Send us your next clients condo questionnaire, and we'll get it completed for you upfront before even listing the property. My team will review the questionnaire for you free of charge, and provide you and your clients piece of mind in knowing exactly who can buy your property at the best price possible with the least amount of stress.
If the condo review fails, no time wasted on marketing to anyone but cash-buyers. However, if we confirm that the condo review passes, your client can capture the additional dollars earned from the higher sales price offered to buyers using mortgage financing – in the case of our first example, a difference that would earn your client an additional $20,000 as a result of a $200 on a review.
Let us help you get your next listing, feel free to reach out to us by email at [email protected] or by phone 561-864-2458 to get your next condo review started for free.
Want to join us?
Thank you all for listening. We're always here to support you, so connect get with us on Facebook or LinkedIn @mattweaverspeaks.
If you have a real estate topic for our next shot or blog, please shoot us a message on Facebook @mattweaverspeaks, we love listener requests!
If you're in the South Florida area and want to meet for lunch, send me a message on LinkedIn and let's get something on the calendar!
The views of this blog, "Your Morning Shot" podcast, and on this site in general are solely those of the authors, Matt Weaver (NMLS-175651) and Zack Lewis, and do not express the views or opinions of Finance of America Mortgage.