July 2009

IS BANKRUPTCY A SOLUTION FOR SOME ASSOCIATIONS?

Tuesday, July 14th, 2009 at 7:36pm. 220 Views, 0 Comments.

Is filing bankruptcy a viable option for those condominium associations who have an abundance of foreclosed properties and many in short sale situations and headed that way? That is the question facing some associations primarily located on the other coast of Florida, (to date there have been 7 filings), and although it could be a possibility here as well, there are no real signs of it.

But the real question seems to be whether associations who have filed to form a shield from creditors can actually emerge from bankruptcy protection reorganized and healthy. Not only that, but the price to file in many cases is very costly and with many members not paying their monthly assesments, how will the bill get paid. Just like any corporation who eventually files,…

FORECLOSED PROPERTIES MAY NOT BE YOUR BEST BET!

Friday, July 3rd, 2009 at 7:55am. 258 Views, 0 Comments.

We have talked previously about some of the pitfalls in purchasing foreclosed properties and more and more we stand by our attitude that they are not the great deals that people perceive them to be. Backing up our contention was a recent article in the Naples Daily News about foreclosed properties being stripped clean.

Recently I was in a property in the community of Berkshire Lakes and viewed a single family home that literally sadly had everything taken out of it. Not only had the appliances been removed, but the former owner had removed sinks, vanities, toilets, molding and more. Even the switch plates had been taken.

The home was a complete disaster and coupled with the fact that it did not have a pool, abutted Radio Road and had the air off for well…