This is a strategy that many COA/HOAs are pursuing, Consult with your association attorney for further details.
behind these vacant units. Research Public Information on each from
a variety of sources. Also become familiar with the Fl. Statutes and the
applications of Law- directly related to Community Associations.
In particular sections on "Collections of Assessments" and "owner
responsibilities to pay assessments" Chapt . 718 for Condo,s . or
Chapter 720 for HOA's
While the status of the units may seem dormant -a compilation of
information from public sources may show otherwise! This
activity often brings new light on " Shadow Inventory" of different types.
Once you have developed some" current status " . Take a good look
at the "activity " at each unit. (notices posted, type of lock-box, etc.) With all
this you can consult your association's Legal Counsel as to what they
know about the units and what action they recommend. Changes in
staff ,your Board , or Lawyers may be contributing to a delay in
the recovery of monies due to the association!
The key here is to "actively" look at the problem. Have Management, Your Board ,
and Legal Counsel communicate to effect steps to bring each unit
back into a "performing mode". sooner rather than later.
These days Community Associations cannot afford to "sit -by" and take their
losses! New "Tools" both Legal and Practical are now available for use.
You are to be commended for your 'active ;stance"! As any Realtor can
tell you -"healthy" finances affect your value.as well as protecting your
As a CAM I can tell you It's each Association working to" make it happen"
that makes the difference ! Contact me directly and I'll be glad to share
some sources and contacts with you.
Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Realtor ,and Licensed Community Association Manager
Many condominium associations are in the same boat with many units in "limbo". One option is to foreclose and hope a third party outbids your judgement amount. If they do not you can rent the unit out until any superior liens foreclose. So much depends on the specific metrics of your community and the specific units but if you need any additional information please feel free to contact me.
Best of luck and if I can offer anything additional please let me know.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty