As we wonder what the first 4 pre-sales buyers will decide to do, close or litigate, we can put ourselves in the same position and decide on what we would do. The immediate question is on a 250K condo is it worth $50,000 in legal costs for what is at best an uncertain outcome? Another question is just how overvalued is the condo we are buying? Appraisals may be coming in at 10 or 20% less than contract price, but these may not actually reflect the true market value. The market value could be even less. Another question is what were the plans for the condo…to live, to rent, to vacation. And yet another is how happy is one with the actual final product…did it meet your luxury expectations.
There is also a values question: do you have a strong core belief one way or the other on whether you should have to move forward with this purchase? Do you believe you were dealt with fairly; do you believe the Developer was reckless in building the structure and should have known most wouldn’t buy, or do you believe he could have had no way of knowing this; and finally, do you have the means and the stomach to go into legal battle.
These are just some of the things I can think of. Do you have other factors that might be considered? If so, please share them in a comment or with Vuebuyer10@yahoo.com.