Name: Desmal Thomas, who works for the government in Canada
The home: A three-bedroom, three-bath condo built in 1974
Where: Lithonia
Why she sold: Thomas purchased the DeKalb County condo in 2010 as an investment property. She had never seen the brick condo, but was attracted by the inexpensive price, buying the bank-owned property for $21,000. "We bought it sight unseen and sold it sight unseen," she said. It was rented for $625 a month for 18 months, said her agent, Jim Kurtz of Coldwell Banker Residential Brokerage. Thomas decided she didn't want to be an out-of-town landlord anymore. "Being an absentee landlord was becoming a hassle," she said.
Time on market: 158 days
Original price: $30,000
Sale price: $24,000
What it took: In addition to the low price, the condo boasted features such as hardwood floors and a fireplace. It was an end unit, which offered some additional privacy. Repairs were made to the heating system before the condo was put on the market. The Lithonia location also was favorable since the buyer was familiar with the area, Kurtz said. The condo also was located near public transportation such as MARTA.
Potential stumbling block: "I was concerned. I know the market is quite soft. We bought it in a soft market. We were selling it in a softer market," she said. After receiving a few offers, they had to determine whether to accept an offer from someone who wanted to rent to own, or someone who desired to buy the condo outright. The buyer offered close to asking price, so there was no need for negotiations, Thomas said. The condo sold in March. Kurtz added: "Real estate has not changed much. When a buyer wants to buy and is ready and (when) a seller wants to sell and is realistic for the economic period, a transaction will occur."
Seller's hint: Consider advertising outside of the Atlanta market. "If we would have advertised here in Canada, people would have been astonished by the price and taken a bite," Thomas said.
About the Author
