Tonight we received a comment on our last post "Mum no more" that was of the "let me rub a little salt in that wound, if you don't mind" category.
Written by someone with the username hammersb, It read: "I wouldn't blame Citigroup for your personal lack of judgement (sic) and due diligence. If your sole source of information is a smiling realtor with a margarita in their hand then you must assume the consequences of your decision.
"Remember how fun it was to jump up and say I'll take it? Well now you can join the legion of real estate buyers who failed to understand what they were getting into. The original developers were the ones who took your money, not Citibank!"
Although it garnered a shrug and "what a jerk!" comment from both George and me, I decided to write a post about it for a couple of reasons. The first being how incredibly duped we've felt over the past few months when looking back on our Loreto Bay journey.
Contrary to the anonymous comment about our lack of judgment and due diligence, George (a successful realtor here in Albuquerque, BTW) did a ton of research before we booked for the sales event in Loreto. On paper, it all looked good. Unfortunately, we had no way of knowing that some of the people involved were not being truthful. Would we have bought if we'd known that Butterfield was (at that point in October 2007) a mere shill for Citigroup? No. But we didn't know and we did buy. And now we have to make the best of a bad situation and that's been difficult, to say the very least.
I'm sure we're not the only home owners who feel foolish. Who didn't want to tell family and friends about the Chevy-sized monkey wrench thrown into our plans. It hasn't been easy owning up to the fact that we could be out hundreds of thousands of dollars. It's been hard not to hear the implied "I told you so" from our friends and family after we deliver our bad news. Actually, though, in our case it's been more of an "Oh My God" refrain from those near and dear to us for which we are very grateful.
Despite what Mr./Ms. hammersb thinks, Citigroup dba TSD Loreto walked away from Loreto Bay after totally mismanaging the project. Yes, the economy went south but the bottom line was that it was easier to walk away with their money (and ours) and that's just what they did, leaving hundreds of American and Canadian investors holding the bag, as well as Mexican contractors, workers and business owners.
Now for the second and most important reason for this post: The good news is that ultimately I think we and all the other LB home owners will prevail. It may take time but it will happen. We have come together as a real and viable community (albeit without finished homes in most cases) to seek solutions and to make this dream a reality. So to all those "I told you so'ers" out there: We may be down but we're not out. See you in Loreto!