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ROFR

Started by DawnL6 • 26 replies • 330 views

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DawnL6 (South Carolina)
Posts: 226
Posted:

Hello,
Does anyone know why a board of directors would date the right of first refusal different than what it truly is,or withhold,on a preforeclosure that already has a lis penden filed on the unit through the associations attorney,which was let go and no longer representing the association.
Then sell to property management's son ,a newly opened llc, for cash well we'll below the other units when comparable.
As well as the association having a lien for over $16,000.
Is the ROFR holder suppose to be the board of directors only or for the benefit the members?
All this while lis penden was active,only to get dismissed by judge.
LetA (Nevada)
Posts: 2,679
Posted:
Head tilt HUH!!!???
SheliaH (Indiana)
Posts: 6,964
Posted:
This is a little hard to understand. Looks like this was written by a tablet (I have thunder thumbs and sometimes what I thought I typed doesn't come out at all!)

As for your question, who's doing this foreclosure- the mortgage company or the association? The date may be different because you need to factor in the time needed to process the paperwork. You don't say how you're involved - if you're the buyer ask your agent. If you're on the board, ask the association attorney.
If it is not right do not do it; if it is not true do not say it. Marcus Aurelius
DawnL6 (South Carolina)
Posts: 226
Posted:
Pre foreclosure I think is what I wrote,due to no legal representation since lawyer was let go.
SC delinquent tax sold the unit for back taxes,so how did her son what bid on it?Or redemption?
The association was due $16,000.
DawnL6 (South Carolina)
Posts: 226
Posted:
Think I said initially it was cash.$50,000 3 months sold for $162,000.
DawnL6 (South Carolina)
Posts: 226
Posted:
The buyer paid $50,000 cash is what affidavit stated.he only had 3 months and sold for $162,000.
Then got a mortgage on
the unit several months later.(the buyer).
DawnL6 (South Carolina)
Posts: 226
Posted:
The buyer paid $50,000 cash is what affidavit stated.he only had 3 months and sold for $162,000.
Then got a mortgage on
the unit several months later.(the buyer).
DawnL6 (South Carolina)
Posts: 226
Posted:
The buyer paid $50,000 cash is what affidavit stated.he only had 3 months and sold for $162,000.
Then got a mortgage on
the unit several months later.(the buyer).
DawnL6 (South Carolina)
Posts: 226
Posted:
The buyer paid $50,000 cash is what affidavit stated.he only had 3 months and sold for $162,000.
Then got a mortgage on
the unit several months later.(the buyer).
DawnL6 (South Carolina)
Posts: 226
Posted:
I'm not on a tablet,just a phone.
I can only see the letter I'm tying and not the whole screen.sorry.
SheliaH (Indiana)
Posts: 6,964
Posted:
So what's your interest in this? Were you trying to buy the house? If do,mdid you discuss this with the agent?
If it is not right do not do it; if it is not true do not say it. Marcus Aurelius
DawnL6 (South Carolina)
Posts: 226
Posted:
So you don't know why the board would do what they done.
WendyM5 (North Carolina)
Posts: 1,522
Posted:
Quote:
Posted By DawnL6 on 07/27/2024 7:45 PM
So you don't know why the board would do what they done.

I dont even understand anything you wrote. borrow someone else'e phone perhaps to your question is more clear?
vis ta vie
LetA (Nevada)
Posts: 2,679
Posted:
Quote:
Posted By DawnL6 on 07/27/2024 2:50 PM
Pre foreclosure I think is what I wrote,due to no legal representation since lawyer was let go.
SC delinquent tax sold the unit for back taxes,so how did her son what bid on it?Or redemption?
The association was due $16,000.

Only if the son was on the deed of trust could there be a right of redemption.

If it was sold at a tax sale the county likely sold it at auction with the starting bid at what the taxes was due.
If there were any liens filed by the HOA, it is possible that the liens were included in the opening bid, but that may be
unlikely that it was. Typically tax lien bidders stay away from bidding on properties with liens on them because they
do not want to assume someone else's debt.

Sadly in this case the HOA will have to write this off as a bad debt and start a new slate with the new owner.
you might be able to get a judgment against the previous owner, but then again, it is unlikely to collect.
DawnL6 (South Carolina)
Posts: 226
Posted:
The unit was bought by property managers son,under a llc name he had just registered.
For a way below value as the other units in the association.
Most sell for $150-$200k plus.
He bought his for $52k.
DawnL6 (South Carolina)
Posts: 226
Posted:
He kept 4 months and sold forv$132 k
CathyA3 (Ohio)
Posts: 6,299
Posted:
This is how foreclosures work, it's perfectly legal. An investor can make good money if they know what they're doing.
DawnL6 (South Carolina)
Posts: 226
Posted:
shouldn't the property been offered to other or surrounding neighbors of that particular unit due to another homeowner might want to buy it before outsider?
DawnL6 (South Carolina)
Posts: 226
Posted:
shouldn't the property been offered to other or surrounding neighbors of that particular unit due to another homeowner might want to buy it before outsider?
DawnL6 (South Carolina)
Posts: 226
Posted:
It wasn't a foreclosure...
DawnL6 (South Carolina)
Posts: 226
Posted:
It wasn't a foreclosure...
DawnL6 (South Carolina)
Posts: 226
Posted:
The person that owed condominium had a lien on it,but sold to another member at way below market value,and turned around and financed it for the buyer,the member.
Why not pay lien off,and sell for a really good profit price.
I don't understand,this type of investor dealing,do you?
JohnC46 (South Carolina)
Posts: 14,265
Posted:
Quote:
Posted By DawnL6 on 09/13/2024 4:47 PM
The person that owed condominium had a lien on it,but sold to another member at way below market value,and turned around and financed it for the buyer,the member.
Why not pay lien off,and sell for a really good profit price.
I don't understand,this type of investor dealing,do you?

Is this situation really any of your business?
DawnL6 (South Carolina)
Posts: 226
Posted:
Yes,it is my business,I may have wanted to purchase it.
But obviously, you don't know the answer either.
DeanJ
Posts: 1,786
Posted:
A buyer makes a $50,000 for the unit. The owner agrees to the offer and properly advises the buyer the HOA has a right of first refusal. The terms of the sale are transmitted to the board. The board decides not to exercise their right to purchase.

How exactly are you entitled to know the terms and make your own offer?
JohnC46 (South Carolina)
Posts: 14,265
Posted:
Quote:
Posted By DawnL6 on 08/02/2024 7:24 AM
shouldn't the property been offered to other or surrounding neighbors of that particular unit due to another homeowner might want to buy it before outsider?

No.
JohnC46 (South Carolina)
Posts: 14,265
Posted:
Quote:
Posted By DeanJ on 09/17/2024 1:13 PM
A buyer makes a $50,000 for the unit. The owner agrees to the offer and properly advises the buyer the HOA has a right of first refusal. The terms of the sale are transmitted to the board. The board decides not to exercise their right to purchase.

How exactly are you entitled to know the terms and make your own offer?

Good question.

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