Dear Sobu Homeowners,
The buyer has spent the past 90 days conducting due diligence including filing an application to rezone the property. They are very optimistic and want to move forward with this purchase.
On January 1st, the buyer had two options: 1) To terminate the deal and walk away receiving their earnest money back, or 2) To express interest in moving forward with the deal by paying additional non-refundable earnest money.
They do want to move forward with this purchase; however, they can’t place additional non-refundable earnest money up at this time. REASON: During the past 90 days of due diligence, two SOBU units have been foreclosed on and are now bank owned. This means that we do not have control over those units and they are not locked up and under contract as the other 130 units are. Our commitment in selling this building was to provide all 132 units to a buyer via contracts. We now have only 130 units under contract due to these two foreclosures, therefore, we can’t expect the buyer to put up non-refundable money because the buyer is aware that we can’t deliver all units at this time.
SOLUTION: We are working to contact banks in order to acquire these two units. In the meantime, we have amended the Assignment Agreement to allow the buyer to move forward with his due diligence but to delay the payment of the earnest money. As soon as we gain control for the foreclosed units, the buyer will have five days to pay the additional earnest money.
We are hopeful that we can work together with the banks and secure control of these units so that this deal can stay together. We anticipated in the beginning (and expressed our concern to you) that one very real challenge in this process could be foreclosures occurring in the building. It is imperative that any SOBU owner facing foreclosure contact Josh Reeves @ 404-547-3622 or jreeves@kw.com immediately so that we can prevent this from happening with other units.
Our buyer is committed to this project and wants this deal to happen. We will do everything in our power to acquire the two units and we will move forward from there. We will send another blog update on January 15th—we remain very optimistic about this deal!
We are will have a formal meeting held at the Keller Williams Peachtree Battle office Mid February.
Sobu Flats Assemblage has moved to www.sobuflats.info
Please visit www.sobuflats.info
11 comments:
Wow - what a roller coaster. Thanks Josh for the update and for working with the banks. Is there a benefit to the bank for hanging on to the units? Does this mean that we all have to sign something again (all 130 of us)?? Or is this new amendment something that will not require all of our signatures again?
Those facing foreclosure are probably not reading this blog or actively participating in HOA meetings. And likely not publicly announcing their financial troubles. At this point i don't know why everyone with the tools to help aren't giving 100% cooperation to this deal. If someone stops paying dues (a good sign something is amiss financially) why can't we reach out to them at that moment? STOP coddling these people - too much is at stake. If someone buys a foreclosure - how do they get access to gate? Mailbox key? Their name put into the call box? Someone has immediate contact with these people and that's where we need to start damage control. The state of the building and assemblage should be covered before anything else. Time to be proactive not reactive . .
When were these foreclosures first realized? I am a little confused by this email; because, it seems it came down to the date a decision was supposed to be made about earnest money we/the realtors are just now contacting the banks?? I guess I would have thought that this was something that would have been watched by the realtors? Am I wrong? And that this was something that could have been handled the minute it went public??? I hope I am wrong, and there was not any delay in trying to acquire them and that this is not going to blow our chances of selling our building? If anyone can provide positive feedback that would make me feel better I would appreciate it.
I think that if some of the homeowners are not reading the blog, it is imperative that we find another mode of communicating important information. I suggest that an official posting be conspicuously displayed on the bulletin boards. Again, individuals facing foreclosure, please, please, PLEASE contact Josh Reeves at Keller-Williams Realty!!!!!!!!!!!
In my opinion this is something that the Realtors should have had a handle on and been watching for weekly, if not DAILY!! I know there are FREE publications
(available to anyone)that list the foreclosures and I'm sure that there are plenty of others available to a national firm like Keller Williams. Seems to me like the Realtors dropped the ball and were not aggressivley searching for something like this. They are getting paid an enormous amount of money for this deal, and they can't expect us homeowners to do their job!! This is their job, they do it day in and day out, not us, so THEY should have been more attentive in my opinion.
So are we actually in the rezoning period at this time; but, without any earnest money paid?
In defense of the realtors, there is no way for them [the realtors] to know about foreclosures prior to the foreclosure going public. If the condo owners do not inform the realtors of an imminent foreclosure, then it is impossible for the realtors to know until the foreclosure is released publicly by the lender. The process of foreclosure is lengthy and may have been in process during the 90 day due diligence period of the buyer and only became public recently. And from my experience, foreclosures that have not been released by the lender are extremely difficult to track until they have been fully processed internally by the lender. Let's hope that additional information about the current predicament is provided soon.
which banks foreclosed on the units and which units? I may be intrested in purchasing them
I agree with the educator. There is no way possible for the realtors to know about the foreclosure status prior to, unless the owner relayed that information. I think we should all let the realtors do what they do and await the update on the 15th of January. Banks are not set up to hold the properties, so I am positive they (the realtors) will take the necessary steps to regain the ownership so that we can continue to move forward. We are soo close to getting through this right now, so stay positive! :)
The re-zoning window is now open (60 days) and they are in the process of getting that taken care of, so we have time to regain the units.
It is mid-day on the 15th and I am waiting for an aforementioned update....
The last one didn't come until after the end of the work day. I am assuming that is when the one today will come as well.
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