Tag Archives: Realtor

Kickbacks, Embezzling, Oh My, Ho Hum

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It seems some homeowners in the Savanna, Georgia area have their panties-in-a-bunch over what they believe is an illegal kickback scheme between developer DR Horton and the cable company. They’ve filed a lawsuit saying they’re each being cheated out of $100 a month.

Sadly, they won’t win. Homeowners almost never, ever do, especially against giant developers like DR Horton. Nope, the developers have the inside track with local government officials. There’s lots of money that slides back and forth at that level.

Still, you’ve gotta give these homeowners credit for trying.

(link to story on Savanna NBC affiliate)

 

 

 

Fifty Million Dollars?!?!?!?

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A high-rise residential tower in Baltimore is filing for bankruptcy after a homeowner won a lawsuit against the condo association. Instead of repairing his mold problems they fought him all the way through the court system. In the process, this idiotic condo board discovered the mold problems were real and now they’re having to do repairs on the entire high-rise. Their claimed losses are anywhere from ten million to fifty million dollars.

Anybody want to buy a ritzy Maryland apartment? Dirt cheap?

(link to Baltimore Sun)

 

 

But My HOA Protects My Property Values!

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If you believe that, then you’re visiting the wrong shrink!

No, Your HOA absolutely does not protect your property values. Your HOA is there to keep track of your net worth. Your net worth (not just your home value) is pledged to a community pool which can be used whenever necessary to cover the cost of lawsuits, repairs, maintenance, insurance, embezzling board members.

All neighborhoods age, that’s just a fact of life. But developers get special breaks for cramming more homes into smaller spaces, and often those developers are just self-centered and financially motivated to cut corners. Meanwhile, building inspectors look the other way knowing it’ll be years before construction problems start becoming apparent.

When a mortgage or financial crisis hits and HOAs don’t maintain the common areas wild things start happening. A few homeowners lose their homes. Then a few more. Suddenly, there’s not enough money in the budget to maintain the common areas. More homes or condos are turned into rentals. Crime increases. More lawsuits are filed. Then it gets especially messy as the entire neighborhood collapses. Who’s still around to claim, “Our HOA protects property values?”

A prime example is linked below:

(Georgia condo complex gets trashed)

 

 

Only Slightly Related to Homeowners

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OK, OK, so I do occasionally go off on a wild goose chase. I admit it. Hopefully you’ll forgive me.

For the past two days I’ve been absolutely addicted to something on the web. Can’t take my eyes off of it. The Minnesota Department of Natural Resources has placed a high quality live camera right next to a nest of bald eagles, that grand symbol of America.

Just a couple days ago they hatched a chick. I think there are two more eggs in the nest but I can’t tell for sure. Dad is usually off hunting.

I do believe in celestial miracles and this is one of God’s greatest! Make sure you view it full screen!

(live web cam on eagles’ nest)

 

 

Stoopid HOA Buyers

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I have enormous sympathy for people who buy into an HOA. Heck, I was dumb enough to do the same thing. Three times! But in retrospect, I was STOOPID! I was a lamb among the wolves. Never had a clue.

The biggest unreported financial crime in America is embezzlement from an HOA. The following story isn’t even extraordinary, it happens in city after city, day after day. But homeowners (like me) are just too witless to ‘get it.’ The HOA scam is beyond any reasonable explanation. If you’ve bought an HOA property you’ve just donated your life savings to a massive national criminal enterprise that the government will never investigate, expose, or end. Kiss your life savings, ‘Goodbye.’

If you live in a non-HOA neighborhood, fall in love with those boat trailers, the purple front doors, the obnoxious lawn ornaments. Your life savings are protected. Your investment will continue to grow. And feel a modicum of pity for the ritzy people on the other side of the street.

(link to Tampa Bay News story on 300 million dollar fraud)