Tampa Bay condo Owner Forced to Sell Even at a Loss.
Tampa Bay condo owners are being forced to sell their homes because a group of investors have purchased more than 80% of the unit over the years. Under a loophole in Florida Law if anyone owns more than 80% of the units they control the board and can force the other remain owners to sell their units and fair market value. In many cases, “fair market value” is much less than what is owed. Meaning they have to sell even at a loss.
Hardly Seems Fair
This legal loophole hardly seems fair, forcing homeowners to sell even at a loss so the investors can convert the units to apartments. Perhaps, if they were sold and the investors made up the deficit between the sale price and the amount owed. But to force them to sell at a loss hardly seems fair.
What do you think?
What if you were the investor?