Legal Costs vs Benefits Fighting the Vue Charlotte Lawsuits

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.

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7 Responses to Legal Costs vs Benefits Fighting the Vue Charlotte Lawsuits

  1. Holly says:

    Let’s not spend $50,000 each on a lawsuit…let’s get together and protect ourselves in a class action, or a single attorney/law firm. It would be silly, even for the 4 that are already being sued, to each have separate counsel.

  2. Jan says:

    If I were the buyers being sued, I would certainly join forces and hire the best lawyer at the best price. It would seem that having one law firm handle all consolidated cases would be the best way to minimize the costs of litigation. Just a thought. Jan

  3. Jan says:

    Sorry, Holly. I posted before reading your post. You are 100 % correct. The buyers will get the best deal by working together with one firm. Jan

  4. LA says:

    I strongly agree with Holly and Jan … chances are these are the first 4 lawsuits of many to come. One can only assume that these are the first to go into default and after the 20 days passed, the legal notice was served.
    Another note to add to this post is one’s concern over the future stability of the Vue. If they’re going to be embroiled in lawsuits for the foreseeable future, what will happen to those who do close? The building going bankrupt seems likely … so for the courts to force people to close with the foresight that this building will not stand the financial test of time seems completely unfair and irresponsible. This situation seems far different from the court case MCL referenced awhile back. The development in that case was fully established, lived in and financially sound. It just can’t be a fair precedence / comparison for these upcoming cases.
    I truly hope the buyers who are sued will contact Vuebuyer10 to build strength in their numbers.
    ~LA

  5. Holly says:

    So who wants to coordinate finding a top attorney and build a list of buyers to join the group? We need to get going quickly.

  6. Melinda says:

    I didn’t think this was happening to anyone else. We don’t live in NC any longer so we’re not sure what’s going on. I would like to know what I can do?

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