If you’ve tried to read about assignment sales on the government website, it may have left your head spinning. Here’s the “Cole’s Notes” of assignment sales:
An assignment sale occurs when the original buyer of a property, the “assignor,” sells their purchase agreement to a new buyer, “ the assignee,” before closing.
In other words, an assignment sale allows a buyer to sell the place before they take possession of it. This is commonly seen in pre-built homes and condos, but is possible on any type of trade. It may also happen when the buyer can no longer fulfill the purchase due to personal or market conditions.
For example, someone could buy a condo still under construction and found their family situation changed, creating a need to sell before ever taking possession.
Why take advantage of an assignment sale?
- Potential for below-market prices
- Less competition
- Having access to a project which is most likely sold out
- That new-house smell…. mmm can you smell it from here?
What to look for in a mortgage broker
Given the complexity and extra steps associated with assignment sales, you want to ensure you find a trustworthy and experienced broker with:
- specialized knowledge of assignment sales to guide you through specific financing options tailored to this type of purchase
- access to a range of lenders to find the best rates and terms
If an assignment sale sounds like the type of new home you’re in the market for, there are currently numerous opportunities, as a lot of assignors can’t close. Time to take advantage of this opportunity!!! Get in touch to learn more about how Easy House Loan can secure the financing you need.