another real estate question - what would you do?

mei lan

mei lan

Pursuit Driver
OK, here's a real estate question that does not apply to me, but it's all too real for those folks. Consider if you were a homeowner in Riverwood (at least half of lots still undeveloped by my estimate). MAJOR problems with developer. One guy said he owes $300K on a house now valued at $100K. HOA fees are now $7500/year; if they do not pay, they have liens slapped on their homes and said fees will be deducted at closing when they ever sell, and that's if the developer doesn't sue them first. They did sue developer for myriad ills; summary judgment was issued in favor of the developer recently. Many/most real estate agents won't list or show stuff in there.

SO, what would you do were you a homeowner in such a situation? I'm quite sure I would talk to a real estate attorney to see what my options were. But do y'all have any thoughts on this? It's one of the biggest messes I've ever seen re: real estate. I feel so badly for those folks.
 
IDK. I know we found an awesome house near Cartersville when we first started looking. It was a ridiculously low price. Upon further research we found it was the same situation with the HOA dues. We didn't even go look at it. It's really sad. I feel for those people.
 
One of the reasons I have no use for HOA's, or subdivisions for that matter. Besides the fact that I don't like busybodies telling me what I can and can't do in my own yard or gossiping about everything.

Yes, I love living in the woods.
 
You and me both. I'll show a client whatever house they wish to see. I will tell them what I think about it though. The contracts you sign for purchase are meant to protect the agent. They state that the client hasn't relied on my advice to make a decision. I don't care one way or the other if you listen to me or not. I just think that if you hired me, you expect me to give you my professional opinion.

As to an answer to the question. I have no clue.
 
mei lan said:
OK, here's a real estate question that does not apply to me, but it's all too real for those folks. Consider if you were a homeowner in Riverwood (at least half of lots still undeveloped by my estimate). MAJOR problems with developer. One guy said he owes $300K on a house now valued at $100K. HOA fees are now $7500/year; if they do not pay, they have liens slapped on their homes and said fees will be deducted at closing when they ever sell, and that's if the developer doesn't sue them first. They did sue developer for myriad ills; summary judgment was issued in favor of the developer recently. Many/most real estate agents won't list or show stuff in there.

SO, what would you do were you a homeowner in such a situation? I'm quite sure I would talk to a real estate attorney to see what my options were. But do y'all have any thoughts on this? It's one of the biggest messes I've ever seen re: real estate. I feel so badly for those folks.
Click to expand...

This is a legal issue best answered by attorneys. Ain't touching it, sorry.
 
Winchester said:
This is a legal issue best answered by attorneys. Ain't touching it, sorry.
Click to expand...

That's the conclusion I've come to after thinking about it for months. I feel so badly for those folks.
 
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