Monday, September 15, 2008 at 12:33PM
More on VP
Kelly chimed in with an update on the condo deposits - turns out that the $5,000 went towards a 5% non-refundable deposit.
Here's the link to a short update:
http://www.voiceofsandiego.org/articles/2008/09/15/survival/463vpbuyer091008.txt
Jim the Realtor
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Two years late on delivery and these people think they are locked in? Jeez, they deserve to lose money.
It boggles my mind that anyone would pay a non-refundable deposit or sign a full purchase contract on an uncompleted building that did not specify an end date and a provision that allowed cancellation of sale with a full refund of all deposits if the property wasn't ready to occupy on schedule. Who would be stupid enough to buy a home with an open-ended escrow period?
They have a lot to learn from all the airlines raking in discounts and cash from Boeing over late deliveries.
Reminds me of the time I was ordering some furniture and they wanted a deposit. The sales guy assured me it would arrive in three weeks. So I said fine, let's just write it in the contract that if it wasn't there by three weeks I'd get a full cash refund of the deposit. Three weeks? Did they say three weeks? All of a sudden they were sure it would arrive in five weeks, max, or I'd get a store credit refund. We argued for a while and eventually wrote it in that it had to be there in eight weeks or I'd get a full cash refund of the deposit. I reminded them of this after seven weeks, and what do you know, the store owner's frazzled wife showed up at my place at 7 PM on the last day with the furniture on a trailer. Heh.
Just a tangent on MLS..A lot of listings on redfin are missing some key info like a full address, square footage, attached/detached, short sale (the most common gripe for me), or major flaw (like a giant sinkhole next door). Would save everyone a lot of time if they embraced technology and enforced accuracy on MLS.
I joined the yahoo forum for VP, and now I get emailed when someone leaves a message - great.
Here is the first one, in response to Kelly' article:
Low Income Housing where Burger King was?
Was this disclosed in our paperwork?
Units and 95% Financing
As a former employee of a a sub-prime lender I can tell you even at our peak we would not lend on the following criteria:
-95% LTV (I don't plan on putting anymore money down)
-40% Owner Occupancy (Based on that article 60% of the units will be vacant)
-Mixed Use
-High Rise Condo
Who is planning on offering financing? Wells Fargo (Meridian) is not
going to honor those prequal letters?
Glad to be part of the group and I look forward to your response. By
the way found a good article about the Florida market in the WSJ:
http://online.wsj.com/article/SB122091760356512479.html