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PUTNAM LOFTS - LOTTERY DRAWING |
Putnam Lofts - Fifth Floor |
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Slated for Completion in April 2009 |
Feb. 21, 2009
Putnam Lofts lottery will be a celebration of the opportunity to purchase a home in beautiful downtown Bend, Oregon. The participants at the event will include city officials, board members, media representatives, partners, and potential buyers. Potential buyers will be able to ask questions and prequalify from 9:00 to 12:00 at any one of the 4 registration stations at First Baptist Church, 60 NW Oregon Ave., Bend. The lottery station will be in the back of the room and have 11 containers coinciding with the 11 condo units.
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4 registration stations will be staffed by Housing Works;
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Potential buyers will be prescreened and will sign a Letter of Understanding regarding the qualifications (Income guidelines, owner occupied, affordability restrictions, etc.)
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Upon approval, each buyer will be issued 3 tickets;
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They can place their tickets into the container(s) that coincide with the units they are interested in purchasing.
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At 1:00 pm 5 names will be drawn from each of the eleven containers.
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Each name will be recorded in the order it was drawn from each of the containers.
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In the event someone’s name is selected as the first applicant for two different units, he/she will need to decide on which unit he/she prefers. On the unit he/she decides not to apply for, the 2nd place person will move into the number one position.
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Purchase procedures:
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When the drawing is done, the first two people for each unit will have 2 business days from the date of the drawing to complete a purchase and sales agreement and submit a $1000 refundable earnest money deposit made payable to Lava Condo LLC.
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They will have 5 days from the date of the executed purchase and sales agreement to submit a letter of pre-approval from a lender.
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Within 30 days from the date of pre-approval, they must submit a loan commitment from their lender. The buyer will increase the earnest money to $5000 which will be non-refundable. Failure to provide the loan commitment and earnest deposit will result in the termination of the purchase and sales agreement.
If the first person drawn for the unit is unable to make an earnest money deposit, provide a pre-approval letter and a letter of commitment from a lender in the time allotted, their purchase and sales agreement may be terminated and Housing Works will contact the next person on the Lottery list.
The next person on the list will have an opportunity to enter into a purchase and sales agreement within 2 days of their notification. They would follow sales procedures as outlined above in #2 and #3.
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Back-up Purchasers
Letters of Understanding will be accepted the next business day after the day of the lottery for those that were not selected or able to attend. If none of the 5 people on the lottery list are able to secure financing or if no names were entered for a unit at the lottery drawing, those person’s who submitted the Letters of Understanding may be given an opportunity to enter into a purchase and sales agreement for the available unit in the order in which the Letters of Understanding were received.
Modifications to the above procedures may be necessary to accommodate for location and dates.
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