|I am concerned about the court being able to sell foreclosed townhomes and condos. Who will buy these properties and for what price? Wouldn't this be going against the developers policy of not selling properties for very low prices? I am concerned because I am an owner and underwater by more than 50%. Let me know what you think. |
There is nothing in our docs to prevent a homeowner or their bank from selling at any price they want to. And some properties are currently being sold for less than half what you and I paid for our homes. Unfortunately that's the way things are given the current state of the housing market.
The good news is that the sales seem to be to people with stronger financial means than the original owners and are typically being sold on a cash only basis. So the new owners actually have a lot more skin in the game than the original owners did AND the new owners are more capable of paying their assessments than many of the original owners.
Unfortunately that doesn't fix the problem that you and I bought at the wrong time in the housing market. And I have no answer to this problem other than to personally work as hard as I can to make this a great place to live every day of the week. Here is my list of things you can do to help.
- Pay your HOA fees on time.
- Follow all of the community rules and regulations.
- Support your Property Manager.
- Report problems when you see them.
- Suggest areas for improvement.
- Stay informed. Signup for News Alerts.
- Participate in your community associations and committees.
- Be a good neighbor. Wave. Smile. Say hello.