Sellers - List your Assignments for Free
Buyers - Find Updated Assignment Properties
Over the past number of years Vancouver's Real Estate industry has been booming. With so much activity in our market prices have increased and there has been a shortage of new condos to hit the market. The shortage of units available in Vancouver and the lower mainland sparked a flurry of new buildings being constructed by development companies.
A number of the developers offered buyers the opportunity to secure a condo before construction even started by paying a deposit, usually 10% to 25% of the purchase price. This quickly sparked the pre-sale phenomenon in Vancouver's Real Estate Market.
Investors and the general public quickly learned these presales were offering a great return on investment during the increasing condo market. Buyers would purchase a presale property and hold onto the property until there were significant gains in appreciation before reselling at a profit. in a lot of cases people were reselling their investments before the completion of the building. This was called assigning or assignment sales.
The trading of assignment properties and Assignment condos has become very popular in Vancouver. it has become so popular that it's pretty much a market within itself. There has been one fundamental problem preventing the assignment sale market from becoming a huge industry. When selling an assignment you're not actually selling a property but the contract and rights to purchase the given property or condo upon completion. Most developers place restrictions on selling these types of investments. in a lot of cases developers will not allow sellers of assignments to list and advertise on the Real Estate Board's multiple listing service (MLS). This has made it very difficult for sellers (Assignors) to advertise their assignment listings and find buyers (Assignees) to purchase their condos. Until recently, if you were interested in purchasing an assignment property you could search the internet and find these types of properties scattered throughout the internet. Most buyers would give up after a short time when they realized there were a limited number of these properties listed on Realtor websites, usually not updated for months. This has now changed with the introduction of BuildingDigger.com, listing the full spectrum of assignment properties online.
A group of local Vancouver Realtors, experts in trading assignment contracts and dealing with new construction homes, realized there was a need for a system to list and categorize assignment properties. Jacob Krause and Jacky Levi, creators of BuildingDigger, came up with the brilliant idea of creating a system that allows anyone to post properties, even if the listings are not listed by themselves. Developers, other Realtors, Investors and the general Public can easily place their own listings for sale on this new website. All new buildings offering assignments in the lower mainland are pre-loaded into their website making it easy to add a unit to the system.
All properties listed offer interior photos, floor plans, property descriptions, showroom video tours, Google maps, and all building info such number of floors, developer, architect, and much more! This is truly a great system to help with the buying and selling of assignment listings.
You can find this website at http://www.BuildingDigger.com
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