More and more associations these days are experiencing the "disappearing declarant" phenomenon: The original developer suffers such financial difficulties that their unsold units are abandoned or foreclosed upon - or the declarant itself files bankruptcy or goes into receivership. Sometimes the construction stops mid-stream, leaving partially developed lots unfinished and buildings unoccupied. Clearly these associations are experiencing some down times at the very early stages of their existence. But associations should know that even under these circumstances, down is not out. Associations can take advantage of the shared goals of its members to preserve and increase their property values through the various situations discussed below. read more

The FHA approval process for condominiums has become increasingly important in today's economic climate. With most of the "portfolio," or "non-conforming" mortgage programs discontinued (and transactions picking up, if ever so slightly), FHA underwritten financing has become increasingly attractive--and may be a purchaser's only option. read more

Updated on HR 1106 read more