Encore Closing and Leasing FAQs

I spoke with Ashley Dugger at the sales center today to ask her a few questions regarding Encore closings, leasing, etc and here are the answers:

Q: Will the developer allow us to move our closing date back to our original contracted closing date?
A: If the buyer is having trouble obtaining financing they need to fax or mail a signed letter explaining the trouble they are experiencing and the developer will work with each buyer on a case by case basis.

Q: Will the developer allow a buyer who cannot qualify for financing out of the contract?
A: No, there is no case in which financing lets you out of your contract. You will need to make application with a developer approved lender (SunTrust) and if you do not qualify they will send that information to the developer. If you do not qualify you will need to look for co-signers or replacement buyers (I am looking for replacement buyers as we speak).

Q: If I exhaust all of my available financing options is there a case where I get to walk away from my deposit and condo?
A: No, we have a responsibility to our investors and creditors to close all of the condos that have been contracted in order to pay back our construction costs.

Q: Can we obtain leasing status when we close?
A: No, you must obtain leasing status prior to going to the closing table (different from Viridian). Those who do close without leasing status will have to wait 6 months before applying for leasing status.

Q: Are there any exceptions to this leasing status rule?
A: A buyer can apply for a hardship exception that would allow for instant leasing status in few cases.

Q: How do I obtain leasing status?
A: You contact Stephanie or Ashley at Encore and arrange to deposit an additional 5% to obtain leasing status. As of today there are only 32 permits left out of 70.

Contact Information

Ashley Dugger can be reached at the sales center Mon-Sat 615-324-3838 or via email: ADugger@novaregroup.com

Click here to see more pictures of the finished Encore Condos

If you liked this post, you may also like:
Downtown Nashville Condo Update
The Encore Discounts Condos, Deeply
The Terrazzo Gains Commercial Office Tenant
Video of the Condos in the Gulch

Encore Closing and Leasing FAQs

I spoke with Ashley Dugger at the sales center today to ask her a few questions regarding Encore closings, leasing, etc and here are the answers:

Q: Will the developer allow us to move our closing date back to our original contracted closing date?
A: If the buyer is having trouble obtaining financing they need to fax or mail a signed letter explaining the trouble they are experiencing and the developer will work with each buyer on a case by case basis.

Q: Will the developer allow a buyer who cannot qualify for financing out of the contract?
A: No, there is no case in which financing lets you out of your contract. You will need to make application with a developer approved lender (SunTrust) and if you do not qualify they will send that information to the developer. If you do not qualify you will need to look for co-signers or replacement buyers (I am looking for replacement buyers as we speak).

Q: If I exhaust all of my available financing options is there a case where I get to walk away from my deposit and condo?
A: No, we have a responsibility to our investors and creditors to close all of the condos that have been contracted in order to pay back our construction costs.

Q: Can we obtain leasing status when we close?
A: No, you must obtain leasing status prior to going to the closing table (different from Viridian). Those who do close without leasing status will have to wait 6 months before applying for leasing status.

Q: Are there any exceptions to this leasing status rule?
A: A buyer can apply for a hardship exception that would allow for instant leasing status in few cases.

Q: How do I obtain leasing status?
A: You contact Stephanie or Ashley at Encore and arrange to deposit an additional 5% to obtain leasing status. As of today there are only 32 permits left out of 70.

Contact Information

Ashley Dugger can be reached at the sales center Mon-Sat 615-324-3838 or via email: ADugger@novaregroup.com

Click here to see more pictures of the finished Encore Condos

If you liked this post, you may also like:
Downtown Nashville Condo Update
The Encore Discounts Condos, Deeply
The Terrazzo Gains Commercial Office Tenant
Video of the Condos in the Gulch

Nashville Mortgage Rates Lower, Home Sales Up

Nashville mortgage rates chart

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 5.85% with an average 0.4 point for the week ending March 27, 2008, down from the prior week when it averaged 5.87%. Last year at this time, the 30-year FRM averaged 6.16%.

The 15-year FRM averaged 5.34% in the latest report, with an average 0.4 point, up from the previous week when it averaged 5.27%. A year ago at this time, the 15-year FRM averaged 5.86%.

“Long-term mortgage rates were relatively unchanged in the past week as the latest economic indicators came in much as expected,” said Frank Nothaft, Freddie Mac vice president and chief economist. “On the housing front, house prices keep declining across the nation. Lower prices improve affordability and the National Association of Realtors reported that its home affordability index was at the highest level in nearly five years, contributing to a pickup in existing home sales in February.”

If you liked this post, you might also like:

Nashville Mortgage Rates Lower, Home Sales Up

Nashville mortgage rates chart

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 5.85% with an average 0.4 point for the week ending March 27, 2008, down from the prior week when it averaged 5.87%. Last year at this time, the 30-year FRM averaged 6.16%.

The 15-year FRM averaged 5.34% in the latest report, with an average 0.4 point, up from the previous week when it averaged 5.27%. A year ago at this time, the 15-year FRM averaged 5.86%.

“Long-term mortgage rates were relatively unchanged in the past week as the latest economic indicators came in much as expected,” said Frank Nothaft, Freddie Mac vice president and chief economist. “On the housing front, house prices keep declining across the nation. Lower prices improve affordability and the National Association of Realtors reported that its home affordability index was at the highest level in nearly five years, contributing to a pickup in existing home sales in February.”

If you liked this post, you might also like:

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