October 25, 2007

Unsold Lots - Update from Homer Tompkins

I received the following email message today from the President of CPDC, Homer Tompkins.  More updates will be posted as more news becomes available.  

“Our primary lender has finally agreed to transfer the loans to M & I bank on November 1st.  I now have 3 interested buyers for the unsold and unfinished lots that have agreed to pay the HOA shortfall and on going HOA contributions in the future, IF, they are successful in buying the underlying mortgage note at the price they want to pay.  Two of the three will retain our services to manage the property, create sales and handle all architectural design and policies in place.  That’s the good news but we can’t deliver the cash offers to the bank until after November 1st but it looks promising and things will continue as they have in the past except these lots will be under a new ownership.  Let’s keep our fingers crossed all will go well and the lender will accept the offer from the two buyers we represent.  If so, homeowners can take comfort in knowing values will be kept up and HOA shortfalls will be funded.  Closing would happen prior to the end of the year at the lenders request.  That’s the latest.  Homer”