Selling a townhouse is a lot different than selling a traditional home. People in the market for a townhouse will be a lot different than buyers searching for a stand-alone home. A townhouse offers a range of benefits that a traditional home cannot offer. Ensure real estate agents for you not only have experience in selling houses, but also have the knowledge and resources available to sell your house will make a difference in how quickly your house sale.

A townhouse appeals to many different homebuyers because they do not have the upkeep of a home with its own yard and property. Having less property means that the overall price of the house is more affordable to younger buyers. Young couples or families will be the majority of the market for your home. Couples like this or even singles are used to living in apartments so the townhouse has the same feel as this when it comes to the neighborhood itself.

A traditional house complex with a gated entry, neighborhood amenities, and great to meet other people around you. real estate agent you know that these are the main selling points. Who would not want the security of a gated entry and convenience of a swimming pool for use whenever you want without the maintenance costs and maintenance.

Your real estate agent will have a large customer base already that are in the market for specifically a town home which is perfect for you when it comes to wanting to sell your own. Townhouses are usually located in prime areas that are close to restaurants, hospitals, shopping, and other luxuries that many normal houses can’t offer. This is a key selling point to younger and older people alike. Trying to sell a townhouse on your own is hard because it is hard to reach out and advertise that your house is on the market and be cost effective at the same time.

Your broker will ensure your home is being viewed by anyone in the market for a house that fits the criteria of your townhouse. Expect your home to be well marketed and expect your real estate agent to arrange open houses and viewings as often as possible so that you can get your house sold and be ready to move on to your next home.

“Nobody remembers who came in second.” — Charles Schulz

Apartment investors that are looking to purchase a property often ask me:

Which is Better: An Offer to Purchase or Letter of Intent?

First, let’s define the two, then I’ll discuss when to use a Letter of Intent.

1. Purchase Offer, or Purchase Agreement – A legal document that describes the price, terms, contingencies, and other details of how a buyer would be willing to purchase a piece of real estate.

2. Letter of Intent (LOI) – A preliminary document outlining the price, terms, and other transaction details that a buyer would be be interested in purchasing a piece of real estate.

Note that the definitions are not too far apart, but the documents themselves are. The biggest difference is a Purchase Offer is a formal legal document, that once signed by both parties becomes a legal and binding agreement. If you are working with a real estate agent or broker, this is usually the document they will have you sign if you are interested in placing an offer on a property.

A LOI is typically used as a “starting place” for negotiations on a property. Generally a LOI will be followed up by a formal Purchase Agreement after the terms are settled on. This may or may not be the case in your area, but is a good use of the two documents.

The difference is a Letter of Intent is basically a letter stating the kind of offer you are contemplating in making. Usually it contains what I call the GENERAL items of price, terms and closing date. Most of the other legal STUFF is left out.

It is good to use an LOI to gauge the viability of purchasing the property based on the price an terms you are considering. IN other words, it is good to use to gauge whether or not the offer you have in mind is even going to come close to making sense to the seller.

I use LOI’s a lot when I am trying to buy a property for much less than what the seller says they want, more flexible terms than the seller says they want OR if I am unfamiliar with the property and area I will use the LOI to start the negotiating process while I do my due diligence work in the background.

Remember, most of the time an LOI is not a formal offer but mainly a point of understanding between you and the seller.

So, use an LOI as a method of exploration of a property and to get the ball rolling. Based on the sellers reaction and response to your LOI will tell you to move ahead with a full purchase agreement or not.