Unfortunately there is some segment of those that bought in the mid-2000’s that simply cannot afford to close on their unit due to the economy, no matter what accomodations that the Vue is able to make to help them. Through really no fault of their own, they simply cannot move forward. These folks, as anyone would, have had their lawyers check to see if there were any clauses that would help them out of their predicament. So far, from those I have heard from, the answer is there seem to be no outs.
What I haven’t heard any conversation on is what are the Vue’s options if the purchaser defaults. I read the documents briefly on this but would rather here from buyers that have had their documents reviewed by an attorney. The reason I bring this up is because another condo complex in town that went belly up because of so many purchaser defaults actually went and sued the buyers for damages. This, of course, would add insult to injury in our case. So, if you have any information to share on this subject please do so in a comment.
Again, I want to say that by all accounts, the Vue has been partnering with the Buyers and is being flexible with the contract (like being open to contract assignments even though the agreements expressly prohibit it) in order to do the best they can to keep everyone happy. But when I heard what this other Developer did in town, it has led me to make sure that I understand all my options thoroughly, including if I do walk away, what the possible costs will be. I know for sure the financial cost would already by high and the emotional cost even higher.
Unless there is breaking news, which I don’t anticipate, our next post will be Monday. Please share your comments over the weekend on the blog or send them to Mike at firstname.lastname@example.org if you have questions, concerns, or items to share.