55+ possible litigation

[Robert681]

Just received an order for a 55+ community which per the president is not in litigation, however, is in dissolution of HOA to remove the age restriction. I have not ran in to this issue in the past. I plan on completing this assignment with extensive commentary. Any input would be helpful, or is it a smart to avoid this order?

 

[CGinMN]

What is the intended use? If it is for lending, does the lender know of the status?

 

[J Grant]

I would continue it. (maybe ) If you do, disclose what you know, and comment if it impacts marketalbity or not. Perhaps make teh client are of it and ask if they want you to continue.

You mention an HOA dissolving - is it a condo? I'd be concerned if it is a condo if it is just a homeowners association, then of less concerned. It sounds like they aree trying to get an age restriction removed and might or might not succeed. Are the homeowners suit each other?? Is litigation going on?

We inform the lender of what we know, and they decide whether to lend on a project or property.

 

[CCAAMO]

Has the HOA and the homeowners voted and approved the dissolution or is a vote of approval still pending?

 

[Dublin ohio]

Are they completely getting rid of the HOA or are they just changing the age restriction. Most of the 55+ communities around here also have common areas and some have pools etc.

 

[Elliott]

I once had a call from an appraiser who wanted to partner and do a 40-lot subdivision that was being threatened by a dozen homes having a very, very steep oceanfront beach erosion. The contention was that the slide was affecting all the homes and my job was going to be to figure that out per house. I was already busy enough, so gladly passed.

I understand that sometimes developers can't sell out subdivisions and so they change mid-stream from 55+. Sounds like a can of worms.

 

[Raven59]

I understand that you are seeking advice, but your post needs more information to determine a direction for the advice. Could you clarify whether the restriction of 55+ is a positive, negative, or neutral factor? It would be a positive factor if this restriction made the development more marketable. Also, it would be helpful to know if the appraisal is "as is" and, therefore, if you consider the HOA with the restriction. If not, is the client requesting a hypothetical appraisal? Please provide additional details so that we can give you sound advice.

 

[sputnam]

Just received an order for a 55+ community which per the president is not in litigation, however, is in dissolution of HOA to remove the age restriction. I have not ran in to this issue in the past. I plan on completing this assignment with extensive commentary. Any input would be helpful, or is it a smart to avoid this order?

Is your assignment to provide a prospective value? If not, doesn't seem like 'extensive commentary' is warranted. Mention it and move on.