The flip side, particularly in this economy and market, delinquencies can have an adverse affect on the health of the association’s budget, the ability for owners to sell (lenders unwilling to loan due to Fannie/Freddie and FHA’s HOA delinquency guidelines), which can then lead to more short sales/foreclosures and ultimately reduce values throughout the development.

Even for a small amount of past due house dues, the management company represening Tribeca serves the residents with a law suit for the amount due, add an absurd amount of legal fees to be paid by the residents and take them to court so they could, hopefuly, find a judge that could agree with them and issue a junction against the residents and take over the unit. The residents are still responsible for the mortgage payments and legal fees even though they no longer have the tile for the property.

It is amazing that the condo board goes along with it unless, of course, some board members benefit from this shameful take over.

It looks to me like an arrogant abuse of power from the condo board as well as the management company. Some residents who are victims of this scam have retained legal representation and are fighting back.

Be aware!!

Wait, where have I heard that term? Oh yeah, on E Bay.

In this case it’s essentially the list price, but it sure sounds better when you call it ‘buy now’ pricing. The comparables that are listed are also very interesting, but they don’t list the dates of the sales.

IMO, every home on the market is up for auction. It’s called negotiating and not much has changed in that arena in many years. Get saavy on the market by looking at the competing properties and make a reasonable offer without the hype of a so called auction.

Good press for John L Scott though. er I mean their ‘affiliate companies’. Have to hand it to them for being clever enough to get me to comment…..