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JB4 (North Carolina)
Posts: 2
Posted:
i will try to make this as brief as possible with just highlights. 1st problem: developer basically sold lots in development promising and advertising amenities such as pool and clubhouse. Never happened. The developer let everyone know that the remaining lots were in risk of going into forclosure. We began to act and found questionable accounting when it was FINALLY given to us. Problems 2, and 3: After mailing certified letters of request( per NC planned community act) and handing copies of the request at a community meeting several months ago we still have not recieved accounting from 2006-2008. The accounting we did receive showed that he was using HOA funds to BUILD the ammenities. This is before a board was ever elected and any meeting ever occured.....ever. We also found out that when the % if lots sold in which he became a general lot owner that dues were never paid by him. Problem 4: At the last second before foreclosure he transitioned all common areas and unfinished ammenities to the HOA without any notice, gathered a group of investors and settled with the bank. We were never able to accept or deny the transition. Problem 5: He has become a 'voice' of the unknown investors, and ran for the executive board winning the last spot because the amount of votes they had. We have since found out that he is NOT an owner of any of the lots. Problem 6: he has made it known that he is getting a kickback from the corporation that bought out the remaining lots even though he is not a licensed real estate agent. Problem 7: He is putting flyers up at the community gates advertising his lots for sale and listing all others 'SOLD' even those that are trying to sell there properties to get out of dodge. Any suggestions.

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