Urbnlivn - Latest Comments in Gallery Residents Moving In | urbnlivn on Seattle condos

Re: Gallery Residents Moving In | urbnlivn on Seattle condos

IDEA — Mon, 24 Nov 2008 10:42:18 -0000

I have read about several people that UNsuccessfuly tried to get earnest money back at olive8. I think this topic deserves its own post, and would be very helpful for the hundreds of presale buyers that are anxious right now.

Re: Gallery Residents Moving In | urbnlivn on Seattle condos

Pat — Mon, 24 Nov 2008 02:10:21 -0000

Foster,

Where did you hear that buyers are getting out while retaining earnest money? I have heard the exact opposite for the buyers who are getting hosed at Gallery. No one can even get loans unless the building is 50% sold, which Galley has not yet currently done. They are still at 48% sold.

Re: Gallery Residents Moving In | urbnlivn on Seattle condos

rollin st. — Mon, 29 Sep 2008 20:54:44 -0000

We are wondering the same thing. Please share your experiences in obtaining financing in this volatile credit crunch.

Re: Gallery Residents Moving In | urbnlivn on Seattle condos

Foster — Mon, 29 Sep 2008 18:44:22 -0000

I recently learned that in the current credit crunch, select buyers at Brix and Gallery have been unable to secure financing for their units. While some have simply forfeited their earnest money, others have been able to get 50% back or in some cases all of their earnest money back.

While it is rare that I compliment a developer, I will take this moment to say that I applaud Schnitzer Northwest for working with people who have been unable to get financing for their homes. It is the ethically correct thing to do.

I do wonder, though, what is happening to homebuyers who have the same issue at other projects in the city.