Home Selling in 22302>Question Details

Dmorit, Home Seller in 22302

What should the owner do when the condominium board of directors accepts an MOU to exclusively negotiate offers with a given real estate company?

Asked by Dmorit, 22302 Wed May 2, 2012

The BOD of the condo complex in which I own and reside in has accepted an MOU with a firm. The firm was selected to exclusively negotiate purchase offers for individual units. Originally, the owners voted to explore the sale of the whole complex. Since then, the board decided the 80% vote necessary is unattainable and has opted to accept the MOU. The MOU was accepted without sharing any details with the current owners.

The firm with a plans to purchase units in a series of steps. First to negotiate contracts with those underwater on their mortgages, then with other owners, and so on. Their letter indicates that they will offer a base of $180 per square foot for units in move-in condition.

I am very concerned that I will lose money on my investment. The offer of $180/sq ft puts me at a loss. Also, our complex risks losing FHA approval making it all but impossible to sell. This will surely bring down the value of the complex. What is the best course of action at this point?

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Dear Dmorit:

Sounds like you need legal advise instead of real estate agent advice. There are Northern Virginia law firms that handle condo concerns. The first one that pops to mind is Segan, Mason & Mason in Annandale, VA www dot seganmason dot com. The second is Rees Broome PC. www dot reesbroome dot com

Discuss with the attorneys the means whereby you may properly solicit other owners to join you with your effort

Best of luck to you Sincerely Bob Lepelletier - REALTOR, ABR, GRI Partner Team Maison at Keller Williams Realty 703-310-7880 bob at bobtherealtor dot pro
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