With much flurry and paperwork between counsel and Mr. Meyer, a letter was sent to the Association announcing the sale of the cottage. In addition, a letter was sent to "some" of the association members. In the letter dated June 7, 2007 Mr. Meyer sent the procedures for submitting an offer to purchase as well as the "offer to purchase form". He noted that (after much argument) that the minimum offering price has been changed to $575k and also admitted to "now" understanding that this minimum price is still below the offering price which was first proposed by the parties to this action. (duh). He also requested "sellers disclosures" from both parties.
This was followed by another attempt from our attorney to point out that in addition to his "minimum" bid price, the property also has a 1/35th stake in the SEV of the Association. At that time the fair market value of the association was $17,191.00. We shared additional concerns regarding the procedure to sell. Like, does the seller reserve the right to refuse all bids if an appropriate purchase price is not reached??? and.. What is the procedure after the July 31, 2007 deadline? The note to association members was very confusing to say the least. We also felt that expanding the marketing approach would be beneficial and again suggested this be done.
In response... Mr. Meyer mentioned his office had received several telephone calls regarding the property and said he'd provide additional information once it was available to interested parties. He said NO to additional advertising with the exception of allowing a contact person from the other associations to disseminate information. He went on to say if it turns out that there is little interest generated from the letter he sent it may be necessary to reconsider how the property is being marketed. Perhaps a real estate broker could handle it. He said, "let's wait a few weeks to see what materializes from the letter I sent out."
We were busy preparing to head north for a month. You can imagine how truly gut wrenching this mess was. This looked like our last summer. We were in the hands of some guy who didn't have a clue and people were going to be touring through the cottage to see if they'd like to make a "bid". Nice. Really nice. Already things were getting more confusing by the minute and the July 31, deadline was looming. It would not be changed. More to come....