Surety bonds...WOW, what a steal, or stealing.

Surety bonds...WOW, what a steal. (Cost is twice as much as is owed...but this deal is crazy)!  Geeze, you could get a better deal if you were a criminal!!!

I have a customer who ended up having charges posted by his condo association amounting to $16,000.00. - yup, no kidding on a $70K property...Can't go into alot of details, however...

My point is - If a condo owner (paid cash)  is trying to sell his/her property and the association doesn't cash their checks for the association dues (for several months)...then takes them to court and charges them almost $10K in fees, and accusing them for owning the dues [SIDE BAR HERE: NEW ASSOCIATION TOOK OVER]..what is the recourse? 

There is a group of attorneys that bought REO's in the complex and they have basically taken over the association...this has happened to several other owners in there as well according to the previous management company.

That is not even the total issue...there were 3 lis pendens.  First was b/c they had to install a fire system to be up to code...we are OK with that.  Then, when I originally sold them the unit and from the time that the condo was sold until the title insurance was active...an attorney who was working on this deal before it became an REO hit it with a lis pendens...at almost $5K!!! (for the work he did before the bank took over!!! It didn't even cost what he is claiming as his fee for them to close!)

Next thing you know...there are more fee's...amounting to about $10K...b/c the new association didn't cash the checks...UGH!

They are going to lawyer up.... $20+K in fee's....is crazy.

Is this type of situation even legal?

These are Class 1 individuals, pay their bills, are US veterans, and don't deserve to have to go through this stress!

http://www.KarenMonsour.com

954-464-4194 cell

(Copyright© 2010 Karen L. Monsour, All Rights Reserved.)

 

Best regards,

Karen Monsour, REALTOR®

Coldwell Banker Fort Lauderdale Beach
4757 N. Ocean Blvd.
Fort Lauderdale, FL 33308
954-464-4194 cell
954-969-9974 fax
www.KarenSellsFloridaWaterfront.com
A recent recipient of Realtor.com®'s "Award of Excellence" for online marketing.

Multi-million dollar producer.

 

3 Comments on Surety bonds...WOW, what a steal, or stealing.

MAY
28
2010
873,612 Points Outside Blog Called Shot Master

Karen,

Very interesting, thank you for sharing a very good blog.
12:35am • #1
1,403,404 Points 54 Featured Posts Outside Blog Called Shot Master

Karen...sounds like a case of the bully's on the play ground.  That is just the group to be them!
7:37am • #2
467,612 Points 40 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

This is horrible and show the predatory nature of some HOA's. I had a client who fell behind in paying dues for afew months and the HOA sued and tried to get a judgement allowing them to take over ownership! As with your situation. I cannot go into details but we managed to stop it and finally sell his unit. Maybe the real problem is: "There is a group of attorneys that bought REO's in the complex and they have basically taken over the association"

 

 
9:24am • #3


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Karen Monsour,REALTOR®, SSRS - SELLS FL WATER FRONT, SHORT SALE EXPERT!

Fort Lauderdale, FL

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Coldwell Banker Fort Lauderdale Beach

Address: 4757 N. Ocean Blvd, Fort Lauderdale, FL , 33308

Office Phone: (954) 781-9393

Cell Phone: (954) 464-4194

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