Mediation is an effective way to resolve disputes. Florida Courts require the parties to a lawsuit to attempt to settle the dispute at mediation before the trial starts.  There are many benefits to mediation - it is private, the proceedings are confidential, if successful it reduces the costs to each side of the case and enables the parties to "think outside the box".  The mediator is a neutral third party (in Florida they must be licensed) that[...]
Question: Our board enacted a resolution stating that all new owners must live in their unit for one year before renting. Is this legal or must the bylaws be amended? Answer: The board does not have the authority to enact this kind of resolution since it negates basic property rights. Typically, only an appropriate vote (as defined by your governing documents which may be up to 100%) of the members may approve this kind of requirement. But if having rental units is undesirable for the majority[...]
FHA Extends Approval Procedures - New Mortgagee Letter Issued The Federal Housing Administration (FHA) implemented a new approval process for condominium projects and insurance requirements for mortgages on individual units in November, 2009. FHA also announced certain exceptions to its standard criteria. Please note the following: The November 2009 guidelines temporarily increased the number of permitted FHA insured loans in a particular project from 30% to 50%.  100% of[...]
We receive a number of reader inquiries on a weekly basis. In most cases a response to the inquiry is included in the comment field itself, after the relevant blog post. Here are a few of the inquiries received in the last week, with our responses: QUESTION: How can I learn if my townhouse is FHA certified? RESPONSE: Go to this website to look up your community: https://entp.hud.gov/idapp/html/condlook.cfm QUESTION: We are an 11 unit condominium. Must we send a 60 day first [...]
Vista Cay condos Orlando has some great vacation condominiums - here's a great 3-bedroom, 2-bathroom deal that's bank owned! These condos can be rented for both long and short term. Investment strategy This 3-bedroom, 2-bath vacation condo is situated in the center of the highest-profile resort area of Orlando, Florida, adjacent to the newly expanded Orange County Convention Center and famed International Drive (“I-Driveâ€). Due to its inclusion in Central [...]
While it is important. serving on the association's board is time consuming and can often become frustrating. You have a multitude of issues competing for your attention - whether its adopting the budget, monitoring performance and renewing service contracts, insurance renewals, supervision/hiring and retention of employees or collecting delinquent assessments. Board members are also faced with the task of enforcing rules and regulations. How many times have you heard the following as a board [...]
Orlando's Reunion resort is just a 30 minute drive south of downtown and plays host to 3 championship golf courses. Reunion also has its own water park and hotel. It is without a doubt one of the most exclusive condo resorts in Orlando. The montlly fees aren't the lowest but when you see the place you'll know why. You can also rent condos at Reunion out when you're not there for additional income to help cover HOA fees and taxes. 3/2 Condos are now available from the $170's. It seems that [...]
Well, here we are. 2011. The packages have been torn open, enjoyed, and are now all but forgotten. All of us are about 10 pounds heavier. The hangover from New Years Eve has faded, but the shame of your actions remains. And since we’re about a week into the year, about 50% of all New Year’s resoÂlutions have been tossed aside.  Ahh, new beginnings. So how are we starting this year out? Let’s have us a look-see at some of the [...]
Wanted to let investors know that we've been given the jump of a unit at the Crest at Waterford Lakes that is about to hit the MLS over the weekend. It's priced comparably with bank owned foreclosures and short sales - but is a private sale - which means no haggling with the banks and an easy close in about 30 days or less. The unit is also in far better condition than any comparable foreclosure. This Crest at Waterford Lakes is a fully renovated and upgraded 2/2. Will be[...]
Question: What approaches have you seen to boards take to inform their members about other members who are in arrears? Our board likes to post names and amounts in arrears as well as put the information in the minutes. Answer: Do not post delinquent member names! And get rid of that stock and pillary! The board should refer to a collection only by the amount owed, time past due and status of the collection process. Naming names is a sure way to alienate neighbors and trigger litigation for [...]