According to several clients I have in this particular complex, it is out of control. The reason being; the association is spending like drunken sailors. Not unusual for many homeowners associations but very detrimental to the value of their unit. Whats to keep things in check? Well possibly these
Revised Codes of Washington (RCW).
RCW 64.34.384
Reserve account — Withdrawals.
An association may withdraw funds from its reserve account to pay for unforeseen or unbudgeted costs. The board of directors shall record any such withdrawal in the minute books of the association, cause notice of any such withdrawal to be hand delivered or sent prepaid by first-class United States mail to the mailing address of each unit or to any other mailing address designated in writing by the unit owner, and adopt a repayment schedule not to exceed twenty-four months unless it determines that repayment within twenty-four months would impose an unreasonable burden on the unit owners.
Also, keep in mind the following section:
RCW 64.34.455
Effect of violations on rights of action — Attorney's fees.
If a declarant or any other person subject to this chapter fails to comply with any provision hereof or any provision of the declaration or bylaws, any person or class of persons adversely affected by the failure to comply has a claim for appropriate relief. The court, in an appropriate case, may award reasonable attorney's fees to the prevailing party.
UPDATE:
It would appear that there is now a pending lawsuit against Glen Acres. The recording number is 2009-0813001172
Monday, July 20, 2009
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For those who do not believe they are out of control, check out Glen Acres website and read the last sentence in the second paragraph in the article on it's homepage.
It just demonstrates they have no concept for the value of money.
On August 17, 2009 they are going to push through a $450,000 special assessment. Those funds have nothing to do with a ballon payment of approx. $142,000 on a loan the Board took out. That payment is due in 2011. Any doubt where they figure that money will come from?
WOW ! If that is true..... your right they are out of control.
If you have a unit in that complex you should see legal counsel.
I did recieve confirmation that the comment above regarding the $ 450,000 is true. Anyone wishing to see the letter please email me.
It would appear that there is now a pending lawsuit against Glen Acres. The recording number is 2009-0813001172
It is a lis pendens which is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property’s title is in question, which makes the property less attractive to a buyer or lender. After the notice is filed, anyone who nevertheless purchases the land or property described in the notice takes subject to the ultimate decision of the lawsuit.
How can someone sell a unit in Glen Acres without disclosing these issues? It seems there have been a few sales this year.
I guess if the seller knew about all of this and sold to a buyer, wouldn't that be fraud if they did not disclose these facts?
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