Assignment sales can seem quite confusing and are often complex. If you’re reading this article, you’re probably asking “how do assignment sales work?”. There’s no straightforward answer because there are several factors that go into making a successful sale. More often than not it is an exit strategy for individuals who need to get out of a deal they can no longer follow through with.
What is an assignment sale?
An assignment sale is when the original buyer (assignor) sells their contract to another buyer (assignee), transferring over their rights and obligations in the purchase agreement before closing. This frees the assignor from any contractual obligations, as it is now the responsibility of the assignor to close on the property.
How does this work?
Many builders have some hefty restrictions on assignment sales and will typically charge a fee when the sale occurs.
Most builders are also very strict on how you can market your assignment and will not allow you to advertise it on MLS or anywhere online. This is why performing a successful assignment sale can be difficult. If you don’t follow the rules your builder has laid out, you have breached the contract and risk losing your right to assign.
Don’t worry, we know exactly what you’re thinking.
“How does an assignment sale work if I can’t advertise my unit online?”
This is where working with an experienced and specialized real estate agent is important. These realtors typically have a database of buyers they can connect you with. So if you need a buyer, one of our qualified agents at Haüskey will be happy to assist.
Why do people assign their pre construction?
Most pre construction projects are spread out over a couple years so it’s not unusual for your circumstances to change during that time. Needing to assign your pre construction property can stem anywhere from unexpected financial challenges, unable to qualify for financing, or other personal changes that prevent you from closing on the property.
Need to assign your pre construction?
Assigning your pre construction may seem like a daunting task. But, when you’re working with an experienced agent, like the ones we have on our team, it takes a lot of the stress and confusion away. If you’re unsure about how to assign your pre construction, speak with one of our agents today!