Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
My intuition is that this will negatively affect property values. However, this isn't something that happens every day (at least not in OC) so I'm not sure exactly how things will play out.
Anybody gone through this before?
Also if you're in OC and have any details as to the Laguna Village HOA BK filing, that's what I'm referring to, so feel free to post those.
My intuition is that this will negatively affect property values. However, this isn't something that happens every day (at least not in OC) so I'm not sure exactly how things will play out.
The owners should get together and find a good attorney ASAP. Consider getting one NOT associated with Community Associations Institute (CAI) or any of it's offshoots, as they are pro hoa and anti owners. Remember hoas are corporations, so a knowledgable corporate attorney may be what you need. The owners may have to do this separate from the association, possibly forming a legal entity to divide costs. They'll need to find out who's in charge.The board or management company failed to do what they were tasked to do. What happens to assessment monies? Find out where the money is and keep it safe. The owners still have to pay the assessments, but who do they pay, and why? Maybe have the attorney ask the court to set up a trust fund to handle that money. What happens to unsold/vacant lots?How do they affect owners as to maintenance, paying the bills, etc.? Who's paying the bills? Is there still insurance?
Were tax reports filed? Is the hoa still a legal entity? (If not, AFAIC, that's a good thing) Are there any liens against the property? LOTS of other questions, too.
I strongly suggest not letting the board members have ANY power position in the owners group...