HELP!!! I just found out that my 12 unit condo building has lien

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HELP!!! I just found out that my 12 unit condo building has lien

Giovanni Cortes
Pompano Beach, FL · Member since 2017 · 13 posts · 2 votes

Posted less than a minute ago

A 12 unit condo buidling i own has City of CS liens over $6,000,000, the liens are on the Hoa, not on the individual units. This is about 2x as much as the entire buidling is worth.

I did try to negotiate with the city but since those liens have been there for so long, they would not budge. This is in the city of Coral springs.

it is now going to be close to impossible to sell these units. Any ideas? Would love to exit this investment while market is hot.

Gio

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Colleen F.Pro Member
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
4y

@Giovanni Cortes   I am thinking your best move is to consult a lawyer.  What are the liens for and why wasn't this picked up when you purchased the building?   Of did you incur city fines that you did not address?  More info and people can probably share if they have had success negotiating in similar situations.

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  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    4y

    @Giovanni Cortes   I am thinking your best move is to consult a lawyer.  What are the liens for and why wasn't this picked up when you purchased the building?   Of did you incur city fines that you did not address?  More info and people can probably share if they have had success negotiating in similar situations.

    1Reply
  • Giovanni Cortes
    OP
    Pompano Beach, FL · Member since 2017 · 13 posts · 2 votes
    4y

    The liens are for 1) grass was unkempt

    2) garbage enclosure not allowed

    3) rear canal needed trimming of trees

    4) parking lot needed repavemenr

    I will consult a lawyer

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  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    4y

    @Giovanni Cortes did you get notified of the violations when they occurred? are you in compliance now?  How long ago?  That is alot of fees. 

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  • Matt M.
    Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
    4y
    Quote from @Giovanni Cortes:

    The liens are for 1) grass was unkempt

    2) garbage enclosure not allowed

    3) rear canal needed trimming of trees

    4) parking lot needed repavemenr

    I will consult a lawyer


     $6mil in liens for this stuff?! For how many years of violations? 

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  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    4y

    Just go to his other post from yesterday

    TLDR: he says 10 years of ownership at $50k/mo in fees, during which he chose not to fix the problems. He says the city can’t confiscate the building because some of the residents have homesteaded their condos (meaning they aren’t renters but rather own the condos not him) says there’s an Hoa so he could just bill the condo owners with an assessment or plow along until the city does confiscate it as fines are 2x the value of the building meaning it has negative value. 

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y

    Talk to an attorney. I'm sure they can negotiate the fines down, but you're still going to pay the piper in the end. Why would you ignore fines for ten years?

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