This month, we focus on how another association righted its listing ship by pursuing legal remedies against delinquent owners. Lancaster Condominium Association went from having more than half of its 90 units in foreclosure–with an even greater number delinquent in assessments to the association–to financial solvency by using aggressive legal…
Turnaround Case Study: Venetia Country Club
In just nine months, an association in Largo, Fla., went from more than $350,000 in delinquencies–and near-collapse–to having reserves in the bank. Here, we speak with board member Scott Simms about how Venetia righted its sinking ship by getting non-recourse capital from LM Funding in exchange for giving LM the right to keep interest and late…
FL: Who owns this condo? Man pays mortgage, woman is owner of record, fraud?
Experts suspect more – that the condominium conversion was a crucible for fraud, a case study in real estate’s rise and fall.
Authors: Community Associations Network National
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RESERVE STUDIES FOR THE FIRST TIME BUYER
Now that it’s budget time for many associations, boards are updating their reserve studies. Still, many others have never had a professional reserve study and are now considering investing in having their first independent study done. Questions arise such as “what is the purpose of a reserve study?” “what are the benefits to the association?”, or “How do we go about getting a reserve study conducted for our association?”