Obviously written by someone that has no understanding of the legalities an Association faces & has to enforce.
What existing owner is going to say "Sure" to a $200+ assessment to pay for other owners to get out unscathed? The Association has NO authority to pass such a special assessment - it does NOT meet the criteria for an SA. Rentals can be done the moment an owner is officially delinquent (usually 30-90 days max after fees are due). The Association can (and should!) RENT without the cost of foreclosure or the risk of deed back. They have an absolute right to do so with proper notice to the owner. Easily done.
If the offer is made to one or more owners it must be made to all. It cannot be applied to a select group.
This fails to meet the fiduciary requirements of the Association & Board to owners.
They can do that with weeks foreclosed or for owners. No need to accept back deeds outside of the prescribed process that exists.
The Association/Management/Board has NO right to give away time. They are charged specifically to MAXIMIZE income from all sources.
They can do this without needing to take back deeds.
3/4 of what is proposed is possible without any type of new action by the Association. The other 1/4 may not even be allowed under law. This type of uninformed approach gets Associations into deep legal problems. Be happy if your Association has good legal advice that would advise against this type of risky or illegal moves. Learn the rules before you take up causes that cannot be implemented.
*******Too the contrary , I think you have been inhaling too much loco weed and and need to return to reality. First off, post was offered as alternative to prior post which I did not feel was viable!
Obviously written by someone that has no understanding of the legalities an Association faces & has to enforce.
Quote:
Originally Posted by pacodemountainside
Why not a more simplistic and realistic approach?
The BOD recognizes defaults are a fact of life today for time shares, condos, houses, etc. We can be stupid and ignore resulting in thousands in lost MF fees and foreclosure costs when salvaging from a sunken Viking Ship.
Instead, we recommend a special assessment of say $200 per owner so we can set up reserve fund and can take deed backs. This way we get immediate good title and can rent and subsequently sell. To accept a deed we will require one years MF at closing. Cheaper than PCC and guaranteed.
What existing owner is going to say "Sure" to a $200+ assessment to pay for other owners to get out unscathed? The Association has NO authority to pass such a special assessment - it does NOT meet the criteria for an SA. Rentals can be done the moment an owner is officially delinquent (usually 30-90 days max after fees are due). The Association can (and should!) RENT without the cost of foreclosure or the risk of deed back. They have an absolute right to do so with proper notice to the owner. Easily done.
*****Someones ox is going to be gored by forclosures as discussed many times here. Whether BOD raises MF or does a SA to cover foreclosures is academic. Kindly cite your legal reference.
While BOD/reservations can freeze account for non-payment kindly cite any legal reference where creditor can size ones deeded property and rent, occupy or use with out due process!
Quote:
Originally Posted by pacodemountainside
We reserve right to limit to say two a month or require 2 years MF.
If the offer is made to one or more owners it must be made to all. It cannot be applied to a select group.
*****BOD can make different offers based on facts and circumstances. One for immediate processing, one for future offerings, etc. Again cite your documentable legal reference
Quote:
Originally Posted by pacodemountainside
No deragatory info will be filed with credit agencies.
This fails to meet the fiduciary requirements of the Association & Board to owners.
****BODs have very wide latitude in what they can do and Courts side with absent fraud, personal dealing, corruption , etc. Reasonable business judgment is very hard to disprove or win a lawsuit over. Again cite your legal references.
Quote:
Originally Posted by pacodemountainside
We will advertise in mailings to owners, employees, bulletin boards, etc. for say $1K for 1 BR negotiable net to purchaser. Set up an e-bay auction account!
They can do that with weeks foreclosed or for owners.
*******Fully agree!
No need to accept back deeds outside of the prescribed process that exists.
********What is this process?
Quote:
Originally Posted by pacodemountainside
We can give a quiet week to employee of the month or donate to school, etc. fund raiser.
The Association/Management/Board has NO right to give away time. They are charged specifically to MAXIMIZE income from all sources.
***********Reread my comments on BODs authority. Instead of giving employee HOA cash , give worthless week. Instead of leaving vacant get a tax deduction!
Quote:
Originally Posted by pacodemountainside
We have cut a deal with local transfer/title company to do paperwork for say $300.
They can do this without needing to take back deeds.
************Agreed
3/4 of what is proposed is possible without any type of new action by the Association. The other 1/4 may not even be allowed under law. This type of uninformed approach gets Associations into deep legal problems. Be happy if your Association has good legal advice that would advise against this type of risky or illegal moves. Learn the rules before you take up causes that cannot be implemented.
*****Thinking back to my GE days when some asshole jumped up in meeting and said this sucks, won't work, etc. my simple response was , what is your solution? As Judge Judy would say, I have my listening ears and glasses on!
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John Chase
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