Selling your Seattle condo will involve a few additional steps. It’s important to have an agent who has expertise with all the intricacies of condominium sales so you can be assured your transaction will proceed successfully to closing. I have much experience selling West Seattle and Alki Beach condos. You can have peace of mind knowing your condo sale is in the very best hands! As always, my goal is to sell your condo for the very highest possible price in the shortest amount of time with the least amount of inconvenience to you.
When selling your condominium you will be asked to provide a resale certificate to the buyer for their (and the lender’s) review and approval. A resale certificate is a large collection of documents that is provided by the home owners association or management company. It includes exhaustive financial records of the association, reserve studies (if any), the condo declaration, bylaws, rules and regulations, meeting minutes, and many other items. The seller can typically order it online through CondoCerts or request it in person from the association. They will charge a fee. Expect to pay about $150 - $350.
A clean resale certificate can make the difference between your sale proceeding to closing or falling apart. Here’s where my attention to detail will benefit you.
I will proactively address all the following items with you and the homeowners association or management company prior to listing so we don’t have any surprises come up in the middle of the transaction.
- Does the building allow rentals?
- Is there a rental cap? If so, what % of the cap has been reached?
- Is there a waiting list?
- Is the building FHA certified?
- Are there pet restrictions?
- Are there any other unusual restrictions?
- Financials – how healthy are the reserves?
- Has a reserve study been completed?
- What is the monthly HOA assessment ?
- Is there a strong HOA and board?
- Are there regular meetings? Any ongoing issues or problems?
- Are there any legal issues pending for the building?
- Are there major capital projects planned?
- Are there sufficient reserves for the project?
- Is there a current or upcoming special assessment levy?
If you would like to talk further about selling your condo, contact me for a free consultation. I look forward to hearing from you!