nick123

iTrader: (1)

I am ready to buy my first place.

Now i need some tips..I think maybe im being hustled. I have my eyes set on a condo in woodbridge known as Bellaria condos. Very expensive luxury condos. Now, Im buying it as an investment. They are building a third tower. Those condos are said to have pre construction pricing. The condo i want is 280 for a 740sq one bedroom plus den. Granite marble and the works. Now, on the second tower that was built last year there is someone selling the same unit, but larger 760 sq for 275,000. They dropped the price to 259,000 which is the same price as 1 bedrooms units. I have not seen it. But, i spoke to a real estate agent that works in teh building. He said give me a 5000 deposit, lets make an offer since this guy doesnt want to waste time. Lets offer 255,000 with the locker.This is reasonable, they guy selling is gettign a divorce and wants out. Now, do i give him the money, do i see it first. What happens if i see it, and dont like it do i get my money back. Or, what happens if i see it give a conditional deposit and dont get financed.

What are the proper steps i should take. Someone hurry please, im doing this tomorrow

Sleepy79

So let me get this straight, you can pick up something 2.5 the size of what you were originally looking at and $15k cheaper? Sounds too good to be true.
Mind you I know nothing about condos other than I could never live in one. Do you have to pay monthly/annual condo fees on top of that? Do you have to pay taxes on the purchase price of the new one like you would with a new house?

Take a look at it first before you bust out a deposit.

jeff91ta

iTrader: (1)

740 sq? Are you talking meters?

350z-Jim

iTrader: (1)

You have to give money with an offer generally to make a very strong offer. You can make the deal conditional on offer "upon acceptance" which is also very common.

I would see the place first then make your offer, thats like buying a car. Don't buy one till you test drive it.

Make the offer conditional on financing then you have a way out. If you do not like the place you can say you didn't get financing and back out of the deal. Once you complete (or waive) the financing clause you are in firm meaning you can not back out.

So play it like this

1. View the property
2. Make offer (with 5k if you want, or upon acceptance either way)
3. See bank for financing
4. If you are approved and want to complete complete (or waive) the financing clause.
4a. or if you are not approved or don;t want to complete back out saying you can't get financing.

Generally you don't want to be placing an offer if you don't already know you can finance the place and like it. It's a serious contract that can cost you money if you screw it up.

350z-Jim

iTrader: (1)

You are not serious are you? A condo over 1000sq is over 400k anywhere around here.

Plus, 740sq M is around 8000sq/ft. If he was buying an 8000 sq/ft place, he wouldn't be asking for advice from us, and his deposit would be 500,000 because the place would be 5 million.

tinlok

iTrader: (4)

if you're buying for investment...
decision tree
-are you flipping it?
- if yes, is there room for more development in the area? (i.e. another new condo comes up in a couple years and your resale value will drop.)
-renting it out?
- is it close to public transportation? near a major office complex/malls/amenities in the area?

if you're living in it then whatever floats your boat. like Jim said, check it out first, if you like it, start throwing in offers then put a 10k deposit down after both parties have reached an agreement.

imo house >> condo for investment because you also own land. and downtown condo >> woodbridge condo (probably) because downtown only has limited space for condo developments. i never looked into woodbridge area so maybe it's happening up there.. like 'downtown' markham.

good luck with the hunt!

350z-Jim

iTrader: (1)

I just moved to Woodbridge and it's a happenin area. My buddy has a condo in the new building that went up at Jane and Rutherford I believe, Bellaria Suites. He loves it there.

nick123

iTrader: (1)

Ya, thats were im moving...But, my real estate agents are both retarded and I do not trust them for ****...I have signed with them until the end of the year. Now, i have to wait it out...UGGGG