Suppose you’re an older couple planning on the peaceful retirement life in a maintenance-free neighborhood. You take your entire nest egg and pay off the mortgage. Your new townhome, condo or single family residence is now yours….forever.
Oopsie! You learn that a developer wants to tear the whole thing down and build something new. You don’t want to move from your retirement home, but the developer gets a ‘majority’ of the residents to take his low ball offer to clear out. Not you. You want him to pay you fair market value. But because a ‘majority’ of your neighbors have moved out, what’s your fair market value now? It’s a heck-of-a-low lower than the others were paid. In fact, your quarter million dollar retirement home is worth ten cents on the dollar. Now the developer can get you tossed out by the courts and pay you nothing.
Think it can’t happen?