Investors Reap Profits Instead of Associations

On Sunday, June 24, 2011 the St. Pete Times ran a story titled, “Real Estate investors beat the banks to profit on foreclosures.” The article and the story behind it is a must read for every board member and manager of Florida’s shared ownership housing communities. The article begins by noting, “In just eight months, Barry Haught and his business associates have acquired 71 properties in Hillsborough County with a market value of $8.2 million. The total purchase price, according to public records, is just over $220,000. Haught’s group is among a new breed of investors who have found an unusual niche, buying properties foreclosed on by homeowner associations because residents didn’t pay their dues. Given so many struggling homeowners and the abundance of HOAs in Florida, the potential for profit is great.”

What troubles me about this Hillsborough County activity is that the same thing is happening across the entire State of Florida, including Miami-Dade, Broward and Palm Beach Counties and no one seems to care.  This isn’t illegal, per se, Haught and others simply go to the public sale of HOA and Condominium lien foreclosures, bid on the unit, acquiring title to the property by paying associations the past due and future assessments; that is until the banks get around to foreclosing their mortgage, at which point the tenant will be disposed.  The bank mortgage foreclosure cases can take 2 years or more – some last 5 years, the whole time these investors are collecting rent. Chances are the tenants are not told of the financial circumstances associated with the properties. More often than not investors ignore the associations’ screening or approval procedures and these tenants have no regard for community rules and regulations.  I have recommended for years for association boards to consider whether to bid on the units, especially when there is either equity in the unit being foreclosed or a strong rental market.  In most cases the association can rent the property until the banks get around to foreclosing, reaping the benefits these investors enjoy. The St. Pete Article merely points out the lost opportunity that association boards often dismiss.

First, I’m shocked that high profile attorney would quote a paragraph from an article that begins with a CA situation and closes with the term HOA – two forms of community associations governed differently – shame on the journalists I guess. When developers buy blocks of condos they buy units – when developers buy blocks of single family homes they buy land. Second, Jan is correct. You and yours through CAN have lobbied for these laws as a solution to many of your client’s foreclosure problems due to the mortgage crisis. Now you want to rise up as their savior, seemingly as though being the solution to the problem you create as a means of spurring further litigation and profits. It’s sounds to me as though your frightened that this activity may indeed cut into your own profits as associations may no longer be able to foot your bill as more tenants don’t pay fees. I’m sorry Gary but my association has been misled by your firm in the past, so just about everything that comes from that one-sided profit driven mind of yours is instantly questionable.

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