PRE-SELLING ADVICE

Here’s a tricky conversation I had with a client who wanted us to list a pre-selling property...

Client: Good morning, Mr. Patag...I purchased a unit in * last year, but due to personal circumstances, I’ve decided not to push through with it. It’s due for completion around mid-2027. I’m hoping to sell it under an assumed balance. Would this be something you or your team could assist with? Thank you!

Juan: Good morning, Mr. *. I appreciate you reaching out. I’m sorry to hear about the situation—it’s always tough when plans take a different turn.

To be completely transparent with you, we wouldn’t be able to take on this listing, and here’s why:

Developer Restrictions: That particular developer may claim they allow re-assignments, but our experience says otherwise. They tend to sit on the documents.

Current Market Conditions: The market for pre-selling or turnover-pending units is still soft. It's difficult to move listings that are years away from completion, especially with other similar options still available directly from the developer.

If your financial exposure so far isn’t too deep, my honest advice is to consider cutting your losses now rather than holding on and possibly bleeding more in the long run. 🙁

Client: That’s what I was leaning toward—just to stop paying. But they’re still urging me to continue, saying they’ll help find a buyer. I’m just not sure what happens legally since I issued post-dated checks. I’ve paid for around 16 months already.

Juan: Completely understandable. The good news is, there’s no legal risk in canceling—so long as you formally notify them. Just let them know you’re discontinuing the purchase, and they’ll provide cancellation forms for you to sign.

To be candid, I’ve been in your shoes. Back in 2020, during the pandemic, I walked away from a pre-selling investment myself. At the time, it felt like a big loss—around 200k—but it turned out to be the wiser move. To this day, there are sellers from that same project still trying to offload their units.

Sometimes, cutting clean is the smarter financial decision.

Client: Thank you, Juan. I totally agree. I appreciate your honesty. God bless!