It is really saddening to hear when a buyer wants to cancel a condominium he purchased, because you know, investing in a property is one of our dreams. Right? And having the chance to purchase at preselling stage is really one great opportunity. However, not everyone gets lucky. There are many reasons for this situation happening, here are just some:
- Buyer was not properly educated by the agent
- The agent left the buyer alone right after getting the reservation making him not able to monitor the status of client’s account
- Buyer did not have buffered funds to cover in case of any emergencies
- Buyer suddenly in need of cash or suddenly lost income which makes him unable to sustain the monthly payments
Whatever the reason may be, first, think it through. And instead of cancelling, sell it.
As per Maceda Law, if you have been paying for at least 2 years, you may get 50% of all payments you have made. Otherwise, chances are you get nothing. That is why it is important to get educated before investing and dealing with a trusted real estate professional. You may get the services of a licensed broker to guide and help you in finding the right investment for you. Feel free to reach me. All the best to you!