Canadian Money Forum banner

1 - 5 of 5 Posts

·
Registered
Joined
·
16 Posts
Discussion Starter #1
Anyone has experience with selling condo assignment?
Wish I had never bought it after saw the 'condo crush' scam from CBC marketplace.
Anyway, it was purchased in 2007 summer(investment purpose) and tried to sell it since may 2008, found the agent from online research (he got a very good website about selling condo assignment) and I thought he must be very good with it. I was disappointed with him now because he never tried to contract me and give me any updates. anyway, the contract is ending next month.
any suggestions if I should try to find another agent or I should just leave it til the condo is builded(completion date was supposed to be end of 1010)
I just want to get the money out from it($30000 invested) I'm afraid I may not have the 10% closing $ :( is it possible to sell back to the builder?
 

·
Registered
Joined
·
8 Posts
We left southern Ontario last year at this time for sunny White Rock, BC. We interviewed a lot of agents and found the best for us was also low cost. We used GO WEST, in Streetsville/Mississauga. I believe they have an office in downtown Toronto as well. We paid 1% to the listing agent. For that we got professional photos listed online with virtual tours, mailers sent out to the neighbourhood, and a double open house on the first weekend listed. They also daily listed the home on Craigslist, Kijii, etc. We insisted on only a 90 day contract which they had no issue with, but several other agents we interviewed balked at. They spent a few hours going through our house giving us things to do to make our home as sellable as possible. We followed their direction to a tee.

We sold in 7 days for 26k over asking on a home listed for 345k. Sold in March 2008) We were very pleased with their service. We have also used Remax, and one other company but the service couldn't compare to what we received for the price. I would consider interviewing them along with other agents.
 

·
Registered
Joined
·
8 Posts
or...if you think you can manage the 10% with a credit line, hold on but be prepared for 5-10 years to recover the price plus fees and taxes if you bought at the peak of the market. Interest rates are very low, so your carrying costs should be reduced mitigating a bit of the loss. Its tough to decide these days.:cool:
 

·
Registered
Joined
·
15 Posts
Anyone has experience with selling condo assignment?
Wish I had never bought it after saw the 'condo crush' scam from CBC marketplace.
Anyway, it was purchased in 2007 summer(investment purpose) and tried to sell it since may 2008, found the agent from online research (he got a very good website about selling condo assignment) and I thought he must be very good with it. I was disappointed with him now because he never tried to contract me and give me any updates. anyway, the contract is ending next month.
any suggestions if I should try to find another agent or I should just leave it til the condo is builded(completion date was supposed to be end of 1010)
I just want to get the money out from it($30000 invested) I'm afraid I may not have the 10% closing $ :( is it possible to sell back to the builder?
I would suggest you will try to sell it to an investment group or member. That is pretty much the only way.

Find out local real estate groups and attend their seminar. Prepare a spreadsheet showing what you got, what you want for it and so forth. If anyone will get interested then you can get out.
 
1 - 5 of 5 Posts
Top