Another article that I think will be of some interest to pre-sales buyers at the Vue Charlotte appeared in the Wall Street Journal on November 16th. The article can be found here: Buyer’s Balk, Claiming No Loans.
In this situation, 67 would-be buyers filed a complaint that they wanted their money back because they were “unable to obtain loans after the ‘collapse of the mortgage market’ and were unable to close.”
The lawsuit says the developers failed to file a disclosure statement. It also states that buyers have been unable to obtain loans “despite assurances that the sponsor had lined up preferred lenders to help them.”
At the heart of the dispute is the Interstate Land Sales Full Disclosure Act, which has come up in several posts now where buyers have leveled lawsuits in order to attempt recovering their deposits.
I hear from all sides of this issue, from folks working on finding a way to get their deposits back; to folks ready to accept losing their deposit; to folks ready to accept losing their deposit but legally preparing in case the Vue goes after more; to folks who think the right thing to do is close on their unit and honor their contract.
Of interest to me today is the fact that we are not alone here in Charlotte. Many buyers of similar buildings in other cities are all facing similar problems and dilemmas. As we work through our own transactions, we should at least be aware of what is going on in other cities and states. So if you see articles of interest such as this one, please share it in a comment or send mail to Vuebuyer10@yahoo.com!