http://www.condoflip.com/
QUOTE
Condo Flip™ lets buyers of preconstruction condos resell or assign those condos to new buyers.
Whether you are flipping (selling) or buying, we are preconstruction experts and we've created this site for you!
Whether you are flipping (selling) or buying, we are preconstruction experts and we've created this site for you!
Fom their FAQ:
QUOTE
Everything That You Need To Know About Condo Flip™!
What Is Condo Flip™
Condo Flip™ is an online marketplace where buyers, flippers (sellers), brokers, real estate agents, developers and builders can interact with each other and exchange preconstruction condo properties.
What kind of properties are listed in Condo Flip™
Condo Flip™ listings are for preconstruction real estate only. In order to qualify for a listing, a property must be (a) purchased by a buyer or owned by the developer, (
the property must still be titled to the developer (i.e. the buyer has not closed on the property) and the property must be in an area or jurisdiction in which the Condo Flip™ broker operating in that area or jurisdiction has an active broker's license.
What are the fees to buy or sell using Condo Flip™
There is never any kind of listing or service fee for using the technology. A flipper (seller), however, is charged a 4% commission, but only if the condo is flipped. If the developer has any seller fees, the developer will charge the seller directly. Other than those fees, a seller can list without any charges. Buyers are never charged a membership fee. The marketplace is open to everybody.
I don't own the condo yet, so am I allowed to sell It?
All condos that are placed in Condo Flip™ are condos that have been purchased by a buyer, but the buyer has not yet closed. "Closing" refers to the time that the buyer takes over the deed to the property. At that time, the developer also expects to have the balance of the amount owed remitted. So, until that time, you really don't own the condo. You merely have a non-cancelable interest in the condo that ultimately becomes your condo at closing.
However, you are able to find a replacement buyer. If such a buyer is located, we can have them take over your condo purchase (presumably for a profit) in one of two ways:
Receive permission from the Developer (normally by an Assignment Rider that allows you to assign your condo to a new Buyer). There are commissions and fees that may be required. In many cases your original deposit is refunded to you as soon as you have found your replacement Buyer. The gain on your sale, if any, will not normally be realized until Closing, however.
Wait until your Closing day, and hold a Simultaneous Closing. This is normally required when a developer does NOT permit re-sales during the pre-construction of the building (before Closing).
Doesn't Condo Flip™ open up the real estate market to "day trading"?
In the stock market, "day trading" refers to the practice of buying an asset (i.e. stocks) and immediately reselling them for a profit (based on daily fluctuations in the market). At first, it may seem that with the ease with which a buyer can use Condo Flip™ to list and sell a condo day trading is possible. However, there are some very distinct differences between day trading and the use of Condo Flip™:
A stock day trader realizes a gain and receives the funds immediately. A Condo Flip™ seller may certainly sell his property quickly, however, in most cases the gain remains in escrow until closing. This may be for several years. So, those gained amounts are normally not available for reinvestment.
Day trading depends on constant fluctuations in the stock market over the course of a given day. The real estate market doesn't really fluctuate, but it does tend to rise. Still, the rise is not a daily rise, even in a hot market.
Why Isn't The Condo Flip™ Search Engine Operating Yet?
We decided that it didn't make sense to launch Condo Flip™ until we had a decent number of condos in our database. So, we decided to launch our site in June 2005, but only to acquire listings. We're going to collect listings until October 2005, and at that time we will launch our searching tool. In the interim, we will be sending out frequent e-mails to our subscribers to give them interim lists of what we have put into our database.
Available In Many Cities: Condo Flip™ is debuting in MIAMI in 2005. The marketplace will start to expand across many new cities, including LAS VEGAS, LOS ANGELES, DALLAS, CHICAGO, NEW YORK, VANCOUVER, TORONTO and MONTREAL, with more to follow. Condo Flip™ franchises are available.
What Is Condo Flip™
Condo Flip™ is an online marketplace where buyers, flippers (sellers), brokers, real estate agents, developers and builders can interact with each other and exchange preconstruction condo properties.
What kind of properties are listed in Condo Flip™
Condo Flip™ listings are for preconstruction real estate only. In order to qualify for a listing, a property must be (a) purchased by a buyer or owned by the developer, (
the property must still be titled to the developer (i.e. the buyer has not closed on the property) and the property must be in an area or jurisdiction in which the Condo Flip™ broker operating in that area or jurisdiction has an active broker's license.What are the fees to buy or sell using Condo Flip™
There is never any kind of listing or service fee for using the technology. A flipper (seller), however, is charged a 4% commission, but only if the condo is flipped. If the developer has any seller fees, the developer will charge the seller directly. Other than those fees, a seller can list without any charges. Buyers are never charged a membership fee. The marketplace is open to everybody.
I don't own the condo yet, so am I allowed to sell It?
All condos that are placed in Condo Flip™ are condos that have been purchased by a buyer, but the buyer has not yet closed. "Closing" refers to the time that the buyer takes over the deed to the property. At that time, the developer also expects to have the balance of the amount owed remitted. So, until that time, you really don't own the condo. You merely have a non-cancelable interest in the condo that ultimately becomes your condo at closing.
However, you are able to find a replacement buyer. If such a buyer is located, we can have them take over your condo purchase (presumably for a profit) in one of two ways:
Receive permission from the Developer (normally by an Assignment Rider that allows you to assign your condo to a new Buyer). There are commissions and fees that may be required. In many cases your original deposit is refunded to you as soon as you have found your replacement Buyer. The gain on your sale, if any, will not normally be realized until Closing, however.
Wait until your Closing day, and hold a Simultaneous Closing. This is normally required when a developer does NOT permit re-sales during the pre-construction of the building (before Closing).
Doesn't Condo Flip™ open up the real estate market to "day trading"?
In the stock market, "day trading" refers to the practice of buying an asset (i.e. stocks) and immediately reselling them for a profit (based on daily fluctuations in the market). At first, it may seem that with the ease with which a buyer can use Condo Flip™ to list and sell a condo day trading is possible. However, there are some very distinct differences between day trading and the use of Condo Flip™:
A stock day trader realizes a gain and receives the funds immediately. A Condo Flip™ seller may certainly sell his property quickly, however, in most cases the gain remains in escrow until closing. This may be for several years. So, those gained amounts are normally not available for reinvestment.
Day trading depends on constant fluctuations in the stock market over the course of a given day. The real estate market doesn't really fluctuate, but it does tend to rise. Still, the rise is not a daily rise, even in a hot market.
Why Isn't The Condo Flip™ Search Engine Operating Yet?
We decided that it didn't make sense to launch Condo Flip™ until we had a decent number of condos in our database. So, we decided to launch our site in June 2005, but only to acquire listings. We're going to collect listings until October 2005, and at that time we will launch our searching tool. In the interim, we will be sending out frequent e-mails to our subscribers to give them interim lists of what we have put into our database.
Available In Many Cities: Condo Flip™ is debuting in MIAMI in 2005. The marketplace will start to expand across many new cities, including LAS VEGAS, LOS ANGELES, DALLAS, CHICAGO, NEW YORK, VANCOUVER, TORONTO and MONTREAL, with more to follow. Condo Flip™ franchises are available.