Developer Controlled OA

Oct 25th, 2008, 06:37 AM

I am thinking of making an offer on a short sale in a complex that has an HOA that is controlled by the developer. A developer bought the apartment complex 3 years ago and began renovating and selling as condos. The bottom fell out of the market before they sold half of the 432 units. They are now renting what they still own, more than half. I'm a little worried about not having a real HOA. I am requesting a copy of the by-laws. What should I be looking for? I'm wondering who is managing the condos in the complex. I also wonder if the developer can "re-convert" these to apartments. If that happens, what happens to the condo owners? Also, who would decide to increase the fees or make assessments? Any other things I should ask?

Oct 26th, 2008, 10:37 AM

I would suggest you have a real estate lawyer review the deeds and HOA provisions and give you an official opinion on each of the issues.

Without a document review you are only guessing.

Oct 25th, 2008, 06:37 AM	#1
Unregistered Guest Posts: n/a	Developer Controlled OA I am thinking of making an offer on a short sale in a complex that has an HOA that is controlled by the developer. A developer bought the apartment complex 3 years ago and began renovating and selling as condos. The bottom fell out of the market before they sold half of the 432 units. They are now renting what they still own, more than half. I'm a little worried about not having a real HOA. I am requesting a copy of the by-laws. What should I be looking for? I'm wondering who is managing the condos in the complex. I also wonder if the developer can "re-convert" these to apartments. If that happens, what happens to the condo owners? Also, who would decide to increase the fees or make assessments? Any other things I should ask?

Oct 26th, 2008, 10:37 AM	#2
Unregistered Guest Posts: n/a	Re: Developer Controlled OA I would suggest you have a real estate lawyer review the deeds and HOA provisions and give you an official opinion on each of the issues. Without a document review you are only guessing.

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Developer Controlled OA

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