Sell a Condo Fast in Arizona

What this means in practice

A condo in Arizona can close for cash in two to three weeks, and the main thing that moves the date is the HOA, not the unit. We buy condos and townhomes in Gilbert, Mesa, Chandler, Tempe, Scottsdale and the rest of the Valley as-is. Condos sell differently from houses. A buyer who needs a mortgage has to get the complex approved, not just the unit. The association has to produce a resale disclosure packet, and Arizona law sets a deadline and a fee cap for that packet. If the complex is age-restricted, the buyer has to qualify too. None of that is a problem for a cash buyer, but all of it slows a listed sale, which is why so many condo owners who need to be out by a date end up calling us.

When this path makes sense

• The complex is not FHA or VA approved and financed buyers keep falling out
• You are behind on HOA dues and the association has started lien letters
• There is a tenant in the unit and the lease runs past your move date
• You inherited a unit in a 55+ community and you are under 55
• The unit needs a kitchen, flooring or a water-damage repair you do not want to fund
• A special assessment was just announced and you would rather not pay it
• You are relocating and cannot carry the mortgage and the dues for a 90-day listing

How the process goes

1. Tell us the complex and the unit. Call or use the form. We need the address, whether there is a tenant, roughly what the monthly dues are, and if any special assessment has been voted or discussed. We look up the HOA and the FHA status before we quote.
2. One short walkthrough. We see the unit once. Nothing needs to be cleaned or fixed. If a tenant lives there, we work around their schedule and give the notice Arizona law requires.
3. Written cash offer, below retail. The offer is firm and does not depend on an appraisal or a lender approving the complex. It will be below what a listed unit would bring in a complex with no problems. You can take a few days to compare.
4. Title orders the HOA statement, then we close. The title company requests the resale disclosure statement from the association. Arizona gives the HOA ten days to deliver it. Once it is in, we close. Dues owed are paid from the price at closing.

What it costs

You pay no commission and no repairs. We pay the standard closing costs. The association is allowed to charge for the resale disclosure statement, and under A.R.S. § 33-1260 that charge is capped at $400 total for a condo, plus up to $100 if someone asks for it within 72 hours and up to $50 for an update if more than 30 days pass. The same caps apply to a townhome in a planned community under A.R.S. § 33-1806. Some declarations also carry a transfer fee or a capital contribution owed by the buyer. The statute does not cap that fee, it only requires the HOA to disclose it, so we check the declaration before we write the offer. Any dues you are behind on, and any lien the association has recorded, come out of your proceeds at closing. Recording the deed costs $30 under A.R.S. § 11-475, and we pay that too. The real cost of selling to us is the gap between our offer and open-market price.

How this stacks up against the alternatives

Say a Gilbert condo owner has a 2-bed unit in a complex that lost its FHA approval two years ago. Units there have been selling in the low $300s to cash and conventional buyers, but conventional lenders are now asking for a condo questionnaire the HOA takes weeks to return. Listed, the unit might bring $310,000 after 70 to 90 days on market, minus commission, minus a buyer credit for the dated kitchen, minus three more months of dues and mortgage. A cash offer in that spot lands well below $310,000, with a close in about three weeks and no lender questionnaire. Whether that trade is worth it depends on how much the time is costing you. If the complex is FHA approved, in good financial shape, and you can wait, listing will usually net more. If the complex is the problem, or the tenant, or the dues, cash is often the cleaner exit. We will tell you which one you are in on the phone. We also buy the kinds of units agents avoid, like a tenant-occupied condo where the lease has a year left, which we cover on the tenant-occupied page.

Questions we get

Sources: A.R.S. § 33-1260 - Condominium resale of units; information required; fees; civil penalty · A.R.S. § 33-1806 - Planned community resale of units; information required; fees · A.R.S. § 33-1256 - Lien for assessments; priority; foreclosure threshold · A.R.S. § 33-1261 - Flag display; for sale signs; open houses · A.R.S. § 11-475 - County recorder fees ($30 per instrument) · HUD - FHA approved condominium project lookup · 42 U.S.C. § 3607(b) - Housing for older persons exemption (55+, 80 percent rule)

If it's the right fit

If you have a condo or townhome in the Valley and the HOA, the lender list, or the dues are getting in the way, call (928) 928-4109, Monday through Saturday, 8am to 8pm Arizona time, or send the address through the form. We will look up the association and the FHA status before we call you back, and give you a straight number.