Equinox is holding their Grand Opening on April 14th and 15th, 2007. Prior to the Grand Opening event, home buyers who are interested in this condo can RSVP for a private preview at their Presentation Center which will occur on March 24th and March 31st, 2007. Priority purchase appointments are on a first come, first served basis.
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Well I must say. This thing is a bust. I-5 noise right outise your window, tiny floor plans, high prices and the biggest crook developer in the city who has no mission other than squeeze you for as much money as possible with no regard for fairness…stay away from this thing. I was down in their showroom the other day and they havent sold 1 single solitary unit this entire year!!! Wow, thats not good. The sales manager, sour and bitter with an attitude was impatient, pushy and very rude. She seemed like she didnt even want to spend any time talking about the units with me or going over anything. Then I wondered how many have sold and she said 61 units have sold out of 204! 143 units left? What a pathetic project. They may convert to apartments, which may actually be a great idea. I would rent there but certainly not buy. A decent rent rate would catch my eye, but Im telling you, dont waste your time with that thing.
I need help in determining the legality of my contract and what my options are at this point.
I am a buyer here. I love the project and think it will be great.
I was preapproved 2 years ago by First Horizon.. which is now MetLife. I put down the required 5% earnest money.
Since then, as is obvious, things are different. Lenders are requiring 10% down and credit is tight. Again, obvious obvious obvious stuff.
I still qualify with 5% down by lending standards as they are today, but I cannot come up with the other 5% right now as we approach closing.
If I am unable to find financing for the unit that I was preapproved for 2 years ago by then First Horizon, does my 5% earnest money come back to me? Does my earnest money come back to me if the project keeps getting delayed? It has been 3 times now that my anticipated closing has changed and I have never received a statement from Equinox asking me for permission to accept the delay again, again, again. Does this break contract? Does my earnest money come back to me?
I guess I am looking for some help and am curious if anybody else out there is experiencing the same issue with options and earnest money, contract questions?
Does anyone know any answers here? Any buyers from Equinox? Similar questions, thoughts? Anybody?
Thanks and if anyone knows a real estate attorney who is familiar with/working on a case at Equinox, please PASS ON!
Thank you for any help or expertise..
Did you buy through your own real estate agent or did you go direct? If the former, I’d ask him/her to investigate for you.
Direct.. in hindsight I know that I should have used my own representative.
As is, do you know how to begin investigating whether I am allowed my earnest money back?
Know of a great real estate attorney, particularly one who is working with current purchasers at Equinox
Craig Blackmon has been assisting a number of buyers on earnest money check refund issues. You can contact him at 206.849.0853/ 206.357.4222 or email@example.com. He should be able to help you.
Thanks Wendy. I have also heard Stephen J. Crane and his team are currently representing some buyers at Equinox. Know anything about him?
Anybody currently in the same situation PLEASE FEEL FREE TO CHIME IN AND TELL OF YOUR EXPERIENCE/SUCCESS.
Thank you so much.
I know the Equinox inside and out. I was a steel framer through most of the project and if you want to know what I think about this place let me know. After working there for months and months I can tell you some interesting things. Just leave a comment here if you want to know more. I also have pictures that I took from 2nd floor to the top with video. I have some very good things to say and some ok things to say. I was just checking the pictures from google Earth street pictures today and they were pretty cool. Thanks