HOA fee increase approved by Board and rejected by owners
I am on HOA Board that has recently proposed to raise monthly HOA fee from $695 to $1411. The raise was due to mismanagement by management company, late bills, and legitmate expenses. The increase will make current owners want to sell their property, scare away future prospective buyers. lower cashflows, and lower property values.
This increase was passed by the HOA Board and now needs 2/3 votes from owners. I do not believe will get 2/3 approval. However, I was informed that it is possible to override the 2/3 vote by submitting emergency request to Department of Real Estate.
Is this correct?
Terry
Most Popular Reply
Sell that thing ASAP! If there are 7 on the market, make it 8, undercut them all and get out from under it while you can. If you think a downturn is coming in less than a year, imagine how much worse it will be when people in the complex default and stop making payments and banks start selling off the units at auction