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What is involved in Buying a Condo Assignment?

First you need to be able to afford to pay the “original buyers” deposit money they have already given to the builder.  That can be 10 to 25% of the original purchase price.

Second- you have to pay the difference between what you and the original buyer agree to as the new purchase price.

Thirdly – you have to be Mortgage Approved by the bank for the original purchase price.

Example.

Original Buyer Purchased Condo for $300,000   Paid 20% Deposit = $60,000
New Sale Price: $330,000                                New Market Value $350,000
NEW Buyer Requires: 20% deposit - $60,000 and $30,000 for Difference Between Old and New Sale Price
Total Cash Required: $60K + $30K = $90,000

New Buyer must also be Mortgage Approved for $240,000 ($300,000 – $60,000 deposit)
A mortgage approval (commitment) is required not a pre-approval.

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