We have an investor in town buying out cheap condo-hotel units in droves. The condition on the contract is that they can film the unit and market it on the Auction site.
So, I got several offers on the units I have listed in the Fountain Beach Resort and Oceanside Inn. On one of them I already got a call from the gentleman, who claimed that he bought it. I got suspicious, as I knew the buyer was a woman, but he explained to me that he had bought it at the auction. Cool. Especially considering that we have not closed this deal with his Seller yet.
First time we had a similar “sale before purchase” 2 years ago, I panicked. Now I keep my cool. They will figure how to do it. Most probably it will be an assignment, and I let my Title Company worry about it.
The “Seller’ of the property that she has not yet bought has way more what to worry about. Condo-hotels require approval and it can take anywhere from a few days to 30 days. So, no, you can’t sell unless certain things have been clarified. Approval is just one of them. Who is responsible for all the stuff we usually do?
It is one thing to advertise on TV and it is very different to do all the paperwork, have all disclosures, and who would do the Contract?
We will see how this unfolds. I am not very optimistic about the whole thing, and I would not be surprised if the TV investor would end up with bunch of unsold units. But on the other hand the market is very active and it should not be a problem, only a small hiccup.
Want to buy a condo-hotel with less fanfare and more sense (and no hiccups)? Call me at 386-405-4408.
* Photo by BurnAway via Flickr.com
Comments(40)