Vulcan Real Estate released information about the sales process at its Sneak Preview event on Saturday. Due to the significant interest with over 10,000 people registering online, Vulcan will implement a lottery sales approach to provide everyone a fair opportunity.
Here’s the process in a nutshell:
- Interested buyers will register for an Informational Overview session starting on June 21st. Once registered, buyers will receive a Homebuyers Preferences Form which needs to be completed before the Informational Overview appointment. Buyers will also need to view floors plans (which can be done online) prior to the appointment.
- The overview sessions will begin July 5th. The sessions will be limited to 10 people and last between 1 to 1.5 hours. Buyers will be provided information on obtaining pre-approval and a lottery card.
- The pre-approval is important as it will determine the price point the buyer will be able to afford. The pre-approval and lottery card are due by September 1st. The names on the lottery card must match the names that will be on the purchase and sale agreement.
- Owners of the 2200 will be giving priority lottery selection-
the first 5 of each projectthe first 5 for Enso & Rollin Street and the first 2 for Veer will be from lottery cards of 2200 owners. Thereafter, the 2200 owner lottery cards will be merged with non-2200 owner lottery cards.
- Lottery “winners” will be notified between September 10th to September 24th for home selection appointments. Upon notification, buyers will be given 8 hours to decide whether they wish to keep their home selection appointment. If a buyer does not respond with 8 hours, he/she will lose their opportunity. You must be reachable by phone otherwise the next person on the list will be called.
- One the day of the home selection appointment, buyers will select their home and sign a purchase and sale agreement. A 5% Escrow deposit will need to be made at that time. The home selection appointments will begin in late September or early October depending on the project.
The John L. Scott Seattle Center office has been selected to handle sales for Vulcan. For more information, you may contact myself or the Discovery Center.
Until Vulcan adds floor plans, you can view them at urbnlivn.com.
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June 17th, 2006 at 4:41 pm
Will Vulcan guarantee the purchase price or is this a reservation to purchase at a post construction market price?
June 17th, 2006 at 6:09 pm
I cannot speak on behalf of Vulcan, but normally, the price offered & agreed to at time of signing the purchase and sale agreement (at the home selection appointment) will be the purchase price and that will not change. Generally, this price is lower than post-construction pricing.
The purchase and sale agreement is the standard real estate contract in Washington.
Unlike pre-sales at other projects, Vulcan has essentially eliminated the reservation phase.
August 15th, 2006 at 7:16 am
I have an out of town client that would like to purchase. Can I enter him into the lottery? Thanks, shelley hagstrom
August 15th, 2006 at 7:36 am
Shelley – I do believe, at a minimum, a proxy must attend an informational session in order to obtain the lottery card. The name on the lottery card must match the name on the P&S. However, your best bet is to contact the Vulcan sales team at the Discovery Center – 206-342-5900.