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From my understanding, the appraisals have come in lower than the last reduced price for the units. Original purchasers had put 10% down, were prepared to put another 10% down at closing and wanted to finance the rest. The financing needed in some, if not all cases, is coming in higher than the latest appraisals. Banks, in the current environment, are not willing to finance that risk and buyers are not able to easily come up with the difference. My uneducated advice to you is to wait...
Is is possible that the "clock" could run out on these contracts due to the length of time it is taking to get to closings? Or could the change in terms indicate a breach of the origional contract? We are in a situation that warrants holding out as long as possible....
.... just hope everyone else feels the same way about it!
They now have approval from the banks and are ready to start closing. The prices have been reduced again. This information came from my realtor as did the information for the last post I made. I hope this is the last holdup as I am ready to close, it has been a long time.
The developer may have to know how many can close for sure so as to have enough homeowners to carry the HOA fees; otherwise, those may be prohibitively high if divided among homeowners. The developer may not be financially able to kick in for units not closed. It definitely makes me want to wait to purchase, even if the prices creep up a bit.
I hear some people have walked away from the contract but have no real proof. The HOA fees are high; approximately $720, could be more.
I have heard the new prices but have not rec'd a new sales contract yet.
In talking with some other investors we wanted to know what everyones intentions are for this project. How many of you are going to close? How many are not? And what advice might you have for either....
....I think it would be prudent to stay in touch on this matter.
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