April 6 ,2014
Another bully tactic by an investor
This is what is happening
Florida. Apparently under a law passed in 2007 if the mortgages are under water, the biggest
owner can buy the rest of the units whether they like it or not (it didn’t specify
the percentage ownership). The HOA is dissolving itself and basically lying doormat
for the biggest owner which is a company. The law has never been used and this is
the first time. More interesting is that, it was not indented to be used for solvent
condos as this is one.
Now presumably this does not apply
to us, but it shows that a big investor , with many resources can find ways to get
what they want.
It also brings up some questions:
Do we have in
a similar law? Would it matter?
The company that lost the bids