Definition of "Presale"
Susan Kumpula & Edward Heitchue, Real Estate Agent
Remerica United Realty
Selling a commercial or residential unit prior to its completion. For example, a residential home developer discounts the price of a home by $10,000 if prospective buyers will agree to purchase prior to its completion. This enables a developer to obtain a construction loan to complete additional units.
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Comments for Presale
How can you have presales of 120% in property development?
Apr 29, 2018 23:34:11Hey, Jonathan
May 04, 2018 09:14:50We see your comment comes from Australia, so first: Hey, Mate!
Second, the Australian real estate rules are very different from the American ones, so we recommend that you find a real estate agent in your city to help you out on this one, as she/he will be the right person to guide you through that question.
Good luck!
Do most commercial buildings (apartments) require you put in an offer before you can view the property?
Apr 10, 2018 18:28:27Hello, Artemis!
Apr 13, 2018 10:52:03Thanks for reaching out!
You want to buy the whole building, did we get it right? If so, yes it is the common practice to just give you a tour of the common areas (should they exist) like the garage, pool, gym, power control center etc. The current owner doesn't want to bother Tenant's and their privacy and wants to avoid lookie-loos, so they require an offer to see if you're serious about it before allowing you to see any units.