In the mean time, many of the contract owners are getting the following letter:
Dear X,We have not heard from you in some time. We hope you are doing well. Initial unit sales at the VUE Charlotte have now passed the $15 million mark and we are writing to provide you with some information that may make it easier for you to close on your unit at the VUE.
If you require lender financing in order to purchase your contract unit, you should be aware of the following:
1. As an accomodation to buyers who close through our preferred lenders, we continue (without an obligation under contract to do so) to give those buyers $2,000 credits against settlement costs at closing.
2. One of our preferred lenders, Guaranteed Rate, is now offering up to 90% financing (at what we believe are very favorable and competitive rates) to qualified borrowers. Such terms aer of course subject to change without notice, and not all loan applicants will qualify. The contact information for Guaranteed Rate is as follows:
Matthew Coogan SRVP, Branch Manager
You should also know that our sales team may have some flexibility to get creative in these tough economic times in order to facilitate unit closings and/or alternative resolutions for existing contract buyers. As always, contract and buyer situations are considered on a case-by-case basis. Nevertheless, and without committing to any action or agreement on our part, one or more of the following may apply in your case:
- We may in some cases consider waiving applicable late closing fees for buyers who close expeditiously
- In the event we have sold or are currently listing aq unit that we feel is comparable to your unit under contract, for a price that is significantly less than your contract price, we may in some cases consider reducing the price of your unit to make your price more in line with current sale prices and asking prices at the VUE Charlotte. You should know, however, that in many instances, units are in fact selling today and being listed today at prices that are higher than the prices in place under longstanding contracts.
We hope that you find the information in the letter helpful and informative. Candidly, we are really looking, during the next 60 days, to close units and to determine which contracts simply cannot close because financing is unavailable. As a result, we may be more willing to work with buyers (outside of the contract terms) now than we will be later.
In closing, and to be clear:
1. THIS LETTER DOES NOT CONSTITUTE AN AMENDMENT TO YOUR CONTRACT OR AN OFFER TO AMEND YOUR CONTRACT. THIS LETTER DOES NOT GIVE RISE TO ANY BUYER RIGHTS UNDER THE CONTRACT, OR RIGHTS TO REVISE THE SAME.
2. THIS LETTER DOES NOT CONSTITUTE A WAIVER OF ANY DECLARED OR UNDECLARED DEFAULT, OR WAIVER OF ANY RIGHTS WE HAVE UNDER THE CONTRACT, OR OTHERWISE AT LAW OR IN EQUITY.
3. CONTRACTS AND BUYERS ARE CONSIDERED ON A CASE BY CASE BASIS, AND WE HAVE NO OBLIGATION, AS A RESULT OF THIS LETTER OR OTHERWISE, TO AGREE TO ANY CONTRACT AMENDMENTS OR TO OTHERWISE CONFER ANY ACCOMODATIONS OR BENEFITS ON ANY BUYER. NO ACCOMODATION EXTENDED TO ANY ONE BUYER WILL IMPLY OR NECESSITATE THAT THE SAME (OR ANY LIKE ACCOMODATION) BE EXTENDED TO ANY OTHER BUYER.
4. YOU SHOULD NOT TAKE ANY ACTION FOR FAIL TO TAKE ANY ACTION IN RELIANCE UPON ANY EXPECTATION YOU MAY HAVE AS A RESULT OF THIS CORRESPONDENCE. THE MATTERS ADDRESSED IN THIS LETTER ARE SUBJECT TO CHANGE WITHOUT NOTICE.
This is an indication that the developer is trying to work with existing contract owners to close out on their units. As I have indicated previously, it is a great building and will not be duplicated in the near future in Charlotte. It will be wonderful to see it sport more lights indicating more occupancy.
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