How to manage this distress deal?
Hello redditors, I am seeking advice from seasoned real estate brokers colleagues. One client is late with payments and already received a notice from the developer that if the balance is not covered by Friday, they’ll start the process to repossess the unit. Currently I am trying to sell at 670k, OP being 816k, delivery at this point is foreseen on April 2027. The discount can’t be much lower than this because it will be more than what actually paid.
Now get to the point: my idea was to offer covering the amount due to the developer now, about 131k, and gain some time to flip it for profit. This I expect could happen towards the end of the year, with better market conditions and the project closer to completion. Is there any way that I can legally “underwrite” this deal, so avoid paying fees like DLD, NOC etc. and avoid the seller turn around after I pay the amount currently due to the developer?
Any useful suggestion would be appreciated