Watermarke

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halfnote19_IHB

halfnote19_IHB

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I have a coworker who is (or was) currently in escrow for a unit at the watermarke.

Turns out the bank will not give her the loan for a place here because the HOA is suing the builder. There are cracks in the cement, not sure where in the cement.



Has anyone heard about this lawsuit? How can we find out more info on this?
 
[quote author="halfnote19" date=1242949271]I have a coworker who is (or was) currently in escrow for a unit at the watermarke.

Turns out the bank will not give her the loan for a place here because the HOA is suing the builder. There are cracks in the cement, not sure where in the cement.



Has anyone heard about this lawsuit? How can we find out more info on this?</blockquote>
The fun continues...I wonder how far the prices will fall when no lender wants to touch this condo property.
 
[quote author="halfnote19" date=1242949271]I have a coworker who is (or was) currently in escrow for a unit at the watermarke.

Turns out the bank will not give her the loan for a place here because the HOA is suing the builder. There are cracks in the cement, not sure where in the cement.



Has anyone heard about this lawsuit? How can we find out more info on this?</blockquote>


It's a legitimate lawsuit. Property was built fast and built to be an apartment building, not condos. Sound attenuation issues are rampant. I don't think you need or want to know more other than they will be in litigation for years as the problems aren't going to be easily fixed. Find out who manages the HOA and ask them about the details.



Your friend lucked out. A bank finally acted rationally and reigned in an irrational home buyer.
 
do a search for the thread, Opinion Of The Watermarke, or something like that. We used to live there, and we lived through the construction inspections, this place never ceases to amaze me, tell you co-worker to run for the hills...



<a href="http://www.irvinehousingblog.com/forums/viewthread/39/P25/">here </a>it is, man does that bring up bad memories...
 
Actually my coworker was really upset with the bank for not letting her buy it.

She does not care about the crack or the lawsuit and just likes the place.

She was going to try to find another lender who would let her purchase the place, but fell out of escrow for some reason.
 
Construction defect plaintiffs often win the battle and lose the war. If they win the lawsuit, they will get some relief. But when they later sell, they often discover that they have to suffer a big decrease in price because there is a public record that the home had been the subject of construction defect litigation.
 
[quote author="tkaratz" date=1242960879] Your friend lucked out. A bank finally acted rationally and reigned in an irrational home buyer.</blockquote>


When I worked at the bank, that was kind of a stardard issue part of the job. Nice to see it's back, and thank you for pointing it out.
 
I just read starting in April all condo mortgages needed a 25% down payment to qualify, plus a .75% loan fee, even with perfect credit. How lame is that? Banks say they need to pass along the higher rates and fees and toughen lending practices to make up for the dead beats of the past 8 years who couldn't or wouldn't repay their loans.
 
[quote author="norcaljeff" date=1243575485]I just read starting in April all condo mortgages needed a 25% down payment to qualify, plus a .75% loan fee, even with perfect credit. How lame is that? Banks say they need to pass along the higher rates and fees and toughen lending practices to make up for the dead beats of the past 8 years who couldn't or wouldn't repay their loans.</blockquote>
Easy fix...just get an FHA loan.
 
Where did you read this information? Is there a place I can find out more about these new rules? Does that also apply for FHA loans?
 
[quote author="usctrojanman29" date=1243575868][quote author="norcaljeff" date=1243575485]I just read starting in April all condo mortgages needed a 25% down payment to qualify, plus a .75% loan fee, even with perfect credit. How lame is that? Banks say they need to pass along the higher rates and fees and toughen lending practices to make up for the dead beats of the past 8 years who couldn't or wouldn't repay their loans.</blockquote>
Easy fix...just get an FHA loan.</blockquote>


Those are federal requirements, I didn't seen any exemptions to the rule. The article wasn't online, but in one of the main financial magazines so I'll look around for it and post where it was located.
 
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