how do you buy a condo

[puzzled]

Have seen lots of signs on the condo's that say 70% sold, 100% sold etc

How does this work, most of these that have the sign up are not even built or even close to completion. Does it mean that people have bought them and are already paying mortgage?

Not interested in buying just curious

[real estate]

Yes pre-bought. Normally at prices slightly lower than completion, or with more perks (ie owners will have more say in finishing-options or have better choices of floor plans).

Risk factor - developer runs out of money or budget is beyond projected.

Though take the '90%-already sold' sales marketing with a pinch of salt.

[Agent007]

Buy now and don't miss the boat, there are not many left.

[couldn't get a real job]

so became agent one lah

come see me can yes yes yes all can black is white and white is black lah can can good deal only for you, cheesy, can can yes can can

[still puzzled]

so these people buy them, start paying mortgage but cannot move in for 12 months or more??

but oh they get to choose what colour floor tiles they would like

[Very Silly]

You don't pay a bloody mortgage until you move in.

Which planet are you from?

[To: Very Silly]

I'm from this planet and no need to be so bloody rude

If you look above I asked if they were paying mortgage before the properties were completed and someone has replied 'yes pre-bought"

The answer is unclear

[the hype]

The hyped up percentages are often inaccurate.  I wouldnt buy property anymore, its about to come crash.

[Agent007]

No crash

[NMS1]

I'm from this planet and no need to be so bloody rude

If you look above I asked if they were paying mortgage before the properties were completed and someone has replied 'yes pre-bought"

The answer is unclear

For most new condos & houses, you will make progressive payments i.e. 10% when the foundations are complete, 10% when the walls are up etc etc with the final payment being 1 year after TOP (when you can move in) is issued.

[contractor]

Yes pre-bought. Normally at prices slightly lower than completion, or with more perks (ie owners will have more say in finishing-options or have better choices of floor plans).

Risk factor - developer runs out of money or budget is beyond projected.

Though take the '90%-already sold' sales marketing with a pinch of salt.

Additional risk factor: principal contractor has cash flow crisis and the bank pulls in the cord, they  be forced into liquidation, projects will be delayed and the problem will percolate to the developer which in turn costs more money (bankruptcy?). The same could be true to the sub-contractors of the principal contractor

[Always clarified]

I am looking to buy as well and visited a few showflats. Apparently, many developers sold the entire project in blocks, i.e. 1 block at a time, or level 2-8 floors first, then 9 - 15 floors, etc.

And when they display 70% sold, it could be 70% sold from phase 1 sales, i.e. 1 block out of 5 blocks, or level 2 - 8 floors units, intead of the entire project.

[Agent007]

Additional risk factor: principal contractor has cash flow crisis and the bank pulls in the cord, they  be forced into liquidation, projects will be delayed and the problem will percolate to the developer which in turn costs more money (bankruptcy?). The same could be true to the sub-contractors of the principal contractor

Surely you mean princiPLE 

[priceless agent]

Self pwned 

prin·ci·ple/ˈprinsəpəl/Noun
1. A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.
2. A rule or belief governing one's personal behavior.


prin·ci·pal   
[prin-suh-puhl] 
–adjective
1. first or highest in rank, importance, value, etc.; chief; foremost.
2. of, of the nature of, or constituting principal or capital: a principal investment.
3. Geometry . (of an axis of a conic) passing through the foci.
–noun
4. a chief or head.
5. the head or director of a school or, especially in England, a college.
6. a person who takes a leading part in any activity, as a play; chief actor or doer.

[LOL!]

Self pwned 

prin·ci·ple/ˈprinsəpəl/Noun
1. A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.
2. A rule or belief governing one's personal behavior.


prin·ci·pal   
[prin-suh-puhl] 
–adjective
1. first or highest in rank, importance, value, etc.; chief; foremost.
2. of, of the nature of, or constituting principal or capital: a principal investment.
3. Geometry . (of an axis of a conic) passing through the foci.
–noun
4. a chief or head.
5. the head or director of a school or, especially in England, a college.
6. a person who takes a leading part in any activity, as a play; chief actor or doer.

That's why agent007 is a property agent and doesn't have a proper job