Frequently Asked Questions
+ What is the construction timeline and targeted occupancy dates for SOLIS?
Groundbreaking is expected to commence in the September/October of 2018 with first occupancy in early-2020.
+ What is the sales process for SOLIS?
A prospective buyer will initially register on the LiveSolis.com website to be included in a pre-sales reservation event. At the reservation event starting at 11:00am on September 15, 2018, buyers will have the opportunity to reserve their preferred unit by placing a fully refundable $5000 deposit made out to First American Title to hold that unit. After the reservation event, the seller will provide the public offering statement and other related disclosure documents for the reservation holder to review. Sometime in the near future, most likely 3-5 weeks after the reservation event, the seller will give notice to reservation holders to convert their reservation to a Purchase and Sale Agreement prior to completion of the project (“presales”). If a reservation holder chooses to convert to a purchase and sale agreement, earnest money of 5% of the sales price will be held in escrow by First American Title, to be held until closing. If a reservation holder chooses not to convert to a Purchase and Sale Agreement then the $5,000 reservation deposit will be refunded. Prior to the commencement of presales, the seller will not accept or execute any purchase and sale offers.
+ What is a reservation?
A reservation is a private agreement between the seller and the prospective buyer to grant a first right of opportunity on a particular home within a stated price range. This is effectively a presale of a presale because it will identify the unit and a price range and include reference information such as the preliminary floor plan, preliminary floor area and finish specifications.
+ What is the benefit of a reservation?
A prospective buyer with a reservation will be in a preferred position to purchase the identified unit within a specified price range without the risk associated with multiple offers, price escalation or missing out on a home purchase within a competitive market. The reservation program is offered as a convenience to buyers (and to the seller) that are prepared to secure a home for future purchase with preliminary information.
+Why are there price ranges in the reservations?
The seller is in the process of finalizing the product offering with the architect, interior designer and the contractor and has not yet received final bids of the costs to build the project. In addition, the seller has not finalized the governing documents for the condominium. Once these variables are confirmed, the seller will finalize the specifications, pricing and governing documents thereby allowing the reservation holder to either move forward with the purchase opportunity or to cancel the reservation and receive a full refund of the reservation deposit.
+What does it cost to secure a reservation?
A reservation requires a $5,000 fully-refundable deposit that is held in escrow with First American Title Insurance Company. A prospective buyer may cancel a Reservation Agreement at any time without penalty by providing written notice to the seller and escrow agent.
+May I reserve more than one home?
Yes, provided only one home will be in a first-priority purchase position and the second home will not be in a first-priority position. The seller is allowing multiple reservations understanding that a buyer’s preferred home plan may not be available but may become available if the first-priority reservation holder declines to purchase the desired home. Please note that upon the mutual acceptance of a Purchase and Sale Agreement, any additional reservations held by the buyer will be cancelled by the seller. The seller is not currently allowing reservation holders to buy more than one home. Please note that reservations are not assignable and they may be cancelled at any time by either party without penalty upon written notice. The seller reserves the right to make exceptions to any rules on a case-by-case basis.
+What inventory will be released for reservation?
The seller intends to release a minimum of 35% of the homes for reservation. Also, several homes have been retained by the seller and prioritized for reservation by the seller’s network. The seller reserves the right to control the inventory.
+What if my preferred home is already reserved?
Prospective buyers are encouraged to make a backup reservation on a preferred home but also make a separate reservation on an alternative home that is in first position to ensure that at least one opportunity to purchase is presented when the seller moves towards sales.
+What’s the likelihood that a second position reservation moves up in priority?
That is subject to the first position reservation holder deciding to move forward or not. However, if the prior holder doesn’t meet certain financing prequalification standards, the prior reservation will be cancelled, and the second position will automatically move forward to first position. The sales team is very experienced using reservations and has processed hundreds of successful sales. Generally speaking, about 75-percent of reservation holders move forward with purchasing so there is opportunity and movement within the inventory over time.
+Can I be placed on a waiting list for available homes matching my criteria?
Certainly. The sales team will use best efforts to maintain a priority list of prospective buyers for certain home types but will also prioritize second position reservation holders to move forward on first position opportunities, even if the units are different. Generally speaking, this reservation process rewards prospective buyers on a first-come, first-served basis.
+Do I need to be prequalified to reserve a home at SOLIS even if I’m planning to purchase all cash?
Yes. Prospective buyers must apply for a letter of prequalification from one of the seller’s preferred lenders, Fairway Mortgage or HomeStreet Bank, within five business days of mutual acceptance and the final letter must be received by the seller within 25 calendar days. This process is required even if the buyer intends to use all cash at closing without financing. It’s a good idea to complete this prequalification process beforehand to better know what price ranges are affordable. Prequalification does not require the reservation holder to use any particular lender and does not require any deposit or out-of-pocket expense from the buyer.
+May I be represented by my real estate broker?
Certainly. Simply register your real estate broker on the website at www.LiveSOLIS.com (or email email@example.com)and the sales team will keep your broker informed of the reservation and sales process. Alternatively, SOLIS will have brokers available on site to assist you with your reservation, purchase and sale of your current home, if desired.
