Home Selling in 98004>Question Details

Jessica Yen, Home Seller in 07093

I am trying to sell my Bellevue presale condo

Asked by Jessica Yen, 07093 Tue Jun 17, 2008

I am trying to sell my Bellevue presale condo, I paid 5% earnest deposit and what I want to do now is to find a person buying my contract and I can transfer my right. Can I do it and where can I post for selling it?

Help the community by answering this question:


You should definitely consult an attorney. Many pre-sales have a clause that prevents the purchaser from re-selling or transferring their interest in the property prior to the project completion.
Web Reference: http://www.homehounds.com
1 vote Thank Flag Link Wed Jun 18, 2008

A lot of your options may depend highly upon the contract you have signed.

I know little about the contract you are under, it may be worth consulting an attorney to review your contract and see if you have a legal out. If you do not, then you will either have to close on the property or lose your earnest money.

Keep in mind that once under a contract you are liable for the terms of that contract. That is why I suggest an attorney review it. It is possible he will find an easy out for you.

Best wishes,
Bryan Lovell
Web Reference: http://www.homelantern.com
1 vote Thank Flag Link Tue Jun 17, 2008
The other posters are right on--The answer is contained in the documents you've signed. Find out what you can do with regard to selling and then proceed accordingly. If you are allowed to resell your interest, find a realtor to begin marketing the property. I don't know which project you're talking about, but there are a couple of projects downtown which have a wait list of interested buyers.
0 votes Thank Flag Link Mon Sep 1, 2008
Check your Pre Sale agreement and if there is no clause preventing you from re-selling, you can put in the market with a real estate agent. sometimes you can assign ownership to another buyer with the approval of the seller. Something else to consider: if you locked into a pridce at the pre-sale stage, prices often go up as the project construction is completed. Each phase tends to increase in price. You want to consider the entire picture before you make your decision.
0 votes Thank Flag Link Thu Jun 19, 2008
I would consult a real estate attorney. If you want to e-mail me msunde@windermere.com
I can recommend an attorney in Kirkland that is very good. An attorney can also answer your
second question of where you advertise to sell your position in this sale. It would be wise
to check and see what comparable units are selling for and to see if your sale is higher
or lower than the comparables.
0 votes Thank Flag Link Tue Jun 17, 2008
You need to talk to the Realtor on site or the developer. Some allow you to transfer your option to sell and some don't. You may have to find someone to be an accomodating mortgagor on your loan and help you buy it, or lose your deposit.
I tried to transfer the option to buy on a condo in Waikiki from a husband to his wife, and they said it wasn't allowed. We had to find a new buyer to buy with him and we put the title in her name.
Let us know what you find out! I hope you can transfer your option.
You may also be able to come to an agreement to only lose part of your deposit. Be sure you are totally released from your contract and get a guarantee in writing.
0 votes Thank Flag Link Tue Jun 17, 2008
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