This is the process of buying directly from the builder before construction starts. Developers usually sell their developments in different phases- and you want to make sure you’re buying in the first release. Using a Condowizard agent to purchase your desired project will allow you First Access before the general public which means lowest pricing and best selection of inventory. For more information of purchasing pre-construction click here for our FAQ
Resale is an already finished product where you can purchase and close right away. This is a faster process if you cannot wait until 2022 for a pre-construction build. Our staff is trained to help you find exactly what you are looking for.
Purchasing an assignment can be complicated but thankfully, we’ve done plenty of them and can walk you over the whole process.
Pros of buying assignments:
1) You can purchase at cheaper than market value
2) Purchase in a specific area that has low inventory in pre-construction units
3) The building is typically already under construction so no need to wait 3-6 years.
Example: Joe bought a unit at XYZ condos in 2016 which will be closing in 2020. Joe now decides that he will no longer be going with the purchase of his unit therefore; he will be assigning that unit to a potential buyer. Joe purchased his unit for $400,000 and put a total down payment of 20% which is equal to $80,000. Now Joe wants to sell his unit for $500,000 (market value)
1) Builder must approve the assignment
2) New buyer should be able to pay back Joe his $80,000 in deposits upon an accepted agreement
3) The new buyer should be able to pay back the difference in profit of $100,000 either up front or upon closing. Most banks will be able to finance the difference as part of the purchase price (see sales representative for more information on this)