In a post sometime back, we mentioned the process of the Vue Charlotte requiring a denial letter from the Preferred Lender if you fail to qualify for a loan. What I have come to learn is that the mortgage consultants that we call are actually paid on an all-commission basis. In other words, if you try to pre-qualify and find that you don’t, getting an “official” denial letter would require you to pay and go through the formal mortgage process, otherwise these folks make nothing for all their trouble. It is a royal pain for both the lender and the buyer, and no one wants this. Not to mention, this would again be throwing yet more money towards this investment for really no good purpose except to prove to the Vue that you really can’t finance your unit. My understanding is different lenders are trying to accommodate the pre-sales buyers in different ways, and hopefully the Vue Charlotte is going to accept the alternatives that the lenders are offering (like a simple mail).
People not showing up for closings; many people not formally going through a financing process because they fail to pre-qualify; the Vue Sales team needing commissions to pay their bills; the Developer having to pay the HOA for 400+ units never mind the interest and principal on the construction loan; the economic impact of the Vue Charlotte’s troubles is widespread. At some point, and I have no idea when, something has to change. I hope it is soon.
Please share your situation with Vuebuyer10@yahoo.com and help your fellow pre-sales buyers if you can. Thank you!