Thursday, November 5, 2009

Why wait for an auction to buy a condo?

Auction of condominiums have been on the rise in this recent market and while I am sure there are good deals to be had you have to avoid getting ‘caught in the moment’ and bidding more than you planned. It also comes with complications such as having financing set up prior to the auction, etc. But you can avoid these extra complications and still get a good deal outside of an auction. I recently represented a buyer who purchased a brand new condominium unit in a building where several units were auctioned. In my opinion my buyer did better than anyone at the auction. While I cannot say this indisputably because not all units are the same, I say it with much confidence. The reason I was able to negotiate effectively for my client was not only because of my charm, negotiating ability and my nearly 15 years of experience, but because builders who are selling condominiums are very flexible and are willing to negotiate on the purchase price outside of an auction. In addition, unlike during an auction you can ask for (and it is not unheard of to receive) concessions for such things as a better parking spot, for some upgrades to the unit, for the builder to buy down the rate on the loan, etc.

So do not wait for an auction if you are interested in buying a condo; I can assist you. Learn more about me by clicking on my name: Nate Pearson.


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