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Updated almost 3 years ago on . Most recent reply

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13
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Giovanni Cortes
  • Pompano Beach, FL
2
Votes |
13
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HELP!!! I just found out that my 12 unit condo building has lien

Giovanni Cortes
  • Pompano Beach, FL
Posted

A 12 unit condo buidling i own has City of CS  liens over $6,000,000, the liens are on the Hoa, not on the individual units.  This is about 2x as much as the entire buidling is worth. 

I did try to negotiate with the city but since those liens have been there for so long, they would not budge.  This is in the city of Coral springs. 

it is now going to be close to impossible to sell these units. Any ideas?  Would love to exit this investment while market is hot. 

Gio

Most Popular Reply

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3,129
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2,640
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Matt Devincenzo
  • Investor
  • Clairemont, CA
2,640
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3,129
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Matt Devincenzo
  • Investor
  • Clairemont, CA
Replied
Quote from @Giovanni Cortes:

I bought these 10 years ago and did sign a hold harmless agreement.  So I was privy to this but didn't take care of these issues at that time and never imagined they would blow up as they did. 


 Haha next time I'd suggest you lead with this info. Your original post seemed as though you stumbled on the information when you went to sell, not like you knowingly took on a problem but never worked to address it. My advice still stands, but man you really have to just start working on fixing the problem not pretending it will somehow go away. 

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