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I currently condo in a building where the developer is currently the majority owner and therefore is in charge

Asked Wed Jul 23 2008, 12:38 by Angela - Chicago - Foreclosure - 3 answers

Condo Dweller answered:

This actually happened to my condo building/association over the winter. We as owners, were not notified of anything. I found out by calling the developer's attorney from closing regarding my developers 1 YR warranty.

Another company purchased the development, but the condos aren't worth what we bought them for in 06 and 07, in fact mine alone has sunk atclose to 10K eventhough it's had a bunch of upgrades done to it. The new deveolper is selling $15-20K below what most of the old developer sold for. Add forecloses to that and it shows you the sinking ship I'm on.

My advise is to call your attorney that you used at closing and tell them the issue. Ask them where you can go and who you can talk to to find out what is going on. Good Luck to you! - Mon Aug 18 2008, 10:42

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