+Can I add my real estate broker later to my reservation?
No. The registration policy requires that your real estate broker is registered in advance on the website at www.LiveSOLIS.com or is in attendance with you during your reservation. Please see our Buyer Registration Policy for details.
+Can my real estate broker represent me during reservations if I’m unable to attend in person?
Yes. Your broker will need to attend in person and bring with them your payment and your signature on the Reservation Agreement. Your broker will need to be in communication with you about the available homes and select for you. Generally speaking, the sales team will be observing one person, one unit and one reservation at a time.
+Can I send in my Reservation Agreement and deposit in advance or call in my preferences?
No. All buyers and/or brokers need to be present during the reservation event in order to preview the offering (floor plans, views, finish specifications, etc.) and select their desired home from the available inventory. The seller is prioritizing those prospective buyers that are present. The sales team will be observing a high volume of interest during the reservation event and may not be answering the telephone, emails or fax machine communications until the reservation activity subsides.
+Why do I need to confirm the intended use of the home I am reserving?
The reservation agreement requires you to disclose your intended use of the property as (1) a primary residence; (2) a second home; or (3) an investment property. The number of homes purchased as investment property affects the ability of other buyers to obtain “conventional” financing, meaning mortgages will be underwritten by Fannie Mae standards and sold on the secondary market. If there are too many investor buyers, then lenders will not be able to make conventional loans and the cost of financing goes up for all buyers. Therefore, the seller reserves the right to limit the number of investors.
+Will there be a rental cap on the building?
Although the seller will limit the number of investors that purchase in the building, the initial condominium declaration does not limit the number of rentals. After sales are complete, the owners and the board of directors for the condominium association are free to make their own decision whether to impose a rental cap.
+How will I know when the investor limit has been met?
The seller will provide a notice during the reservation event and prospective buyers will be given the option to purchase as a primary residence or a second home, however they must qualify for such with the financing prequalification. The prospective buyer may still reserve the home as an investor, however the Reservation Agreement clearly states that the seller may elect to prioritize another reservation that is not classified as an investor sale.
+What are the estimated Home Owners Association monthly dues and what will they include?
Based on prior experience, it is estimated that the condominium dues will be in the range of $0.70-$0.75 per square foot per month. At that rate, a 600 sq. ft. condominium would have dues of $420-$450.00 per month. The offering materials will contain an estimated budget for the first year of operations and the resulting initial monthly assessments (dues). At this time, it is estimated the dues will include all garbage, professional property management, operation of building amenities including common rooftop deck, building maintenance including hot water and Energy Recovery Ventilation and reserves. Each homeowner will be responsible for individual electricity, cable/telephone/Internet.
+How will parking assignments work?
SOLIS has a limited number of parking stalls. Parking will not be included with the base purchase price ranges offered during reservations. Certain homes will have the option of purchasing parking, which will be added to the base purchase price of the home. If the prospective buyer purchases parking, it will be reflected in an amendment to the Condominium Declaration as a limited common element assigned to that home. At this time, parking stalls will be offered with a price range of $50,000 to $65,000 for typical stalls. We are working on securing additional parking opportunities to lease from neighboring parking lot but this cannot be guaranteed at this time. When the parking is added to the home, its value should be reflected in the appraisal obtained for financing purposes.
+When may I enter into a Purchase and Sale Agreement?
The seller expects to offer the opportunity to execute binding purchase and sale agreements for the homes in the fall/winter of 2018. Until then, prospective buyers are encouraged to reserve their desired home via a Reservation Agreement.
+What deposit will be required by the Purchase and Sale Agreement?
At this time the seller is planning to require a 5% earnest money deposit when the Purchase and Sale Agreement is mutually accepted. The earnest money deposit will be held in escrow.
+What are the specifications for the homes?
The New Development Preview Center includes sample finishes for the units, including options as well as finishes for the common areas. The seller is providing the best information they can at this time but the floor plans and specifications remain subject to change. All will be confirmed prior to prospective buyers moving forward with Purchase and Sale Agreements.
+Is the seller planning options and upgrades and, if so, how will they work?
Yes, the design team is working hard to provide several design personalization options including upgrades for appliances, tile, window coverings and technology. Most upgrades and personalizations will be selected at the time of signing the Purchase and Sale Agreement. Buyers may be able to select certain other upgrades for a limited period after signing the Purchase and Sale Agreement. The Purchase and Sale Agreement and related documents will further describe this process. To select upgrades, the buyer will execute an Options and Upgrade Addenda that will require the buyer to make a non-refundable payment for the options or upgrades, which will be released to the seller and contractor.
+Will the homes at SOLIS be listed on the Northwest Multiple Listing Service?
Yes, after the final listings are completed with pricing and other information required by NWMLS. At this point, the seller’s listing broker, Realogics Sotheby’s International Realty, has posted a Letter of Authority on the NWMLS. All promotions for SOLIS are being offered by Solis Seattle, LLC and prospective buyers are being directed to the seller’s designated Sales Director, Dave Janssens, who may be reached at firstname.lastname@example.org or call 206 455-5937 or call/text 425-785-7432.