What
are the benefits of ownership?
The decision to purchase is one that must be made by each resident within
the community. An advantage to one person may be a disadvantage to another.
Even with this in mind, the following benefits of ownership are important
to most people.
How can we
have a successful conversion?
Two of the most common complaints of residents follow:
Those who don’t purchase complain that the shareholders raise the rents dramatically after the purchase. The other is that there are not enough residents who are interested in purchasing to make the business transaction successful.
Florida Community Services Group will not do a conversion unless two ingredients are in place at closing: a reasonable rent forecast for nonshareholders based on their existing prospectus and a sufficient number of residents to participate in the purchase in order to operate the community effectively and keep it financially sound.
Florida Community Services Group believes that harmony among all homeowners not just those who purchase is essential for completing the acquisition. Throughout the purchase process, effective communication among all residents will be stressed.
How do I know if
purchasing is the best option for me?
Determining whether to purchase or not is an individual decision. There are
no wrong answers. For some people in the community, purchasing is the decision
that is best for them. For others in the community, it may not be in their
best interest due to a variety of reasons. Florida Community Services Group
will give each person all information necessary so he or she can make the
decision that is best for him or her.
What
If I want to purchase but I don’t
have the cash available?
Some residents may not have cash available to purchase a share. Homeowners
can finance their share through a bank loan with 80 percent financing. Some
banks are even willing to lend a homeowner 100 percent of the share price
if they are able to use the home as collateral.
What gives the residents the right to buy the park and the Board of Directors
the right to act on my behalf if I don't want to buy a share?
The articles of incorporation and bylaws of your Homeowners Association are
required by Florida Statute Chapter 723 to provide that the association has
the power to negotiate for, acquire and operate the mobile home park on behalf
of the homeowners.
