DURING THE RESIDENT PURCHASE
Once the purchase contract is signed by both the park owner and the president of the board of directors of the homeowners association, then the purchase process can proceed. We are often asked if the residents should vote on whether to purchase their community or not. Residents need to know all of the facts about a resident purchase; the way residents "vote" is if they purchase a share or not. If you have enough residents who want to purchase, then you move forward. If you don't have enough residents who want to participate, then the purchase is over.
1. Hold Community-Wide Meetings
FCSG will produce a 40 to 50 page information packet that thoroughly reviews all aspects of the resident purchase. Since the rumors fly during a resident purchase, we put as much information in writing so residents can continually refer to this handout.
This information is distributed at a meeting held at the clubhouse with all residents. FCSG will review the information and then conduct a question and answer session afterward so all residents can obtain as much information as possible. FCSG continues to hold meetings throughout the purchase process and will hold meetings with individuals or groups of residents who may have similar questions or concerns. Education is essential during the process and FCSG makes sure that all concerns are addressed.
2. Telephone And E-mail
After the first initial meeting with all residents, FCSG will receive many many phone calls and e-mails from not only residents but their children who want to know and better understand the resident purchase process.
During a resident purchase, FCSG takes and returns phone calls and e-mails not only during regular business hours but during evenings and weekends too. Our philosophy is educating all residents so they have the knowledge to make the decision that is right for them.
For residents who are out of town during a resident purchase, the telephone and e-mail or regular mail will be the methods in which they will receive information. All efforts are made to ensure that every resident has all the information needed to make an informed decision.
3. Behind The Scenes
Once enough residents have committed to purchasing, FCSG works behind the scenes with lenders, attorneys, surveyors, appraisers and other professionals to move the purchase process forward. FCSG obtains the mortgage for the community and also share mortgages for residents. It works closely with the lender holding the master mortgage as that lender will require a number of items to be done including an independent appraisal to ensure that the price being paid is the fair market value.
A typical resident purchase takes approximately 90 days to complete.