Oct. 2 has been the date circled on the calendars of most Diablo Grande residents and followers for the last three weeks or so as the day Diablo Grande's sale to World International was expected to close.
The closing of the sale was put off in part because World International needed time to complete a study of the water situation (the results of which did not cause the buyer to back out). But it could only be put off for so long, because the bankrupt golf resort and housing development only had enough money to continue operating through that date — and, of course, the money Diablo Grande is now operating with now came via what are called debtor-in-possession loans. Hopefully a little of that money is still in the bank.
Because here we are, just past midday on the day we've all been waiting for, and so far, there's no sale. And while there might not be a sale today, it really, truly sounds like there's nothing to worry about. The last major hurdle facing this sale was cleared Wednesday at a hearing in Modesto, and at this point, I'm told, all that's left is the paperwork.
Craig Stewart, a real estate agent with Marcus & Millichap's San Diego office, is handling the Diablo Grande sale. I spoke with him about an hour ago, and he said his understanding is that the sale will close Friday. He said all that's left is to cross some t's, dot some i's — and, of course, get some money from World International.
"We have (a non-refundable $500,000 deposit), but the buyer could always decide to forfeit that money and walk away," Stewart said. "Until the money is deposited in the escrow account, it's not a done deal."
More to come (but maybe not till tomorrow).
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment