1. I understand that the units being offered for sale have been through a lender foreclosure proceeding. What is that?

   Yes, the units for sale were acquired by the mortgage lender through a foreclosure of the original mortgage on the property. The lender acquired full ownership to the property in December 2006, following the completion of a year-long foreclosure process.

2. Why was the original mortgage foreclosed?

   The original developer defaulted under the terms of its mortgage, which resulted in the lender foreclosing on the property. Due to borrower confidentiality and the variety of factors that can contribute to mortgage default, the lender cannot speculate about the exact reasons for default. In any event, rising construction costs and a softening housing market are suspected at minimum as contributing factors to the foreclosure.

3. Are these units inexpensive because they are of poor construction?

   Absolutely not. All improvements to the site were made by state-licensed contractors under permit by the City of Burnsville. The City has inspected all of the units. All of the structural components and the majority of the finishes were completed by union trade people working under the direction of the project's general contractor, J.E. Dunn. For more information about the general contractor, visit www.jedunn.com.

4. How long has the building been completed?

   The building was completed in the summer of 2005.

5. Why were the units not sold during the foreclosure process?

   The lender had no legal right to sell the units until it was the absolute owner of the project. This occurred in December 2006, and now the units are being offered for sale.

6. Will I be able to obtain title insurance?

   Yes, you will be able to obtain title insurance guaranteeing good title to your new unit. Our preferred title insurance provider is Custom Home Builders Title, reachable at 763-489-3251. Please ask for Vicki Dellwo.

7. Will I be able to obtain financing?

   The fact that the property has been through foreclosure has no impact on your ability to finance your unit. You can use your lender, or you can use our preferred lender, Tradition's Mortgage. We are offering a 1% interest rate buy-down for one year if you finance through Tradition's Mortgage. Interest rates as of today are as low as 5.25%. Please contact Casey Cambridge at 952-808-6979 for current rates.

8. Why can’t I place a reservation on a unit rather than enter into a purchase agreement?

   Because of the extremely aggressive pricing on these units and the limited number available, we will only accept purchase agreements, and preference will be given to earlier closing dates.

9. Do I need to be mortgage pre-qualified to sign a purchase agreement?

   Yes, given the limited supply and pricing of the units, we will only accept purchase agreements from mortgage pre-qualified buyers.

10. How do I get pre-approved?

    Casey Cambridge at US Home Source Reality can assist you with the process of becoming pre-qualified. His phone number is 952-808-6979.

11. Can I roll closing costs and unit upgrades into my purchase price?

    Yes, you can make those costs part of the purchase price, subject to an acceptable appraisal and lender underwriting.

12. How much money do I need for a down payment?

    Our preferred mortgage lender is offering a no-money-down mortgage program. Please contact Casey Cambridge at 952-808-6979 for details.

13. What if I am already working with a Realtor?

    If you have a Realtor representing you on the purchase of your unit, we will pay him or her a 2.7% co-brokerage commission.

* This Q&A is for informational purposes only and does not modify, alter, supersede or expand the obligations or rights of the buyer or the seller under the applicable purchase documents including the purchase agreement, condominium documents, and disclosure statement. Please review purchase agreement and condominium documents carefully as they will govern the terms of purchase.