Condo Closing - Forced & Fearful?

In contract to buy a condo in Miami that you NO LONGER WANT? Afraid to buy, knowing the price you will be paying is tens of thousands more than the current market value?

First, remember real estate investing always has ups and downs. If it didn't... if it were a SURE and NON-SCARY thing - EVERYONE would do it!! If you go ahead with the closing, remember there are ways to minimize the initial pain! Consider renting it out until it gains enough market value to sell. Miami's rental market remains strong, and with the right Realtor and Property Management Company... your investment CAN become a GREAT ASSET!

If you absolutely want to get out of the purchase, you might want to join the many would-be buyers that are filing lawsuits against their developers.

Of course you'll need to speak to an attorney and have grounds within the contract or transaction. And it seems many of the developer contracts don't have much abiity to be broken.

Would-be investors are scared for good reason. The sales price is most likely tens of thousands higher than the current market value, if not HUNDREDS of thousands higher! To walk away from the purchase, the deposit will be forfeited.

In normal residential purchases, there are many potential "loopholes" to get out of purchasing a property. For instance, if the buyer cannot secure financing, the sale won't happen. But many of these developer contracts seem to be void of this element... and buyers must buy - no matter if they can find the financing OR NOT!

Many would-be buyers of Miami's Opera project in Downtown Miami have sued the developer in Federal Court. They were promised an Olympic size/style pool in all the market materials... yet the pool they got wasn't close. They lost. The court cited that the contract stated pool size and it wasn't "Olympic" though the marketing materials were perhaps misleading.

Still, experts expect an increasing number of cases to be filed against developers as these many condo projects finish up construction in the next 1-2 years and buyers continue to be forced into "closing" on units that are worth so much less than they must buy them for.

If there were SIGNIFICANT changes to the final project or the unit wasn't delivered on time, there IS good chance - with a good attorney and lawsuit - buyers might just start winning.

If you need a referral for a Miami-based attorney ready to help you with your Miami condo situation, email us. We'd be happy to help.

***If you do end up having to buy so you don't lose your deposit, and can't flip or sell it - we CAN help you rent it out and/or manage it monthly, helping to minimize your pain!!! Email or call us for a free consultation.