More condo owners breaking homeowners rules | Business | KING5.com | News for Seattle, Washington: "SEATTLE - Desperate times call for desperate measures as more and more condo owners are breaking the rules to survive the saturated market.
They're renting out their condos while they wait for them to sell, but the short-term rentals don't fly with most homeowners associations."
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And what else can these owners do? They have to stay afloat. But this can cause huge problems for the other owners. If rentals go about 20-25% Fannie Mae and banks and insurance companies shy away from any involvement with the units or the association. So: does the association take action against the owner and incur legal expenses for both sides?
Thanks to Fred Pilot, who sent this link.
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