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Condo Associations Get Creative
With the number of condominium associations getting stuck with unpaid association dues from delinquent owners, some of them have been coming up with strategic alternatives to ensure payment. Read below to hear about what some companies are doing across the country (courtesy of USA Today, FAR):
* Seminole County, FL - a county judge appointed a receiver to collect and procure rent monies from tenants for a condo association (the association in question had approximately $700,000 in unpaid dues)
* Select Ohio associations that had previously not allowed renting of their units are now enacting new rules that let owners in danger of foreclosure rent out to tenants (to avoid defaulting on a property)
* Companies are being utilized to auction and sell condominium units at extremely low prices
* Legislature in Florida could possibly be considering requiring buyers to front several month's of assessment dues (in escrow) to guarantee payment
Monthly assessments are typically used to pay a multitude of fees, including an association's insurance, property upkeep, security, and more. Hopefully, the rebalancing of the market will allow for more owners to afford these dues, and keep everything in check.
