The short version
- Condos and townhouses add HOA rules, common charges, and sometimes special assessments.
- Unpaid dues are usually paid from the sale at closing.
- Our offer will spell out who pays any assessment or transfer fee.
- Co-op sales need board approval, so call us to see if we can help.
- We buy dated units and units in buildings with problems.
Condos and townhouses come with extra layers
Selling a condo or townhouse isn't quite the same as selling a single-family house. On top of the usual contract, title search, and closing, there's often a homeowners association or condo board, a set of bylaws, common charges, reserve funds, and sometimes rules about who can buy or rent. Those extra layers can slow down a traditional sale, especially if there are open assessments, unpaid dues, or problems with the building as a whole.
We buy condos and townhouses in Lindenhurst and throughout the Town of Babylon, as-is, and we work through the association details with you and your attorney.
Condo vs. townhouse vs. co-op
These terms get mixed up, so here's a quick summary.
Condominium
With a condo, you own your individual unit, and you share ownership of the common areas, like the roof, hallways, grounds, and amenities, with the other owners. A condo board, elected by owners, manages the common elements and collects common charges.
Townhouse
"Townhouse" usually describes a style of building: a multi-level home that shares one or more walls with neighbors. Legally, a townhouse might be owned as a condo, where you own the interior and share the structure, or as fee simple property, where you own the unit and the land under it, often with an HOA handling shared areas. Your deed and the HOA documents tell you which one you have.
Co-op
In a co-op, you don't own real estate directly. You own shares in a corporation that owns the building, and you have a proprietary lease for your unit. Co-op sales usually require board approval of the buyer, and boards can be selective. Co-ops are more common in Nassau County and New York City than in the Town of Babylon, but they exist. Call us if you have one, and we'll tell you whether we can help.
What slows down condo and townhouse sales
Special assessments
When an association needs money for a big project, like a new roof, siding, paving, or repairs after a storm, it may levy a special assessment on owners. A pending or ongoing assessment can scare off buyers or lead to negotiations about who pays.
Unpaid common charges or HOA dues
If dues are unpaid, the association may place a lien on the unit. Those charges usually need to be paid at closing.
Low reserves or financial problems
Buyers and lenders sometimes look at the association's finances. If reserves are low or the association is in litigation, some lenders won't finance units in the building, which shrinks the pool of buyers.
Rental restrictions
Some associations limit how many units can be rented, or whether units can be rented at all. That can reduce interest from investors.
Building issues
Problems with the building itself, like roof leaks, drainage issues, or structural concerns, affect every unit, even if your unit is in great shape.
Dated units
In a complex where many units have been renovated, an original unit with older kitchens and baths may struggle to compete.
How we handle the association
When you sell to us, we'll need some information from the association or its management company, which may include:
- Contact information for the board or management company
- The governing documents, like bylaws and rules
- Recent financial statements and the budget
- Information about any current or upcoming special assessments
- The amount of monthly common charges or dues
- Any rules about sales, rentals, or approvals
Your attorney can typically request these. If the association charges fees for a resale package or transfer, our offer will spell out who pays what.
Selling with unpaid dues
If you've fallen behind on common charges, you can still sell. Unpaid charges and any related fees are typically paid from the sale at closing. If the association has started legal action, let us and your attorney know right away.
Selling with a special assessment
If there's a special assessment, the contract will specify who's responsible for paying it. In some cases the seller pays the full assessment at closing. In others, the buyer takes over remaining payments. We'll factor it into our offer and be clear about it.
Selling a townhouse with shared walls
Townhouses share walls, and sometimes problems in a neighboring unit affect yours, like water coming through a shared wall or a neighbor's renovation causing issues. We buy townhouses with those kinds of problems. We'll look at what's happening and price it in.
Condos and townhouses near the water
Some condo and townhouse complexes in the area sit close to the bay or canals. Flood insurance, elevation requirements, and storm damage history can affect value and financing. We buy units in flood zones as-is.
When to list instead
If your unit is updated, the association is financially healthy, there are no assessments or disputes, and demand in your complex is strong, listing with an agent may bring a higher price. We'll tell you if we think that's the case.
