My 2nd IP is an OTP, due for completion in late-2011 - purchased May 09.
In hindsight, it was not a great deal and I should have conducted more DD -they are drastically overpriced! I think they priced the units for what they 'estimate' they'd be worth by 2011...I must admit, I feel for the great sell
I only started reading a lot after signing the contract and making the deposit!
I want to know whats the best way to offload the property...do I go through a private agent or through the developer?
If I go through the developer, there's always the hope they would consider re-drawing a new contract??
What are the costs involved? Seller's Commission, stamp duty, others?
Ideally I'd like to on-sell the unit for purchase price + stamp duty + commission...which may be possible, given the developer has only 3 left and is selling an almost identical one at the price I'm hoping to achieve (again, in hindsight is quite overpriced!)
I'm not sure if now is the best time, perhaps I'm best to wait til end 2010/early 2011? The advantage of doing it now is, I could go back to the developer and ask them to onsell it...thoughts/suggestions very welcome...I thought I'd try and get on top of this early and see if I can resolve it!
In hindsight, it was not a great deal and I should have conducted more DD -they are drastically overpriced! I think they priced the units for what they 'estimate' they'd be worth by 2011...I must admit, I feel for the great sell
I only started reading a lot after signing the contract and making the deposit!
I want to know whats the best way to offload the property...do I go through a private agent or through the developer?
If I go through the developer, there's always the hope they would consider re-drawing a new contract??
What are the costs involved? Seller's Commission, stamp duty, others?
Ideally I'd like to on-sell the unit for purchase price + stamp duty + commission...which may be possible, given the developer has only 3 left and is selling an almost identical one at the price I'm hoping to achieve (again, in hindsight is quite overpriced!)
I'm not sure if now is the best time, perhaps I'm best to wait til end 2010/early 2011? The advantage of doing it now is, I could go back to the developer and ask them to onsell it...thoughts/suggestions very welcome...I thought I'd try and get on top of this early and see if I can resolve it!