Foreclosure Units or Pre-Foreclosure

The process as far as I can tell.

• The Banks or Lien Holder Foreclose on a Unit.
• The REO Agent, or Realtor contacts the Property Management Company.
• The REO Agent brings forth any outstanding debt so the new owner(Bank/Lien Holder) has clear Title. HOA payments and any Assessments are paid, so the Owner has Clear Title to sell the Property.
• The outstanding HOA Debt can only be brought fourth from six months back.
  
• The Foreclosed property is put up for sale by a Realtor who works for the lien holder.
• This was verified but is opinion.

With any given Assessment the area's of concern are in any Condominium are:

1. People who do not pay their HOA payment, and reside on property.
2. People who do not make Mortgage Payment let alone a HOA payment
3. People who have abandon their property.
4. When its time for a general population to pay an assessment and there are abandon properties, the majority pays, until the Lien Holder/Bank takes possession.
5. This is exactly why you MUST not have one time assessment because owners leave and the majority pays. This was not clearly represented. This has been investigated to the extent.
6. Like I told the Board of Directors Two Years ago "timing" and an "equal opportunity" is essential.
7. I am no longer going to fight this issue out with WATERSEDGE, I have made my own independent investigation, and brought it forth 2 years ago with denial from the Board of Directors.

Current issues at Watersedge

Latest: We were denied again that's really not surprising. March 30th, 2010 Denied. http://www.courts.wa.gov/appellate_trial_courts/supreme/

History in the making

http://www.courts.wa.gov/content/Briefs/A02/374153%20replies.pdf

http://www.insurancelawforum.com/waters-edge-ruling%20on%20reasonableness%20hearing.pdf

Opinion:

I hope by now the homeowners at Watersedge have come to an understanding of facts vrs no facts. The truth has come out. The so many issues were extremely complex, and bad advice is obviously the outcome of events that took place here over the years. Unfortunately it costed the Association a lot of money, and wasted time with buildings that need repairs not buildings that need to be re-built.

Preventive maintenance by maintaining the buildings in a satisfactory condition with a systematic inspection and correction of incipient failures either before they occur or before they develop into major defects. Corrective maintenance, or repairs is what should have taken place. That is how most associations operate.

When you know your right back it with facts and knowledge!
http://apps.leg.wa.gov/rcw/default.aspx?cite=64.34

The Walmart issue:
Walmart issue related to our storm drain on our site. The arguement is either it's a public easement, or privately owned by the Watersedge Association. Arguement lies between Clark County Commissioners and Walmart.
http://www.courts.wa.gov/content/Briefs/A02/382415%20respondents.pdf

The subject property lies to the North West.

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Club House

This is a picture that I took in the Club House at Watersedge Condominium's.

This was shot in early 09. I love the over head and Profits line and Peanuts, thats totals 700,000, and The Association paid $51,000 out to a third party expert that has some pretty heavy Peanuts and Profits??

RCW 64.34.415
Public offering statement — Conversion condominiums.
(1) The public offering statement of a conversion condominium shall contain, in addition to the information required by RCW 64.34.410: (a) Either a copy of a report prepared by an independent, licensed architect or engineer, or a statement by the declarant based on such report, which report or statement describes, to the extent reasonably ascertainable, the present condition of all structural components and mechanical and electrical installations material to the use and enjoyment of the condominium; (b) A copy of the inspection and repair report prepared by an independent, licensed architect, engineer, or qualified building inspector in accordance with the requirements of RCW 64.55.090; (c) A statement by the declarant of the expected useful life of each item reported on in (a) of this subsection or a statement that no representations are made in that regard; and (d) A list of any outstanding notices of uncured violations of building code or other municipal regulations, together with the estimated cost of curing those violations. Unless the purchaser waives in writing the curing of specific violations, the extent to which the declarant will cure such violations prior to the closing of the sale of a unit in the condominium shall be included. (2) This section applies only to condominiums containing units that may be occupied for residential use.

RCW 64.34.405
Public offering statement — Requirements — Liability.
(1) Except as provided in subsection (2) of this section or when no public offering statement is required, a declarant shall prepare a public offering statement conforming to the requirements of RCW 64.34.410 and 64.34.415. (2) A declarant may transfer responsibility for preparation of all or a part of the public offering statement to a successor declarant pursuant to RCW 64.34.316 or to a dealer who intends to offer units in the condominium for the person's own account. (3) Any declarant or dealer who offers a unit for the person's own account to a purchaser shall deliver a public offering statement in the manner prescribed in RCW 64.34.420(1). Any agent, attorney, or other person assisting the declarant or dealer in preparing the public offering statement may rely upon information provided by the declarant or dealer without independent investigation. The agent, attorney, or other person shall not be liable for any material misrepresentation in or omissions of material facts from the public offering statement unless the person had actual knowledge of the misrepresentation or omission at the time the public offering statement was prepared. The declarant or dealer shall be liable for any misrepresentation contained in the public offering statement or for any omission of material fact therefrom if the declarant or dealer had actual knowledge of the misrepresentation or omission or, in the exercise of reasonable care, should have known of the misrepresentation or omission. (4) If a unit is part of a condominium and is part of another real property regime in connection with the sale of which the delivery of a public offering statement is required under the laws of this state, a single public offering statement, conforming to the requirements of RCW 64.34.410 and 64.34.415 as those requirements relate to all real property regimes in which the unit is located and conforming to any other requirements imposed under the laws of this state, may be prepared and delivered in lieu of providing two or more public offering statements.