Quote:
Originally Posted by gman1969
They will be returning deposits even if the entire deal falls through.
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You're technically correct but it could be a bit misinterpreted for those new to this whole presale thing.
For the record, likely this new bid is assuming existing presales and has some sort of condition on it going through. So the presale contracts would just move over to the new owner with deposits moved to a new trusty. They'd then issue a new disclosure for obvious reasons (new developer, new dates, etc.) and then at that stage those that purchased units could opt out and get their money back.
You'll bet your bottom dollar though the new purchaser would try really hard to keep all the presales by throwing in enticements like money back, better appliances, home decoration allowances, several months of free mortgage payments, etc. For something this far along in the development cycle, they wouldn't be bidding to purchase without intention to get it built and turn a much faster profit than had they started the development from scratch. If they don't throw in some magic catnip, they'd be complete idiots.
So yes if you want your money back you'll get your money back at some stage if you really want out, you'll just need some patience as it doesn't just happen immediately after someone buys the project and you'll likely need to wait for a new disclosure then opt out of keeping on with them.
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