Comments on: Gallery Residents Moving In

By: IDEA

IDEA — Mon, 24 Nov 2008 15:42:18 +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.

By: Pat

Pat — Mon, 24 Nov 2008 07:10:21 +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.

By: rollin st.

rollin st. — Tue, 30 Sep 2008 00:54:44 +0000

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

By: Foster

Foster — Mon, 29 Sep 2008 22:44:22 +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.