Owner in strata complex $4500 behind..

[jmillar]

Hey guys,

Just got a letter from Strata managers on one of my properties and another owner within the complex is $4500+ behind on strata payments.

I looked on RPData - he's owned it since 2000 and it's never been advertised for rent so I assume he lives there.

One would assume there is financial pressure there, so I was thinking of sending him a letter to see if they would like to sell the unit.

Has anyone done this before and pulled it off?

Cheers

 

[datto]

Nope.

We had one who was 10K behind. We only got the money plus costs and interest when they sold.

 

[RetireRich101]

Maybe try to understand from the Strata Manager what exactly is the reason for them to fall behind..

 

[RPI]

My firm has been engaged by a BC to conduct litigation against someone who was behind on multiple occasions. It is not at all rare. I have seen once that another owner in the lot ended up purchasing the property. Probably been more, this one I know about it because we at the enforcement of an order stage.

Entirely possible that their is a legitimate or even personally devastating (death etc) reason for it. Would suggest subtlety. Maybe write to all the owners at the same time stating you wish to buy, even attack and if the late payer owner doesn't bite someone else might.

 

[jmillar]

My firm has been engaged by a BC to conduct litigation against someone who was behind on multiple occasions. It is not at all rare. I have seen once that another owner in the lot ended up purchasing the property. Probably been more, this one I know about it because we at the enforcement of an order stage.

Entirely possible that their is a legitimate or even personally devastating (death etc) reason for it. Would suggest subtlety. Maybe write to all the owners at the same time stating you wish to buy, even attack and if the late payer owner doesn't bite someone else might.

Thanks mate, not a bad idea at all. It says that once someone is $2,000 behind that a debt recovery agency is to be engaged so they would/should have done that by now. I'll speak to the strata manager tomorrow and see if they know the reason first.

I suppose it wouldn't be a bad idea to contact all the owners of units in my other complexes too to see if I can pick up a good deal!

Cheers

 

[Terry_w]

The last 2 conveyancing matters I did, for purchasers, the vendor hadn't paid strata in about 5 years - $40k was owing for one of them.

 

[jmillar]

Turns out the strata manager won't divulge info re: why they are behind.

I'll send out letters when I get around to it though, I've got nothing to lose


Cheers