Real Estate Market. Thoughts?

[hatidua]

The market here, right now, feels suspiciously like the market felt in South Florida in 2007...

[Dave_L]

So my HOA is blocking the sale of my home. They say the investment company already owns 2 homes in the neighborhood and aren't allowed to own anymore. They said if we get a letter stating its a family moving in, they'll override it but we'll see. I feel like this is a big overstep in power by them but they say the law changed in 2012 in they bylaws. Anyone ever run into this?

[Great-Kazoo]

So my HOA is blocking the sale of my home. They say the investment company already owns 2 homes in the neighborhood and aren't allowed to own anymore. They said if we get a letter stating its a family moving in, they'll override it but we'll see. I feel like this is a big overstep in power by them but they say the law changed in 2012 in they bylaws. Anyone ever run into this?

A HOA has that much power?. Did you and all home owners in that HOA receive written notice of said changes?
Tell them you'll see it through court. That's after you talk to each board member individually , to see what they say away from other members.

[hurley842002]

So my HOA is blocking the sale of my home. They say the investment company already owns 2 homes in the neighborhood and aren't allowed to own anymore. They said if we get a letter stating its a family moving in, they'll override it but we'll see. I feel like this is a big overstep in power by them but they say the law changed in 2012 in they bylaws. Anyone ever run into this?

Wow, apparently the HOA owns your home, not you. Sorry I know nothing and have nothing, other than a shocked face.

[Dave_L]

Wow, apparently the HOA owns your home, not you. Sorry I know nothing and have nothing, other than a shocked face.

Yeah, Im just as shocked as you are. I really hope they override this because if not, Im going to spend every waking hour making their life as difficult as possible.

[Brian]

Wow that is nuts Dave. Sorry to hear, hope you find a way to stick it to them.

[Brian]

Starting to wonder if I should sell my small rental in Aurora. But we're making really good money month-over-month at this point. Knowing me I'd do something dumb with the money like buy a machine gun or something anyway.

[hatidua]

So my HOA is blocking the sale of my home. They say the investment company already owns 2 homes in the neighborhood and aren't allowed to own anymore. They said if we get a letter stating its a family moving in, they'll override it but we'll see. I feel like this is a big overstep in power by them but they say the law changed in 2012 in they bylaws. Anyone ever run into this?

Reason #4,278 why I'd never live under the thumb on of an HOA.

Good luck.

[Dave_L]

"
Section 6.4 Acquisition of Multiple Lots. Any Owner who owns or controls
two or more Lots in the Community as of the date of recording of this Master
Declaration, directly or indirectly through an affiliate of the Owner, shall be prohibited
from acquiring; whether directly or indirectly through an affiliate of the Owner, any
interest in any additional Lot in the Community, whether through purchase, trade, gift,
inheritance, lease, merger, consolidation or other means of acquisition. Thereafter, no
Owner may own more than two Lots in the Community. Notwithstanding anything in
this Declaration to the contrary, this restriction on acquisition of Lots shall not
apply to a
mortgagee acquiring title to a Lot subject to a mortgage by foreclosure or deed in lieu of
foreclosure. This restriction
shall
be enforceable by the Association or any Owner by
means of an
action
for injunction to restrain any
future acquisition or
to require an Owner
who has violated this restriction to divest any interest so acquired.

[Brian]

Any good investment company probably has several other shell companies. This is America after all.

In all seriousness, sorry man that doesn't look good. I understand the reason for it, but it sure does make it a pain when you're trying to sell.