A direct sale makes more sense when:
- There's a large assessment you don't want to deal with
- You're behind on dues
- The unit needs significant updates
- The association has issues that make financing difficult
- You want a firm closing date
- You're downsizing or moving into care and want a simple sale
How the sale works
- Tell us about the unit, the association, and any assessments or dues issues.
- We visit the unit once.
- We send a written offer.
- Your attorney reviews the contract and requests association documents.
- We handle any association requirements.
- We close on your timeline.
Downsizing into or out of a condo
Many people buy condos and townhouses to downsize, and many sell them later to downsize further or move into care. If you're selling a condo as part of a bigger life change, we can work around your schedule, and you can leave behind any furniture or belongings you don't want.
Questions people ask about selling condos
Do I need board approval to sell to you?
For most condos and HOA townhouses, the board doesn't approve buyers the way a co-op board does, though some have a right of first refusal or other procedures. Your attorney will check the documents.
Who pays the HOA transfer fee?
It depends on the association's rules and the contract. Our offer will be clear.
Can you buy if the building is being sued?
Possibly. Litigation can make financing impossible for regular buyers, but we'll look at the specifics.
What if I'm behind on both my mortgage and my dues?
Both are generally paid from the sale proceeds at closing. Act quickly, because fees grow over time.
A simpler way to sell
Association rules, assessments, and building issues can make selling a condo or townhouse feel complicated. Our job is to make it simple: one visit, one written offer, and a closing date you choose.
Reading the association documents
Before you sell, it's worth looking through the association's documents yourself, or asking your attorney to. A few things to look for:
- Whether the association has a right of first refusal on sales
- Any rules about leasing, which affect investor buyers
- Fees charged on resale or transfer
- Reserve fund levels and recent budgets
- Minutes from recent board meetings, which often mention upcoming projects or assessments
- Any pending litigation involving the association
Knowing these details early helps you price realistically and avoid delays later.
Insurance in condos and townhouses
In most condos, the association carries a master insurance policy on the building and common areas, and each owner carries a separate policy for their unit's interior and personal property. The split of responsibility depends on the governing documents. If your unit has water damage from a leak in a neighboring unit or the common roof, figuring out which policy covers what can get complicated. We can buy the unit while those questions are still being sorted out, though you should talk to your insurer and attorney about any open claim before you sign.
Updating vs. selling as-is
Condo and townhouse buyers often compare units in the same complex side by side. If several units have updated kitchens and baths, an original unit stands out, and not in a good way. Updating can help, but renovations in a condo usually require board approval, and contractors may need to follow building rules on hours, insurance, and access. That adds time and cost. Selling as-is avoids it.
Common charges and your monthly costs
Common charges cover things like landscaping, snow removal, exterior maintenance, insurance on the building, and reserves for future repairs. When charges rise, owners feel it immediately. If your common charges plus property taxes have made the unit hard to afford, a direct sale can stop those monthly costs on a set date.
Selling a townhouse you own fee simple
If your townhouse is owned fee simple, meaning you own the land under the unit, the sale works much like a single-family house, with an HOA layer for shared areas. You may be responsible for your own roof and exterior, which means those items affect value directly. We'll look at the condition of those components carefully when we walk through.
When the whole building needs work
Sometimes the issue isn't your unit at all. The roof, siding, parking lot, or drainage system for the entire complex needs replacement, and an assessment is coming. Buyers who learn about it may walk away or demand a discount. We can buy before or after an assessment is levied, and we'll be clear about how it's handled in our offer.
Condo sales for estates
When a condo owner passes away, the estate still owes common charges every month. Associations often send notices quickly when payments stop. If you're an executor, let the management company know about the death, ask what's owed, and keep the account current if the estate can. We can buy from the estate once someone has authority to sell.
How the sale works
Tell us about the house
Call or fill out the form. A few basics about the property and your timeline.
We walk through it once
One visit, at a time that works for you. No open houses, no strangers poking around.
Get a written offer
A real number, in writing, with the math explained. No pressure to say yes.
Close on your date
Attorneys handle the closing. You get paid at the closing table.
Questions
Do you pay the HOA transfer fees?
We'll spell out who pays what in the offer.
I'm behind on HOA dues. Can I still sell?
Yes. They're paid from the sale at closing.
Do you buy townhouses with shared walls and issues next door?
Yes.