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.
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